Housing Doom Housing Bubble Blog

On July 7th I posted on DR Horton’s newest development Cascata- with some of the better prices I’d seen for new homes in Phoenix lately.  The 7th was the day of their grand opening.  Consequently I was very surprised when on 7/15 Cbass told us (Comment #6):

For those of you that saw the DR Horton post take a look on their website and you will find that the community is no longer. I am not sure what happened just found that interesting?

I checked with some of favorite sources, and while I could confirm that indeed DR Horton was no longer selling at Cascata, no one seemed to know why.

Many thanks to reporter Brahm Resnik of Channel 12 News, who solved the mystery.  He reports:
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Judy Lowe, President of the Tucson Association of Realtors (TAR) had a very cheery assessment of Tucson’s housing market in June:

Our inventory is down, new listings are down and pending contracts are up – all good signs for our market.

We’ll come back to Lowe’s comments in a moment, but first let’s consider what she didn’t mention- sales:

TAR reports that 1226 properties sold in June.  That is down 6.7% from last month’s 1313 sales figure and down 19.6% from last year’s 1524.  This is the slowest June for home sales in Tucson since June 2002.

June is typically the high point of the sales season in Tucson, so this does not bode well for sales for the rest of 2007.
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