Tucson Housing Market Could Take Hit

Another article from Tucson. They are indicating this has to do with First Magnus closing, but the house they are talking about has been on the market for more than a year. Since First Magnus just went out of business and the lending problems did not exist before this spring, obviously lending was not the problem. There is a video on the page also.

http://www.kold.com/Global/story.asp?S=6944906

Tucson Housing Market Could Take Hit

Aug 17, 2007 08:30 AM MST

The closing of First Magnus could have a negative and positive effect on the Tucson Housing Market.

"This is my equity, this is my retirement."

James Shirkey is seeing that equity and his retirement slip away as the housing market takes another hit with the closing of First Magnus.

"A year and a half ago, according to appraisals, I had about $140,000 worth of equity and now I'm getting down to $70,000 or $80,000 and it still isn't selling, so it's very terrifying.
Shirkey's house has been on the market for more than a year and experts say it could be there even longer now.