Tucson home prices continue to drop

As a real estate broker, I continue to check the Tucson MLS for statistics on house values, sales, etc. Although in most parts of the country, the real estate market is starting to recover, here in Tucson at least, the market has not yet bottomed out. More and more foreclosed properties are being dumped by lenders at the bottom of the price levels. As a result, house values continue to drop. I see no end in sight for the foreseeable future, unfortunately.

Loan Modifications Still Not Being Made

Although time continues to pass, and the mortgage industry portrays to the public that they are helping thousands of Americans keep their homes, such is not the case. I have more and more people coming into my office who have been working for months and months with their lenders. Some make it as far as a temporary modification, which is supposed to last 3 months. However, many of them are now in months 9, 10, 11 and 12, and still no answer on their permanent modification. Obtaining a loan modification is a fairy tale!