Tucson has always been known as a beautiful place to visit and rest. Tucson’s market is primarily comprised of a tourist and vacation economy with mild weather, beautiful sunshine and a gorgeous mountainous regional view. Arizona has long struggled, as one of the real estate slump’s most vulnerable states and, sadly, Tucson is perhaps one of the highest city rates for the state in regards to foreclosure. This problem continues throughout 2010 with a record-breaking foreclosure rate in January. Those in the market for Tucson foreclosure homes certainly have their pick of the litter.
In 2009 alone, the Tucson foreclosure rate was at over 12,798. This is staggering in that Tucson is still considered a relatively small city. This sort of number is usually associated with a much larger urban area population.
This marked a sharp increase in foreclosure ratings of over 42% over the 2008 findings. This fact directly represents the market being flooded with foreclosure houses, which greatly reduces the foreclosed market price of any particular house.
In January of this year, there were another 5,176 foreclosure listings in Tucson alone, which is another staggering number. This continues to drop the prices of houses throughout the greater Tucson area. As a result, the federal Housing and Urban Development department issued federal funds in excess of over $4.2 to assist in revitalizing foreclosed homes in order to make them livable, affordable and attractive to perspective buyers.
Fortunately, for those in the foreclosure houses market in Tucson, this means that you could receive a much discounted home with little to no initial investment required to update and maintain the home. This federal funding also holds an allocation for first time homebuyers wishing to purchase foreclosure houses. Thus, the time to purchase foreclosed houses in Tucson is definitely now.
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