Low prices, accessibility to Phoenix and economic growth are the major reasons why people are buying Tucson repo homes for sale.
In May, total sales of all types of Tucson homes jumped up further by 3.5 percent over the month, in addition to the increase in April, making the total house sales in the first five months among the strongest five-month sales performance. Home sales in May were also higher by 29 percent over sales in May 2009.
The substantial price discounts enticed people to buy, as the average sales price of $194,838 for all homes sold in May marked a reduction of 4.6 percent from the average price of $204,125 in May last year.
The average listing price also fell by 3.6 percent from $246,639 in April to $237,880 in May. Even listing prices at the higher-cost community Catalina Foothills were pushed down by lower-priced Tucson repo homes from $455,488 in April to $404,201 in May.
In the first three months, thousands of repo homes in Arizona were sold at a discount of 29.48 percent, and REO units continued to be sold at sharply reduced prices over the past months. All types of homes in foreclosure that got sold during the first three months were sold at an price lower by 24.82 percent than the average price of nondistressed units.
Although price discounts make buyers and investors happy and make homes affordable to more people, they can nevertheless affect property revenues and values and drive higher repossession property listing inventories. These are among the reasons why state officials are implementing better ways to use the $125 million given by the federal government in preventing further foreclosures.
Based on statements from the Arizona Department of Housing, the money would be used to help distressed homeowners pay their loans. About $9 million in funds would be given to Pima County to cut down the number of Tucson repo homes for sale and other foreclosed homes in the area.
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