Welcome to Tucson Foreclosure Properties !
I am dedicating this section to Foreclosure properties. These are properties that did not sell at the auction and are now bank owned or "REPO Properties". This new combined list shows "repo" homes listed by MLS area and from low to high price within each area. Once you find a property that you would like additional details, you can call me or go to these two websites and type in the MLS# ....www.WinWithWinnie.com or www.TARMLS.com
November 11, 2009
Foreclosures by Area and Price
November 11, 2009
As of October 2009 active inventory was 6,273, a 22% decrease from October 2008. There were 995 closings in October 2009, a 25% increase from October 2008. Months of Inventory was 6.3, down from 10.1 in October 2008. Median price of sold homes was $159,000 for the month of October 2009, down 12% from October 2008.
Tucson is experiencing a significant increase in buyer activity, with new properties under contract up 83% from October 2008.
October 27, 2009
As of September 2009 active inventory was 6,114, a 23% decrease from September 2008. There were 927 closings in September 2009, a 1% increase from September 2008. Months of Inventory was 6.6, down from 8.6 in September 2008. Median price of sold homes was $164,900 for the month of September 2009, down 8% from September 2008. Tucson is experiencing a significant increase in buyer activity, with new properties under contract up 74% from September 2008. Time is running out on the first time home buyer tax credit for qualifying buyers. Home purchase must close by November 30, 2009.
Foreclosure properties priced well are selling at a rapid pace with multiple offers being the norm. Be prepared to make an offer on the spot, you have minimum 10 day inspection period to think it over.
September 17, 2009
As of August 2009 active inventory was 6,095, a 25% decrease from August 2008. There were 957 closings in August 2009, a 6% increase from August 2008. Months of Inventory was 6.4, down from 9.0 in August 2008. Median price of sold homes was $162,500 for the month of August 2009, down 12% from August 2008. Tucson is experiencing a significant increase in buyer activity, with new properties under contract up 52% from August 2008.
August 14, 2009
As of July 2009 active inventory was 6,208, a 26% decrease from July 2008. There were 1,160 closings in July 2009, a 24% increase from July 2008. Months of Inventory was 5.4, down from 9.0 in July 2008. Median price of sold homes was $169,000 for the month of July 2009, down 16% from July 2008. Tucson is experiencing an increase in buyer activity, with new properties under contract up 33% from July 2008.
We are seeing properties that are priced below market receiving multiple offers..as is the case with many foreclosure (REPO's) properties. Properties priced reasonably are receiving full offers on the first day. Concessions are common...these include buyer closing cost assistance of up to 4% and home warranty plan.
July 15, 2009
As of June 2009 active inventory was 6,440, a 26% decrease from June 2008. There were 1,122 closings in June 2009, an 8% increase from June 2008. Months of Inventory was 5.7, down sharply from 8.4 in June 2008. Median price of sold homes was $165,500 for the month of June 2009, down 17% from June 2008. Tucson is experiencing a significant increase in buyer activity, with new properties under contract up 57% from June 2008.
June 11, 2009
Tremendous buyer activity out there. As of May 2009 active inventory was 6,594, a 27% decrease from May 2008. There were 975 closings in May 2009, an 8% decrease from May 2008. Months of Inventory was 6.8, down from 8.5 in May 2008. Median price of sold homes was $170,000 for the month of May 2009, down 16% from May 2008. Tucson is experiencing a significant increase in buyer activity, with new properties under contract up 34% from May 2008.
May 10, 2009
Things are heating up in the Tucson foreclosure market as well as sales in general. We are hearing multiple offers on every foreclosure home that hits MLS. Some banks are listing way below comps to generate a bidding war and the strategy has been successful. Know your market so you don't over bid. Have inspectors do thorough inspections if you are the successful winner. There are more short sales in MLS right now than foreclosed properties (those that survived the trustee sale). There are also auctions being held for those that are sitting a long time in MLS. These are because of location or condition, make sure you are investing wisely. We are below the 7000 active listing mark for April 2009 which we have not seen in a long time. The last two months, we've seen tremendous amounts of activity in buyers making offers. The first time home buyer's tax credit of $8000 along with low interest rates are fueling this activity. Go to the housing report section of my website to get the details. TUCSON HOUSING REPORTS
April 10, 2009
* Phoenix market is rebounding See article
This is good news for Tucson as we move forward towards stabilization.
Buyer's appear to be making the move. Two and a half weeks ago, something changed in the market. Myself and my fellow agents are writing offers or getting offers on listings. For so long, we've had the leisure of taking our time to look and all of a sudden, I see "Active Contingent" filling up the screen. Our normal Spring market frenzy doesn't usually start for another month so there's a notable shift. Next month's housing report could be interesting. Interest rates are at a all time low...4 3/8% for 30 yrs fixed. Here's a historical graph of interest rates ... Historical Graph
March 13, 2009
* Tucson Median Home Price for Feb up to $178,000 from $163,250 in January 2009 See article
* More than 96,000 properties in Arizona, mostly homes, are either scheduled for auction or are now bank-owned, according to the foreclosure listing service RealtyTrac. Most are in Phoenix, Tucson's share is 7137 properties See article
Note: As of this morning 3/13/09, there are about 200 active foreclosure and about 378 active shortsales properties in the Tucson Multiple Listing Service. In 2008, foreclosure and shortsale sales represented about 22.8%. In the first two months of this year, that percentage is about the same.
February 10, 2009
Newsworthy..some markets are moving towards stabilization...it appears banks that own foreclosed properties are slashing prices in San Diego, Sacramento and Las Vegas and buyer's are gobbling them up...Tucson is usually 6-8 months behind..stabilization depends on a number of factors ..read the article and see the video...Article and Video
* If the links have been moved..go to www.forbes.com and search for real estate articles
Please send me an email if you have any questions
