Real Estate Foreclosures in Tucson, AZ

By Vallee Gold Team • January 4th, 2009

Tucson, AZ

Real Estate foreclosures in Tucson are having a major impact on home sales according to consultant John Strobeck, of Bright Future business Consultants. The stats fo 2008 show the number of foreclosures are equivalent to about half the total number of new homes that will be sold this year.

In 2008 the number of foreclosures are up to 16 percent as compared to 2 percent in 2007 and 1 percent in 2006.  The number of foreclosures are having a major impact on the median price for a resale hovering at $170,000 and if we take out the foreclosure sales the median orice would be $180,1000 (a 6 percent difference).  The median price for foreclosure sales are $147,750 which is puling down Tucson home values. We expect the numbers to rise in 2009. For the market to get back to normal we need to get through 2009 and get rid of the foreclosures. Currently Tucson has 8,000 resale homes on the market with an 8 month suply of homes which is twice the amount it should be.

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