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Problem of Foreclosure and Tucson Repo Homes for Sale Might Be Ending

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By : Allana Castro    99 or more times read
Although foreclosures and Tucson repo homes for sale remain relatively high, some economists believe that the state's housing market is on its way to a recovery. However, they did admit that this particular recovery might take a long time to gain momentum.

Foreclosed dwellings and repo homes in Arizona account for a significant percentage of housing market properties. However, some economists believe that the state, particularly the greater Tucson area, has hit the bottom and will soon be on its way towards a recovery, albeit a slow one.

They stated that, despite the high number of repossession home listings, stronger employment rates and improved consumer confidence will make a difference on the housing market and the general economic status of the state. They also claim that the worst of the recession is past and that the national economy is on its way up, although it would be a slow climb since some sectors are still mired in depression.

Local housing market observers have tried to explain how slow the recovery will be for the housing market. According to them, because of the high number of foreclosures and Tucson repo homes for sale, home buying and home prices both declined in the past couple of years. As an example, they cited Tucson, where more than 11,700 single family dwelling permits were issued back in 2005. Compared that with the 2,100 permits issued in 2010 and people will have an idea of how bad the real estate market has become.

Some economists expect the number of building permits for residential properties to rise by 3,600 each year until 2015. This shows how slow the recovery will be. Economists also stated that the bottom might have been reached, but it is a wide one and it will take a lot of time before the whole area will get out of it and reach the surface.

Another evidence of how far the market has dropped can be seen in the contribution of home building to the economy of Pima County. According to statistics, the residential construction business made a $2.4 billion contribution to the county's economy in 2006. This year, that contribution dropped to $400 million, particularly as the small number of new home owners would rather purchase Tucson repo homes for sale rather than build new residences.
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