There are more homes in Tucson foreclosure listings for investors to explore, as foreclosure postings rose by more than 29 percent in Pima County, where Tucson is the administrative city.
In the first quarter, total foreclosure filings increased by 29.3 percent from the prior quarter to 4,599 filings, reflecting one filing for every 93 housing units in the county.
Of these almost 4,600 units that entered foreclosure, 1,928 units entered the real estate foreclosure listings of banks while the rest were still in pre foreclosure status.
Anyone investing in real estate in Tucson has good prospects as the city is economically strong. It hosts several military facilities and top multinationals such as IBM, Raytheon Missile Systems and Texas Instruments and top corporations in the optoelectronic and medical equipment industries.
The increase in home sales, the stabilization of house prices and the surge in home building activities in the first months of this year also showed that Tucson has been able to contain the adverse effects of foreclosures and the recession.
Statewide, investors can explore a lot of cheap home listings as foreclosure listings in Arizona continued to spike in the first quarter. With one foreclosure posting for every 49 homes in the state, Arizona ranked second, behind only Nevada, in charts of foreclosures by state during the quarter.
A total of 55,686 housing units statewide entered the foreclosure process in the first quarter, including 21,442 units already in Tucson foreclosure listings and other REO listings throughout the state during the quarter.
Total first quarter REO properties in Arizona accounted for 8.3 percent of total REO homes nationwide while statewide foreclosure filings accounted for 5.97 percent of total filings nationwide. These relatively high percentages make Arizona a gold mine for foreclosure investors, particularly those with cash.
Maricopa County, where Phoenix is situated, led the state in total filings in the first quarter with a total of 38,662 filings, accounting for a staggering 69.43 percent of total statewide filings. Filings in Pima County accounted for 8.26 percent of total statewide filings.
One online real estate firm put the average home price in Tucson at $176,614 in April, down from the average price of $188,036 in March. With this month-over-month price drop of 6.47 percent and increase in foreclosure filings in the first quarter, investors can expect to find lower-priced homes in Tucson foreclosure listings that they can eventually resell at a profit.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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