Comments on: Tucson MLS – Most Closed Transactions for October Since 2006 http://www.tucsonazrealestateblog.com/tucson-real-estate/tucson-mls-most-closed-transactions-for-october-since-2006/ & What it is like living in Tucson Sat, 20 Mar 2010 15:18:29 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Dave Smith http://www.tucsonazrealestateblog.com/tucson-real-estate/tucson-mls-most-closed-transactions-for-october-since-2006/comment-page-1/#comment-11989 Dave Smith Thu, 05 Nov 2009 13:58:30 +0000 http://www.tucsonazrealestateblog.com/?p=1473#comment-11989 Concerned, The tax credit hasn't been extended yet. A proposal to extend it has passed the Senate. Included is a $6,500 tax credit for anyone buying a home not just first time home buyers. First time home buyers still receive up to $8,000. Not it goes to the house then to the president, we will see. I do think a lot of investors are buying the REO homes. Some to rent some to flip. The available inventory is way down in the SE part of town. I don't think you have to worry much about speculators. Most have had their wings clipped by loosing money (many of the REO homes are from speculators) or because they simply can't get financing in today's economy. Which is a good thing. Stable neighborhoods are achieved when they aren't filled with vacant homes. Getting these properties off the market and maintained will be good for the entire community. Concerned,

The tax credit hasn’t been extended yet. A proposal to extend it has passed the Senate. Included is a $6,500 tax credit for anyone buying a home not just first time home buyers. First time home buyers still receive up to $8,000. Not it goes to the house then to the president, we will see.

I do think a lot of investors are buying the REO homes. Some to rent some to flip. The available inventory is way down in the SE part of town.

I don’t think you have to worry much about speculators. Most have had their wings clipped by loosing money (many of the REO homes are from speculators) or because they simply can’t get financing in today’s economy. Which is a good thing.

Stable neighborhoods are achieved when they aren’t filled with vacant homes. Getting these properties off the market and maintained will be good for the entire community.

]]> By: concerned http://www.tucsonazrealestateblog.com/tucson-real-estate/tucson-mls-most-closed-transactions-for-october-since-2006/comment-page-1/#comment-11988 concerned Wed, 04 Nov 2009 19:23:04 +0000 http://www.tucsonazrealestateblog.com/?p=1473#comment-11988 Thanks for the update, Dave. Well, even though the number of closed transactions is really good, a lot of it has to do with the expiration of the tax credit in Nov. I was reading something about it being extended till April of next year, but I'm not sure if it's a fact yet... The percentage of short sales and REOs is disturbing; however, at least they're getting out of the market. I noticed something else - there used to be a lot of houses for rent in the paper. Last few days there have been a handful. I believe one of the days I didn't see a single house for rent in the SE part of town and the asking rent for the fewer than a dozen available throughout the city appears to be higher. The conclusion I’m drawing from it is that hopefully not all REOs are being bought by investors/speculators (since they don't come back on market as rentals)… Thanks for the update, Dave. Well, even though the number of closed transactions is really good, a lot of it has to do with the expiration of the tax credit in Nov. I was reading something about it being extended till April of next year, but I’m not sure if it’s a fact yet… The percentage of short sales and REOs is disturbing; however, at least they’re getting out of the market. I noticed something else – there used to be a lot of houses for rent in the paper. Last few days there have been a handful. I believe one of the days I didn’t see a single house for rent in the SE part of town and the asking rent for the fewer than a dozen available throughout the city appears to be higher. The conclusion I’m drawing from it is that hopefully not all REOs are being bought by investors/speculators (since they don’t come back on market as rentals)…

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