A recent news article painted the US housing scene with a very bleak broad brush. As typical of pessimism purveyors, it predicted that home prices will soon plunge lower than ladies’ necklines. Unemployment, tighter lending practices, and purchaser cowardice were cited as controlling causes of the coming collapse. Like lascivious “gentlemen,” let your eyes roam a little lower. The view is quite revealing.
First of all, get real, folks. What can you expect in an economy still reeling from the dual aftershocks of recession and depression? Not to mention lenders letting homes go for less than half of the outstanding mortgage balances.
The story faulted foreclosures for depressing home prices, and halting new construction. Southern Nevada was touted as the top US spot for foreclosures. Purportedly, 75 percent of home sales there are bargain-priced lender repos. Overall economic slowdown was the spurious spoof spun from that market’s saturation with REOs.
What about Tucson Real Estate?
Like that of its nearby neighbor, Arizona Real Estate has recently taken a dive.
Tucson Real Estate foreclosures fill the local market landscape. This factor has been widely featured in doomsayers’ depressing pronouncements for the future of Tucson Real Estate.
In fact, temporarily-depressed prices of Tucson Homes portend bigger and better things. The current marketplace flurry of foreclosure sales foreshadows major multi-faceted economic recovery.
How do you think those neighborhood eyesores become eye candy? Do surfaces undergo spontaneous painting? Do nails drive themselves? Folks, we all know better. Workers accomplish such feats. Could a few of these foreclosure handymen be formerly unemployed skilled trades people?
Tightly tucked into the bosom of the piece was this sentence: “Across the country, THE HOUSING INDUSTRY IS RECOVERING unevenly.” Notice the operative phrase buried deep within those words?
The bottom line
When you reach rock-bottom, up is the only direction left to take. Faster foreclosure depletion means quicker completion of market correction. Before long, it’s back to business as usual for builders and higher home values. Meanwhile, savvy buyers can make bundles of bucks during these “depressed” times.
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