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Buying Tucson Repo Homes While They Are Still Priced Low

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By : Allana Castro    99 or more times read
Buying Tucson repo homes while they still abound and while they are still priced affordably is a smart decision.

In April, foreclosure homes were sold at an average price of $134,967 while new homes were sold at an average of $219,487. Existing homes, meanwhile, were sold at an average of $210,619. Currently, the average price for all types of homes, as listed in one major real estate website, is $189,272, with many of the foreclosed homes priced at around $150,000.

On another major website, the median price for all types of homes for sale in Tucson is currently $199,900 while the median price for foreclosures is $129,000 and the median for new homes is $229,900.

These price levels are still much lower compared to prices during the boom, particularly prices for units in lists of repo homes for sale.

In May, bank repossessions increased to a record total of 622 housing units in Pima County, where Tucson is located, marking a jump of 21.5 percent from 512 in April and a spike of 85.7 percent from 335 in May last year.

In contrast, pre foreclosures in the county decreased to 903, down by 27.5 percent from 1,245 in April and by 15.8 percent from 1,072 in May 2009.

Repo homes in Arizona surged in number in May to a total of 6,112 units, and a big number of these are Phoenix and Tucson repo homes. In the first five months of the year, there were over 33,000 housing units that were acquired back by lenders through public auctions.

Based on statements from a number of University of Arizona economists, Tucson has started recovering since last year. Although 8.8 percent of Tucson residents are still unemployed, a total of 1,100 non-agricultural jobs were added. Retail sales also increased by nearly 9 percent and more jobs are expected to be created in the coming months.

If the economy continues to grow, home prices will increase. It is therefore a smart decision now to buy Tucson repo homes at a time they are still lower-priced.
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