Good news may have been hard to come by in the local real estate market at times over the last few years, but there continue to be some glimmers of hope for real improvement ahead. For the fifth staight month the number of foreclosure notices has decreased according to the Pima County Recorders Office. In June the exact number was 693 notices sent out of a mortgage being in default. These are just initial notices and don’t mean that the property will be foreclosed on, but are a leading indicator of future foreclosures. The June number of 693 notices is the first time that figure has been below 700 since November 2008, although it is still elevated over the housing boom period when notices averaged around 250 a month. Each individual foreclosure notice is never good to hear of, but the fact that the number has been steadily decreasing is a positive sign. Couple decreasing foreclosure notices with continuing steady sales of previously foreclosed properties and that’s where the glimmer of hope lies for the future. It’s these foreclosures that have been the biggest factor weighing down home values. Getting through the inventory of foreclosures is a necessary step to housing recovery and price increases.
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