Pima
Studies reveal that the number of people losing their homes in foreclosure escalated following the subprime mortgage crisis.
As more and more borrowers received foreclosure notices, the number of individuals walking away from their homes escalated too. Not only was the housing market in doldrums, the entire real state in Pima received a bolt from the blue.
Real Estate in Pima
Strategic mortgage defaults or Jingle Mails– a real estate trend observed in Pima
Although the aftermath of the economic meltdown has subsided considerably, the economies around the globe are still recovering. In an attempt to save cash, there were many who just walked away from their houses.
It is usually referred to as Jingle Mails or Strategic Mortgage Default, in which the homeowner on finding that the equity that is left in the property is much lower than the outstanding balance of the mortgage, choose to “walk away” from the house and send the keys of the house to the lender in an envelope. Since the keys jingle in the envelope, this is referred to as Jingle Mails.
Pima real estate agents finding it hard to make ends meet
It has been observed that the real estate agents operating in Pima are finding it hard to make ends meet as very few real estate deals are actually taking place. People are still weary and uncertain about the liquidity crunch and prefer to save cash for the rainy day rather than spend money on some investment vehicle.
However, if you have some cash at your disposal and planning to shift to a home of your own, despite all the adversities, you can still do so with the help of real estate agents who help you in selling/buying residential or commercial property in Pima.
Housing Prices
Statistical data showing price of homes in Pima, Arizona
Given below are the mean prices as of 2008.
* Cost of housing units – USD$171, 643
* Price of detached houses – USD$176, 871
* Cost of mobile homes – USD$50, 793
* Cost of attached units – USD$117, 847
* 3 to 4 unit structures – USD$ 162, 855
* 2- unit structures – USD$115, 843
The median house value or the value of a condominium during the same year was USD$193, 526. This figure was registered as USD$ 72, 800 in the year 2000.
Light at the end of the tunnel
Reports also suggest that the price of real estate property is gradually picking up although at snail’s pace. Irrespective of whether you are buying a land, a single unit home or a condo, the prices are rising and if your finances permit you to invest in real estate in Pima, go ahead and do so before the mortgage rates skyrocket again.