9OYS Consumer Watch
Latest housing numbers show market may be turning around
Reporter: Cory Marshall
TUCSON (KGUN9-TV) - Home prices are up. The latest housing numbers show the market may finally be turning around.
According to real estate data provider Corelogic, nationally, home prices shot up 8.3 percent in December 2012 compared to December 2011.
Tucson is cashing in on the uptick. 9OYS caught up with longtime Tucson realtor, Madeline Friedman.
"It gets frustrating waiting for the phone to ring. Those days, thank goodness, are behind us for the time being," Friedman said while showing a client's Foothills home.
The particular Foothills family home is a prime example of the encouraging housing trend. Friedman says a few years back, the homeowners decided to rent the home out and wait it out. They knew at the time they would not be able to get the full value of the home. It's now back up for sale.
"Now that the market has turned around, [the owner] decided it's time to make the move and get this home back on the market," Friedman added.
Cathy Erchull is president of the Tucson Association of Realtors. She says sellers are not the only ones benefiting from the housing boost. Interest rates are historically low, meaning home buyers are getting more for their money.
"Buyers are still being able to find houses that they want to buy at a much less rate and with a mortgage payment that's less than they could rent," Erchull said.
Adding to consumer confidence, mortgage lenders are also seeing an increase in the number of potential home buyers.
"It's improving. We're not going to be out of this situation overnight," VIP Mortgage Branch Manager Jerry Sundt told 9OYS.
"So, it's good news for all of us. The values are starting to go upward," Sundt continued.