I read a lot of information relating to how the housing market is still tumbling down and as many in Real Estate have said, "it's all local". We really don't know where the bottom is until we have lifted off towards recovery.
There is nothing wrong with being a realist on the subject. I know that there are a new wave of foreclosures coming, I know the Government isn't going to continue to buy up Mortgage Backed Securities forever and I know that unemployment is a variable whose impact we won't be able to gauge yet.
With all that in mind I am still an optimist. Home prices in Tucson have started to show signs of stabilization in the lower price ranges particularly under $200,000. The next wave of foreclosures will get absorbed just like the current wave has been. Our listed homes have declined to around 6000 or so.
There are more indicators that point to a recovery in the housing sector than in a lingering depression. Time is always the determining factor. Given enough time, we will get off the bottom. I think we already have.
What can I say, I am an optimist.
Mike Rohde
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