The first half of the year in Tucson-are real estate was ok, according to several measures, but the second half is not looking as good, say real estate brokers with Tucson Realty and and Trust Co.
A slight drop in the vacancy rates for retail rental properties in the first six months of the year was a good sign, and one broker from Tucson Realty and Trust went so far as to describe the market for office space as "buzzing" in the early part of the year.
But slow recovery in the market remains the case, says Hank Amos, president of Tucson Realty and Trust, Co.
"We're slowly crawling out of this hole that we're in," Amos says, assessing the market mid-way through 2012.
Until local residential foreclosures start to slow, Amos says other sectors of the real estate industry will continue a cautious rate of growth.
"Our economy is really dependent on our residential housing, and as that picks up, it's really...high tide lifts all boats. And you're going to see that and it'll help all sectors in our economy," Amos says.
The level of consumer confidence drives the real estate market, he says. Right now, people are not confident in the economy, with the apprehension driven by uncertainty of the U.S. election in November, and the U.S. and European markets, Amos said.