With an unemployment rate keeping pace with the national numbers, Tucson residents are staring down the barrel of a recovering market, even though local forecasters say the economy won't show signs of recovery until the end of the year.

Year over year numbers for February 2009 point to real estate data heading in the right direction for an environment of appreciation in property values. Listings are down nearly 18 percent and while sales are lagging from last year's level, they are starting to level out.

TucsonRealEstateBlog.com, the blog for Long Realty Co. in Marana, AZ, reports consumers are getting antsy: "There are buyers in the market, some are bargain hunters, other are first time home buyers looking to take advantage of the tax credit they can claim against the purchase of a home." The Arizona Star reports comments from Arizona State University economist Lee McPheters, professor of economics and director of the JPMOrgan Chase Economic Outlook Center, saying the trickle down of federal money into the Arizona economy will take time.

"The U.S. Department of Labor announced that Arizona would receive $49.9 million for employment and training programs," the report said, noting "The stimulus package is predicted to create or save 70,000 jobs in Arizona in the next two years."

Published: April 17, 2009

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