Tucson Weekly Reports on Foreclosures
December 17, 2008 | By Kelley Koehler | Filed Under Bank Owned Homes
There’s an article in the Tucson Weekly this week about foreclosures in Tucson, and one homeowner who negotiated with his bank to stop foreclosure and stay in his home. You can read the story here.
It’s an interesting reflection on the foreclosure market in Tucson, from the cause of the rising number of foreclosures in the area to estimated times to recovery. I believe the author is right when they say that far to many people don’t fight the foreclosure.
The article also confirms that the highest density of foreclosures are on the South and Southwest sides, and that the vast majority are homes that were bought 3 years ago or less.
My only point of contention with the article is that they claim foreclosure transactions aren’t factored into the MLS stats, and then they imply that if these transactions were included, sales and median prices would be much lower than reported. I’m guessing this was probably a misunderstanding. "Foreclosure transactions" where the bank takes back the home are not factored into MLS stats. That’s not an arms-length transaction. However, when those foreclosed homes are listed and resold on the open market, those sales are factored into the MLS stats.
Resources to help you fight your foreclosure in Tucson:
Just found: One more article on foreclosure rates in Pima County via the Arizona Daily Star.
Comments
2 Responses to “Tucson Weekly Reports on Foreclosures”
Got something to say?
Search this Site
Got A Question? Ask!
Other Information That Might Be Helpful
- Comparing the Short Sale and Foreclosure Markets (April 3, 2009)
Fun with numbers –
# Short Sale Homes on the Market today: 1820
# Short Sale Homes Sold in March: 143
That’s a 12.7 month supply of short sales in Tucson. Which means about 1 of every 13 short sales actually sell.
# Foreclosed Homes in the Market today: 1614
# Foreclosed Homes Sold in March: 417
That’s a 3.9 [...] - Search Tucson Foreclosures (February 8, 2010)
I’ve had a couple of calls recently from people who only want to look at bank owned homes in Tucson. They ask for a way to search for only foreclosures in the Tucson area.
That, we can do.
If you click up on the “Search” link at the top of the page, it takes you [...] - What Kind of Financing do Central Tucson Home Buyers Use? (October 6, 2009)
More buyers are using FHA in Tucson than ever before. If you’re trying to sell a home in Central, it might behoove you to make sure the house will meet FHA financing requirements. Otherwise, you’re cutting out a large chunk of the home buyers out there today.
- About Tucson (48)
- Bank Owned Homes (3)
- Canadians and Tucson (2)
- Central Tucson (6)
- East Tucson (6)
- First Time Buyer (30)
- Home Buying (113)
- Home Selling (64)
- Homeowner Associations (7)
- Loans and Financing (45)
- Market Discussion (17)
- Market Reports (50)
- North Tucson (6)
- Northeast Tucson (6)
- Northwest Tucson (7)
- Odds and Ends (70)
- Purchase Contract (4)
- Relocating (9)
- Repair Renovate Maintain (21)
- Restaurants (14)
- South Tucson (6)
- Southeast Tucson (6)
- Southwest Tucson (6)
- Top Ten (2)
- Tucson Events (35)
- Tucson Foreclosures and Short Sales (13)
- Tucson Homes Explained (30)
- Tucson in Photos (4)
- Tucson Land (5)
- Tucson Neighborhoods (20)
- Tucson New Construction (2)
- West Tucson (6)
I was looking at your chart of inventory and prices. It seems you have moved up to almost 14 months worth of inventory and a large decline in price.
My question is, has volume pick up at these lower prices?
Richard
I agree that foreclosure transactions whether it’s a short sale, or REO, should be included in the MLS. Prices for comparables would be artificially propped up if foreclosure transactions are not included. Most people are in denial with decline in home prices in their neighborhoods. Their perspective is still such that their homes are still worth what they were during the boom, and that foreclosures nearby do not affect them. It’s time to wake up and smell the coffee!