Tucson Withstands Downward Curve in Domestic Housing Gross Revenue

This year's real estate market has been witness to quite a few new trends, which have inspired both excitement and anxiety. One of the most recent developments has taken place in Tucson, Arizona. Real estate prices are steadily climbing as houses go on sale and homes sell with relative ease. However, one notable change is making some people leery: Tucson's domestic housing gross revenue has fallen by 70%.

So what's behind this sudden downward turn? There are a number of possible causes that could be responsible for this unexpected development — from the recession to the flood of high-end luxury condos coming into Tucson. Whatever the reason may be, one thing is for certain: it doesn't look like things will change anytime soon...

Perhaps, the most obvious reason behind this is Tucson's recession. With so many individuals having lost jobs and struggling to stay afloat during these tough economic times, they aren't in a position to purchase or sell homes. As a result, they have been putting their plans on hold. And while this could be what's really happening behind all of these numbers, the fact of the matter is that you can get a better sense of what's really going on by reading an entire article dedicated to the subject...

Another theory that has been gaining quite a bit of traction in recent months is that the luxury-condo phenomenon surrounding Tucson real estate is responsible for this downswing. It's been said that many of these high-end condos have gone on sale in recent months — which may be a direct result of the large number of foreclosures that have taken place in Tucson and its neighboring cities. The problem is that many of these luxury condos are coming on the market at extremely discounted prices. And why wouldn't they? After all, who wants to spend tens-of-thousands of dollars on a condo in Tucson — a city  that has been hit particularly hard by the economic crisis? Considering this trend and the fact that many people are buying these condos for as little as $58,000, it's easy to see why this trend has been so detrimental to domestic housing gross revenue...

However, there is another side to all of this... A much more optimistic one, actually. And while it may be difficult to come to terms with because it doesn't absolve the housing market of its faults, it does give a better sense of what's really going on in Tucson. You see, these luxury-condo buildings have ended up benefiting those who are looking for affordable housing. Considering all of the foreclosures that have taken place in the Tucson area, many individuals have become homeless; forcing them to turn to places like shelters and other homeless centers. And while it may seem like these people aren't really finding homes that are ideal, at least they're finding something — and it's better than nothing. And aside from this, many of these condos have also ended up being used for condo conversions — which have also been quite detrimental to Tucson's domestic housing gross revenue...

On the other hand, this downward trend in Tucson's domestic housing gross revenue doesn't mean that there isn't a bright side to all of this: Tucson still remains a very desirable city. In fact, the city has been ranked as having the fifth-best economy by Forbes' magazine. And even though the housing market is still very much in recession, it does appear that the city's economy has been doing quite well. And considering this, the fact that Tucson's domestic housing gross revenue hasn't really taken a direct hit can be rather impressive. In fact, even though there are notable downswings in domestic housing gross revenue, they are still significantly higher than they were before recently. And because of this — and perhaps more importantly — there has also been an increase in home sales after distress in these areas...

Tucson also remains a very affluent city. It has a large number of high-income individuals, so it's not surprising that the city has had an increase in home sales after distress in these areas. However, because of the increasing numbers, it's important to keep in mind that domestic housing gross revenue is still going down — and it still remains rather low considering the median-priced price of a house. If this trend continues, it could cause Tucson's economy to decline; which would make things even worse for those individuals who need a place to live...

(Source: http://www.forbes.com)

(Source: http://www.latimes.com)

(Source: http://www.tucsoncitizen.com)

(Source: http://www.tucsonweekly.com)

 Here's a link to the complete list of Data Sources and Calculations used in this Article...

https://docs.google.com/spreadsheet/ccc?key=0AiPO5jfI5DYpZdFlFuZUJhNlV1bGQ2Z0oxX1RSQ2JtRUVuYnc&usp=sharing#gid=0

You can also go here to see a full list of the Data Sources and Calculations used in this Article...

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You can also go here to see a full list of the Data Sources and Calculations used in this Article...

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