The Housing Bubble has burst
Thursday, August 16th, 2007
Tucson’s real estate market enjoyed booming sales just two short years ago. About mid-2006 the market started to slow down a bit and now seems to be moving at only a trickle of its previous pace. There are many factors that go into this slow down and we won’t go into all of them here.
This morning it was announced that local mortgage lender First Magnus would no longer be funding new mortgage loans. Their announcement follows on the heels (more…)
Its fairly common knowledge that the housing market in Tucson has slowed dramatically from its boom just two years ago. There has a been a swing from the seller’s market that realtors, sellers and those associated businesses enjoyed in the summer of 2005. Back then houses were often selling before they even hit the MLS and were fetching top dollar. Fast forward to this summer - the pendulum has definately swung into the buyers market. Buyers now have time to shop around with more houses on the market then there are buyers waiting to buy. 
In June it was reported that the Tucson Sidewinders may be leaving Tucson potentially heading to Reno. There have been mixed reactions to this news. Baseball fans will certainly miss the excitement of the games.
No, not the tv show, or the phenomena that school-aged children go through. These growing pains are of the traffic sort. In January, the Arizona Department of Transporation (ADOT) launched the I-10 widening project which will widen the stretch of I-10 from Prince Road to 29th Street. The project is expected to be completed in Spring of 2010. During this time all the exits between those two roads are closed down making it difficult to navigate Tucson’s streets leading to the Downtown area. Drivers need to exit before the closures and use frontage roads to get to their destinations. ADOT did add a third lane of one-way traffic as well as re-timed the lights to help cut down the commute times during peak hours.
Downtown Tucson is undergoing an overhaul dubbed the Rio Nuevo project. Taking in large areas on both sides of I-10, there is a huge master plan with several projects that are expected to take ten years to complete the full scope and vision of the project. Several of the key projects are connecting the areas on the east and west sides of I-10, providing new residential areas, creating more business opportunities, beautifying the Santa Cruz river, creating cultural attractions including a science center and museum and constructing a new large neighborhood park. As part of the project there will be traffic considerations and changes made, beginning with the I-10 widening project.
go round and round…. thats right! While the rest of the country is still enjoying their summer local schools are beginning the annual Back-to-School preparations. Over the next few weeks children will begin packing their lunches, gathering up their supplies and laying out their clothes for that important first day of school.