Tucson Real Estate Market continues to stabilize.
September showed that sales were actually up by 4.3%
This may be due to a significant amount of foreclosures that have hit the market and that are selling. Usually September is a slower sales month than August, and has been for over 10 years.
Firstly, the new home buyer tax credit that is contained in the new Housing and Economic Recovery Act of 2008 likely will bring about over 2.5 million first-time buyers into the market between 2008 and 2009.
Secondly, the Emergency Economic Stability Act enacted on October 3, 2008 will hopefully improve credit markets, and NAR has predicted that as a result, home prices will pick up in 2009.
With the volatility of the stock market, home ownership continues to be a wise investment. The FHA market share is expected to triple over the next three years, from an estimated 4 percent in 2007 to 12 percent in 2009 as subprime and 100% loans have bitten the dust.
Now is a good time to Buy as many Real Estate Agents have been saying for quite a while now!
Conditions are ideal.
Interests rates are still low, and there is choice in the marketplace.
There is a window of opportunity as rates are starting to creep upward and the market is starting to stabilize.
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