With the financial industry hurting in today’s economy, I’m glad that there are more provisions being put into play by the government when mortgages are concerned. But with provisions come prices that we’ll have to be paying with time and work.
So home loans are now going to be work. It’s troublesome when you’re going through the process of applying, hopefully it won’t be hard like applying for a foreign visa, but I think it’ll do its job of truly only allowing qualified applicants.
More on Mortgages to Become More Scarce and Difficult
The market report for June 2008 has come out by the Tucson Association of Realtors, and it surely was a solid month (1,000+ sales). One thing we have to understand and accept with this report is that #1, sellers who are selling now are most likely in a situation where they are motivated. The state of the economy right now is giving the signs that homes should not be sold now if they don’t have to be. The media and the mind state of a prospective buyer will not work in your favor!
Take a look at the numbers as a preview and early next week, I’ll prepare a more thorough overview.
Homes Sold
1,034 - June 2008
1,025 - May 2008
1,378 - June 2007
Median Price
$200,000 - June 2008
$201,000 - May 2008
$225,000 - June 2007
Active Listings
8,140 - June 2008
8,527 - May 2008
8,665 - June 2007
Pending Contracts
951 - June 2008
1,485 - May 2008
2,053 - June 2007
This news just came in. By 2010, all mortgage/loan officers in the state of Arizona will be required to be licensed by the state, so that means nearly 10,000 agents will have to take tests, pass them, and notify the Department of Finance where they will be doing business.
Senator Jay Tibshraeny, R-Chandler, who introduced this legislation said, “This will bring more accountability to the lending industry and is the start of repairing that badly damaged industry.” It’s also interesting to find out that this legislation, and very similar ones, have been rejected 3 times in the past not too long ago. Not only do I believe that licensing loan officers will raise the bar of loan practices, but I think that the quality of indiviuals making deals would be raised too.
Licensed loan officers = less loan officers altogether = higher quality of service = happier customer = improving economical health for the state (long term benefit).
The tables have turned, and now homeowners have on their side almost the same amount of technology that insurance companies have. Ever had property damage happen to your home after a real ugly thunderstorm? Some damage from flooding? You no longer need to call a public adjuster to estimate the amount of damage, let MySmartClaims.com help you!
More on Tucson Homeowners: Evaluate Property Damage On Your Own
Home Sales Volume: Increased 4.12%
- 4/08 $246,878,039
- 5/08 $257,072,764
Home Sales Units: Increased: 5.34%
Average Sales Price: Decreased 1.15%
- 4/08 $253,729
- 5/08 $250,803
Median Sales Price: Increased 3.7%
- 4/08 $195,000
- 5/08 $201,000
Pending Contracts: Decreased 4.0%
Active Listings: Decreased 3.9%
New Listings: Decreased 6.15%
More on May 2008 Tucson Real Estate Market Report
