Tucson real estate market ‘like running in molasses’

slower than molasses copyBy Emily Bregel | Arizona Daily Star

The real estate market in Tucson continues to warm, but won’t be hot anytime soon, local brokers said Thursday.

“It’s like running in molasses,” Tucson Realty & Trust Co. CEO Hank Amos said at the firm’s annual forecast meeting. “We’re moving forward, but it’s kind of slow.”

Lagging business activity — and skittish business owners hesitant to expand — means less commercial leasing in Tucson, Amos said.

“It wasn’t as bad as it has been. We’re definitely off the bottom,” he said.

But residential real estate activity is up, due to pent-up demand from buyers and all-time low interest rates. Foreclosures hit a five-year low in 2013, boosting resale home prices, said Bob Solfisburg, land specialist.

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