Terry Bishop

In all the media doom and gloom, (which of course sells papers and viewership for news programs) one can look closely and see there is positive impact out there - interest rates as low as 4.675% - for someone willing to pay a one per cent loan origination fee.

"Rates have not been that low in at least six years" said Lance Dickson, Senior Vice-President of Nova Home Loans in Tucson. People not desiring to pay a loan origination fee for a 30 year fixed mortgage can obtain a mortgage for about 5%.

Jerry Sundt of President of Sundt Mortgage in Tucson is offering the same low rates for people with good credit scores. Twenty per cent down is required for an 80-20 Loan to Value. For every $100,000 in purchase price, the borrower needs to put down $20,000 for a 20% equity stake.

This is an ideal time to refinance a higher rate mortgage if you have at least 20% equity in your home. Many people are now in 6 1/2 % or 6.75% mortgages. We're looking at good credit scores of about 740. But rates are much lower for people with lower credit scores too!

To understand how interest impacts payment, $100,000

at 6.75% for 30 years, the cost is $648.60;

at 6 .25%, for 30 years, the cost is $632.07;

at 5%, the cost is $536.82; and

at 4.675% the cost is: $517.14.

If you are thinking about selling your home within a year or two, refinancing may not pay. You, your lender, and/or your Realtor, should do a break even analysis to determine if a lower rate will save you money. Calculate the closing costs including the loan origination fee to determine whether this works for you.

The media does not emphasize that people who have been in their homes prior to 2004 and have not refinanced to the hilt, should have some solid equity in their homes.

A previous blog dated July 28, 2008 and titled "Bring on the Numbers" traces the increase in home pricing in Tucson from 1993 through 2007. With a 45% increase in three years between 2005 to 2007, the lamented decrease in home value of about 25% still leaves the homeowner who bought in 2004 or before, with at least a 20% increase in equity. The only article I've seen about this phenomena was written by Kenneth Harney who is "right on" in his analysis.

With more than 600 homes in Tucson on the market for $120,000 or less, now is the time to "sieze the day!" A gander at the blog yesterday which shows all the active listings and the breakdown by both zip code and price range combined with the lowest interest rates in years will get savy people moving.

It is a well known fact that by the time the media says we are pulling out of the doledrums, prices have already moved up --- and when that happens, interest rates will move up too! The media uses lagging indicators!

So to the savy out there, Carpe Diem!

Resources:

Ken Harney Articles: http://realtytimes.com/rtpages/kennethharney.htm

Lance Dickson -Senior Vice President - Nova Home Loans: http://www.lancedickson.com/

Jerry Sundt - President - Sundt Mortgage http://www.sundtmortgage.com/

Tucson Realtor: Terry Bishop http://www.terrybishop.com

I posted this blog this morning to my website blog: http://www.terrybishop.com

Although the average price of a Tucson home in November this year decreased more than $10,500 from October of this year, the average sales price of a Tucson home was closer to the September price of $217,397 or less than $1,500. The median sales prices dipped $2,000 to $178,000 from $180,000 in October.

These numbers mirror November 2004, the beginning of the real estate boom. The average sales price in November 2004 was $214,183 and the median sales price in November 2004 was $177,000.

Reflecting the beginning of the holiday season when home sellers and home buyers are less active, sales in October totaled $186,356,109 and in November, $137,104,343. This is a decrease of more than $49,000,000.

Many buyers remained on the sidelines waiting for the outcome of the November Presidential election. In any Presidential election year, home sales tend to decline, a factor pegged to "uncertainity" about a new administration and fiscal policies. Fear about the economy was certainly parlayed into an election year mantra and such talk does not bode well for home sales.

Active listings on the Tucson Multiple Listing Service increased by a mere 8 listings from 7,988 to 7,996. This shows that inventory is stabalizing. A total of 635 units were sold in November, a decrease of 185 homes. New listings to the market decreased by 417 listings, from 2032 in October to 1615 in November. If this number holds throughout the next six months, inventory levels will abate to pre run up levels. Pending contract, those contracts waiting for close of escrow, also decreased from 755 to 677 contracts.

The majority of homes on the market now fall between the $200,000 and $249,9000 price range (1,043). 521 listings are priced between $120,000 and $139,999; 592 between $140,000 and $159,999; 636 homes between $160,000 and $179,999; and 590 homes priced between $180,000 and $199,999. Approximately 600 homes in the Tucson Multiple Listing Service are priced below $120,000.

Between $250,000 and $299,999 there 758 homes on the market; 985 between $300,000 and $399,999; 503 homes between $400,000 and $499,999; 669 between $500,000 and $749,999; 294 homes between $750,000 and $999,999; and 358 homes on the market priced at $1,000,000 or above.

Resources:

http://www.tucsonrealtors.org/tar-v2/november_stats.pdf

At one point in time, Tucson used to be an ocean and if one digs around enough in the dirt, fossils of marine life can be found. All one has to do to visualize this great body of water, is hike one of the four mountain ranges and then look down...to this flat valley of sorts, and the body of water suddenly comes to life in one's imagination.

Tucson is surrounded by four mountain ranges, all of which provide spectacular hiking experiences! And the time is now to hike! The 80 degree days are in hibernation as are the snakes which appear when the thermometer hits the octo numbers.

To the west is Saguaro National Monument West, home to the Tucson Mountains. These mountains are not as high as the Catalinas or Rincons, and are more pointed, therefore younger. But the trails here are numerous and include Wasson Peak, the highest peak in the Tucson Mountains. We hiked that when the wildflowers were in bloom.

