Ability Realty

Well the month of September really shows a slow down. This was expected and not surprising news. What is surprising is some of the things that I am reading. Number one is we won’t come out of this market until 2010. The next was all the foreclosures were caused by greedy mortgage representatives. Well I have to say that we all had a hand in what we are seeing today. Sellers saw the great money they could make. Lenders loosened their guidelines. Buyers were willing to pay more and agents just followed the market. The appraisers used the last sale to provide the required appraisal. Were there some things
overstated by buyers and lenders overstating information? YES there was, but it was not the norm. Are there people that are going to get caught?  YES. But will they get prosecuted? Not many. 

It almost reminds me of my Stock Market days. The unfortunate thing is we are having a slow crash. The crash for Tucson can end sooner if more is done to slow the foreclosures. This will take action from the lenders, big banks and our Federal government. It also means we need to be careful about our spending and start saving.

Tucson has always been a place to move to and will continue to be that way. We just need to get through this time and hope that fixes come to get the economy moving forward again. Lets see what the Federal reserve does next week. The economy is OK but moving in a negative direction and could get much worse if action is not taken by the three entities I mentioned above.