Tucson Foreclosures - What's Going On?
I read an article this week about metropolitan Tucson and a jump in the amount of Foreclosures on the market again. A 38% jump.
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.
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.
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.