Tucson home prices had a run up during the boom years but never with the trajectory of Phoenix, its neighbor 110 miles to the north.
"The key word in Tucson is stability," said Tanya Marchiol, whose company Team Investments, buys residential real estate in Arizona.
There are fewer vacant homes, about half the foreclosure rate and most homes for sale are in better condition than in Phoenix, according to Marchiol. That has caused it draw more retirees who might otherwise have wound up in Phoenix.
Fiserv forecasts continue turndown through the first three quarter of 2011 with prices falling another 2.8%. Then the market will come back strong over the next 12 months, with prices rising 6.2%.
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