The Main Stream

Jan 4, 2011 7:50 PM

Good news and bad news for Southern Arizona's housing market

TUCSON - Southern Arizona's home closures in 2010 was one of the worst on record, according to John Strobeck, an independent real estate consultant.

Strobeck said, "2011 pretty much look's like a mirror year of 2010."

He says, just like last year, Southern Arizona's housing market isn't looking good for this new year.

Strobeck said, "Mortgages have been tightened up to the point that people have to have almost perfect credit in order to be able to buy."

That's bad news for people trying to sell their home because home values are extremely low, but it's good news for someone trying to buy.

Armando Rios, a real estate agent at Chumbler's Realty says, not only is it a great time to buy, he thinks home values will rise again in a few years.

Rios said, "It's the lowest prices in ten years."

Buying or selling, most can't wait to see if, and when Southern Arizona's real estate will make its big turn around.

Analysts predict the housing market for Southern Arizona will start to turn around by 2013.

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