You know, we hear loads of negative moaning & groaning in the media about the BIG REAL ESTATE MELTDOWN and how terrible it is for EVERYONE EVERYWHERE...I beg to differ.
At the risk of being lambasted from all directions, I'm glad that prices in the Tucson Real Estate market have regressed to 2004 levels. The bubble pushed home prices to the level that the average Joe or Jane couldn't afford to buy a home.
The very dream that "easy mortgages" promised to bring us was killed by escalating prices. A correction was in order, whether by the unfortunate hard fall that many experienced or by sanity taking over the marketplace. Now, with an average price drop in the 20-30% range and interest rates on 30-year mortgages at low levels, Average Joe can buy a decent home to live in.
In my opinion, price does not equal value, and the bubble proved that. Now we're seeing value coming into play once again. I've got 7 properties in escrow since the holidays...all for primary residences for people who would not be able to purchase even a year ago. The $80k to $150k market segment is red-hot right now, with multiple offers and even bidding wars going on with properties in good shape & appropriately priced.
The American Dream of home ownership is alive today for more people than it was 18 months ago. Affordable housing is here. Hooray for the correction! Hallelujah folks, the recovery just might start at the bottom of the market.