“I believe every human has a finite number of heartbeats. I don't intend to waste any of mine." - Neil Armstrong
Our Tucson economic guru, George Hammond, Director of the Economic and Business Research Center at the UA’s Eller College of Management, stated that Tucson generated 4,300 new jobs last year for a growth rate of 1.2%, about the same as 2017. Employment grew 5,300 in the first quarter of this year for 1.4% growth. The contributors were primarily government, followed by education and health services, then manufacturing and construction. Inside Tucson Business reports that the University of Arizona was Named One of Forbes Magazine’s ‘Best Employers’.
Concern about the U.S.’s international trade relationships and imposition of tariffs have heightened concerns for global economic weakening. Federal Reserve Chairman Jerome Powell said the central bank is “closely monitoring the implications of these developments for the U.S. economic outlook and, as always, we will act as appropriate to sustain the expansion,” suggesting that the Federal Reserve may be inclined to cut rates.
Lower mortgage rates support buying power. For a given monthly payment, Buyers can qualify for larger loans and purchase at a higher price point. Federal Home Loan Mortgage Corporation, aka Freddie Mac, reported, “Existing home sales have benefited from low mortgage rates and a healthy job market…We expect stronger home sales and housing starts in the coming months.” Homeowners’ equity in their homes was over 60% in the first quarter, the highest level since 2002. Note, however, that this average includes about 30% with no mortgage debt as of April 2010, so this does not reflect the situation of over fifty million households. Mortgage debt has declined 49.2% as a percent of GDP from 73.5% at the peak of the housing bubble. The value of all U.S. owner-occupied homes increased to a record $26.1 trillion in the first quarter, according to the Federal Reserve Flow of Funds report. Consumer spending was reflected by Freddie Mac’s estimated $19 billion of home equity into cash in the first quarter.
Contact me for a referral for a low-cost refinancing for your existing home loan with a cash out option. My ‘fee’ for free referrals is merely feedback on your experience. I only recommend people who have superb reviews from the first-hand experience of people I know. As always, you need to make your own independent assessment before committing to any service provider.
Fun Stuff in Tucson:Old Tucson Wild West attractions, live shows, rides and more- it’s a hoot!
Kitt Peak National Observatory Starry Nights Nightly Observing Program
Guide to 15 SMOKIN' BBQ restaurants
Let’s look at local housing. In the Tucson North area, comparing May 2018 to May 2019 active inventory increased 6% and there was a 5% increase in sales and the Median Price rose 6%. For Central inventory increased 3%, a 2% decrease in Closings, and the Median Price was up 17%. We saw a 3% decrease in inventory in the Luxury Market, where there was a 5% decrease in Closings and the Median Price down 8%. The Tucson Luxury area had 36 new properties under contract in April 2019, up 44% from April 2018.
Check out details and all the latest Tucson Housing Reports: Housing Reports. As always, contact me for specifics as they apply to your home and your neighborhood or for information about intriguing homes on or about to come on the market. Get notified automatically when new properties meeting your criteria get on the market.