Some Housing Markets Rebound, But Bargains Scarce

The real estate market has turned around in some parts of the U.S., but many buyers aren't seeing true bargains anymore. Investors are driving up prices, and inventory is low, especially for homes priced under $250,000. That's not great news for anyone hoping to buy an affordable house to live in. Arizona is home to one of the nation's extraordinary turnarounds. The Phoenix-area median home price rose 20 percent over the past year — 6 percent in March alone. And Tucson was recently named the nation's best market for investors. But the easy money has already been made. Tucson firefighter Keith Cubberley buys distressed property in his spare time. The brick house he bought recently in an older middle-class neighborhood was trashed. "It was dirty and people hadn't done anything to take care of the property for the last 40 years," he says. So Cubberley gutted it, and now he has workers fixing it up. When he's done, he'll resell the house. But buying low-end real estate like this, he says, is getting harder.

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