Good afternoon Bret,
There is no proof that the "back log is huge and more in the pipeline". I know there are many theories that the banks are holding on to REO and letting them go slowly. Trust me, after working so many REO no way "the Banks" are working together. It is not just Tucson either, Phoenix had a much larger inventory than we did and it is all gone, gone.
Yes, there will be some more REO (real estate owned) coming onto the market and I predict prices will continue to increase. I dont think it will be more than what we have seen in the past 2-3 years though.
Our inventory is currently at 2005 levels. For a buyer to sit and wait for better interest rates or for prices to go down, I believe is a mistake. A buyer looking for their primary residence should see what is out there, in their budget and talk with a local Realtor.
Last but not least, I live in Colonia Solana, a stone's throw away from the Sam Hughes community. I can tell you first hand, there are not a lot of REO in these subdivision's nor do I expect that to increase in the near future.
Best of luck in your search.
Spirit Messingham, PLLC
3rd Generation Full-Time RealtorÂ®
Tierra Antigua Realty
Direct (520) 471-6900
Fax (866) 365-5208