Good news for the Tucson residential real estate market. The Tucson home foreclosure report for 2014 shows foreclosures are fizzling out!
Foreclosure filings were down 36%, the lowest since 2007.
Trustee sale notices (foreclosure filings) in Pima County Arizona were down by 36% from 2013. There were a total of 3,586 homes that entered in foreclosure in 2014. Of which 2,526 homes were actually sold at foreclosure. The number of homes sold at foreclosure was down by 30% from 2103.
In 2014, 70% of the homes that entered into foreclosure were actually sold at foreclosure.
This means bye-bye to the big institutional investors. Recovering values motivate investors to pull out of the market. That creates better opportunities for first-time buyers. These traditional buyers want a home to live in, not flip it for a fast buck. This will help the return to normalcy. – TAR Scorecard
2015 looks to be a good year for stability in the Tucson housing market!
Now is a great time to buy as values and interest rates are still low relative to the cost of renting.
****************************************************
Search for Tucson Homes
****************************************************
For a bigger picture take a look at the foreclosure numbers since 2004 on the chart below.
We are way off the highs of 2009. Which is great news for a recovery housing market in Pima County Arizona.
It is expected these numbers will continue to drop. In 2015, we could be back to normal numbers since the housing collapse of 2008.
