Tucson Foreclosures - What's Going On?

By
Real Estate Agent with Long Realty - Dove Mountain, Marana AZ BR564219000
https://activerain.com/droplet/jRs

Tucson Foreclosures - What's Going On?

foreclosed home

I read an article this week about metropolitan Tucson and a jump in the amount of Foreclosures on the market again.  A 38% jump.

Foreclosed homes in Tucson

It makes me think back to a "financial meeting" I went to with a bunch of agents at a local new-construction site - and we were told that compared to what was now on the market, there was "ten times that in inventory".  That meeting was last winter.

Foreclosed homes in Tucson

It doesn't take a rocket scientist to drive our neighborhoods and see the white stickers on windows of vacant homes.  You can spot the unweeded yards real quickly (now that it's been raining again) in well-kept HOA heavy neighborhoods.  It isn't pretty in the Tucson housing market.

Foreclosed homes in Tucson

However, there are bright spots.  This current jump in foreclosures is still down 14% from LAST August.  2011 is a good 1400 down from filed foreclosure notices in 2010, for the same time period.  New construction continues around town.

Analysts say that foreclosure pacing is essential to housing recovery because the longer these properties linger, the longer our overall property value is depressed.

My heart goes out to those in foreclosure situation, or pre-foreclosure, or short sales - it's devastating.  As a REALTOR®,  It's easy to get down about the whole real estate situation but then I think about the newlywed couple, the young-marrieds beginning a family, the out-of-state visitor that can finally afford a vacation home - and hope fills my heart again.  It's like a flip side of a coin - and there are some solid opportunities for home buying in the Tucson area.

I liken it to a Forest Fire - wild flames burning and destroying vast amounts of property in their wake, and yet some sit untouched, pristine - where the fire jumped...  but then...in just a few months to follow, look closely. Green.  New life.  New hope.  New attitude.

We won't always be "distressed".  Tucson will persevere.

If you're looking for buying opportunities in Tucson, Marana, Vail, and Oro Valley - I'm happy to help you in your home search.  With today's interest rates and market inventory, it IS a good time to buy in Tucson.

Posted by

If I can assist you in your home buying or selling in Marana, Tucson, Oro Valley, or Vail, please don't hesitate to call me!  Email at swdeserthomes@aol.com

Cara Marcelle Mancuso, Long Realty,

520-909-2988   

Regarding the material posted in my blog postings, these are my personal opinions and not those of Long Realty Company. 

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Rainmaker
722,100
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Cara-That looks like it was a very nice community. That was so much lost economic vitality for your area. Sad-for the homeowners, lenders, and the tax base too.

Sep 08, 2011 06:45 AM #1
Rainmaker
150,046
Michael J. Gallo
Florida Luxury Realty - New Port Richey, FL
Florida Luxury Realty - Gulf Home Sales Team

Cara, meeting with Short Sellers and pre-foreclosure customers is just heartbreaking.  Those of us that are not in these situations need to be very thankful and do as much as possible to help these people move on to a more positive living situation.   The national foreclosure numbers are staggering.  The neighborhood in your photos is beautiful.  We are lucky to live in such Beautiful States.

Sep 09, 2011 04:15 AM #2
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Rainmaker
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Cara Marcelle Mancuso

Call a Marana neighbor, I'm THERE! LONG REALTY
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