We hiked the Sweetwater Trail a year ago and got off the beaten path to find our own enchantments. Admidst an abundance of saguaros, the rock formations provided a great area to spread out and let the sun kiss our bodies. We could look out and all of Tucson lay before us. It was fun to spot the familiar U of A red brick buildings, and the tall buildings of downtown from this perch. Dressing for hiking requires layering since as the morning wears on, the temperature goes up and off comes one layer.

The David Yetman Trail is a fun hike and provides a real surprise with the stone house in the middle of nowhere. It winds up and down and is so beautifully quiet. One would never know the city is within a few miles. The blue skies provide a placid background for the birds which wing overhead. This hike, to me, is more leisurely.

I haven't hiked much of the Santa Catalinas except for Sabino Canyon trails which seemed to have a lot of switchbacks. Of course, I've wandered on trails up to Mount Lemmon, but actual hiking, no. But the Catalinas have lots of good trails and I've provided a resource below. There are mountain lions in the Catalinas as well as bear, so be prepared!

To the east are the Rincon Mountains, a part of which belong to the Coronado National Forest and the Saguaro National Monument East. I've been to the Loma Alta trailhead and intended to hike that, but never have. I think I'm just a west side girl! But the Rincons offer great hiking too!

My vast experience with the Santa Ritas is hiking Madera Canyon and after becoming leg weary, nearly slipped into a ravine. But Mount Wrightstown is there and well deserving of mention since many hikers make that climb.

For good information about all the wonderful hiking opportunities in the Tucson Area, see Betty Leavengood's book, "Tucson Hiking Guide" published by Pruett Publishing Company.

Resources:

West Side Map: http://www.nps.gov/sagu/planyourvisit/upload/Trails%20in%20the%20Tucson%20Mountain%20District.pdf

Wasson Peak: http://www.localhikes.com/Hikes/Wasson_King_Canyon_8520.asp

http://www.protrails.com/trail.php?trailID=200

Sweetwater Trail: http://www.localhikes.com/Hikes/SweetwaterTrail_8520.asp

David Yetman Trail: http://www.localhikes.com/Hikes/YetmanTrail_8520.asp

Santa Catalina Mountains: http://www.cherba.com/atmb/santa_catalina_mtns.htm

Rincon Mountains and Saguaro National Monument West: http://www.nps.gov/sagu/

Santa Rita Mountains: http://hikearizona.com/decoder.php?ZTN=1380

Madera Canyon: http://www.friendsofmaderacanyon.org/TheSkyIslandsandMaderaCanyon.htm

I posted this to my website blog this morning at http://www.terrybishop.com

Yes, Tucson has a VA Hospital. It is called the Southern Arizona VA Health Care System.

This is the answer to the question posed by many people thinking about relocating to Tucson. With 283 beds, the VA Hospital is a teaching hospital which provides both primary care and specialty care in surgery, medicine, neurology, and mental health.

The Southern Arizona VA facility began as many Tucson hospital did, as a hospital to treat respiratory disorders and tuberculosis. The facility, located on South 6th Avenue, opened in 1928 after moving from Pastime Park.

One of 21 facilities in the country, the Tucson hospital provides polytrauma treatment (see resources) accomodating veterans with amputations, brain trauma, burns, and visual impairment. The center has a blind rehabilitation center.

A Women Veterans Health Care Program for female veterans provides all types of women's medical services. The program is staffed by an all female medical team.

Community based outpatient clinics are located in Northwest Tucson and Southeast Tucson, as well as Green Valley. They are also located in other areas of the state: Casa Grande, Safford, Sierra Vista, and Yuma.

Information about eligibility requirements for VA medical benefits are available on line at the primary Southern Arizona VA Health Care System website. This site also provides information on prescription renewals.

Resources:

Website of Southern Arizona VA

http://www.tucson.va.gov/

Polytrauma:

http://www.polytrauma.va.gov/index.asp

Map of Southern Arizona VA Facility

http://www.tucson.va.gov/about/Facility_Map.asp

Outpatient Clinics and Locations:

http://www.tucson.va.gov/index.asp

Services:

http://www.tucson.va.gov/services/index.asp

I posted this to my blog this morning at http://www.terrybishop.com

"We exist to prevent and cure cancer," is the mission of the Arizona Cancer Center, a designated comprehensive care center at the Unversity of Arizona Health Sciences Center. The National Cancer Insitute has awarded this designation and people come from throughout the world for treatment.

The Peter and Paul Fasseas Cancer Center, which opened in 2007, provides clinical trials, research, and treatment for cancer patients. The state of the art facility is a part of University Medical Center and operates in conjunction with the National Cancer Institute. The center also runs the Native American Cancer Research Partnership with Northern Arizona University.

Patients can find clinical trials at the website listed below. Information about various types of cancer is also available on the website:

http://www.azcc.arizona.edu/cpc/index.html

Appointments can be made at the Cancer Center for either oncology or radiology. Appointment days are scheduled dependent upon the type of cancer: a breast cancer patient and a patient with prostate cancer or lymphoma may be given different appointment days.

The Cancer Center, a remodel of the old Tuccson General Hospital, was designed by CO Architects of Los Angeles, CA and won a citation of merit award for the design of the ambulatory cancer facility. Photographs of the facility:

http://www.healthcaredesignmagazine.com/Media/DocumentLibrary/001.pdf

Resources:

Arizona Cancer Center:

http://www.umcarizona.org/body.cfm?id=14

http://cancercenters.cancer.gov/cancer_centers/azcc.html

http://uanews.org/node/21482

http://uanews.org/node/19808

Native American Cancer Research Program:

http://nacrp.web.arizona.edu/education/index.htm

Mission- Arizona Cancer Center

http://www.azcc.arizona.edu/atc/mission.htm

This is my post this morning to my blog at: http://www.terrybishop.com