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Tucson real estate appears to be stabilizing, says Joe Pangburn, reporter for the Inside Tucson Business newspaper, on October 26, 2009.  Initially stating “signs that the new home building industry may be stabilizing: Closings and median prices in September were up,” Pangburn was also pleased with the increase in property prices as of late.  “Price-wise, the median sales price of a new home in September was $185,000, up from $182,000 in August. It was the fourth consecutive month that the median has been under $200,000. The median price in both September 2007 and 2008 was $235,000.”

Another positive indicator for Tucson homes for sale is the number of building permits issued each month.  According to experts, “the 221 permits issued in September, were down from 235 in August and down from 231 in September 2008. September was the fifth consecutive month that the number of permits issued has been above 200.”  This means that more people have the financial means to begin construction on projects or continue to develop their current properties.

Roger Yohem, another writer for the Inside Tucson Business newspaper, cited Brent T. White, an associate professor at the University of Arizona’s James E. Rogers College of Law as believing many people do not foreclose their properties to avoid shame and minimize anxiety.  Luckily, foreclosure notices are appearing at a decreasing number of homes.  The article states that “Arizona cities are no longer on top 10 lists for numbers of foreclosures, according to third-quarter data from RealtyTrac.  Tucson is now down to No. 42 for foreclosures with 1.04 percent of properties receiving foreclosure notices. The Phoenix-Mesa-Scottsdale metropolitan area is down to No. 12 with 2.43 percent of properties receiving a notice. Prescott was the only Arizona city to see an increase, up 77 percent to 1.44 percent of properties receiving foreclosure notices, enough to put that city at No. 29 on RealtyTrac’s list.”  This spells good fortunes for real estate in Tucson which will begin its long and arduous trek back to health as the global recession begins to ease up and relieve financial pressure from millions of Americans.