Pima County Default Notices Decreasing

Distressed properties continue to be the driving force of sinking home values throughout Pima County, but there are signs of good news on the horizon.  The last two months have seen the lowest number of trustee sales notices (essentially notices of default  but prior to being foreclosed upon) issued to area homeowners.  Actual foreclosures are still substantially elevated as those higher numbers previously in default are worked through the system, but these latest statistics show approximately a 35% reduction in notices from peak levels two years ago.  As we’ve reported previously the upside of the number of foreclosures on the market in Tucson today is that they’re hitting the market more rapidly than other areas, allowing for potentially a quicker recover with less “shadow inventory” down the road.  Prices may continue to go down in the months ahead, but there are now many signs that point to this being a prime time to purchase for longer term investors.

Stephen Woodall

REALTOR, GRI @ Long Realty Company

Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.