Tucson Foreclosures for Sale

Tucson-house

Tucson City is in Pima County, Arizona, hugging the Santa Cruz River. Previously the river used to flow throughout the year but now most of the time it is dry and is locally termed a “wash”. It gets flooded during the seasonal rains. Tucson is the largest city in southern Arizona and is near the Mexican border. The biggest potential of Tucson is that it is the natural place to develop solar power. But the adaptation has yet to take off. The biggest problem Tucson faces is lack of potable water.

Another problem has sneaked in that is symbolized by Tucson foreclosures for sale. It is part of the crisis that is sweeping over the rest of America. Arizona is one of the worst hit areas and as such it is not surprising that Tucson foreclosures for sale are multiplying. How the City will take up the challenge of Tucson foreclosures for sale depends on a large extent to two factors – external help from the federal government and internal strength of the economy.

The economy of Tucson centres on the University of Arizona – it being the second largest employer. Another contributor to the economy is the Davis-Monthan Air Force Base. There is also USA Army Intelligence Center – it being the largest employer. Tourism is another source of income. But despite these positive factors nothing has been able to halt the march of Tucson foreclosures for sale.

According to Zillow.com based in Seattle one third of the Tucson foreclosures for sale conducted in 2008 suffered losses. With the rise of foreclosures the value of fresh Tucson foreclosures for sale has fallen further. The average price of Tucson foreclosures for sale in the metro region fell to 13.3% in 2008 calculating to $179,311.

The Tucson Association of Realtors calculated the average sale value in December to be $167,900. John Strobeck released monthly housing facts of southern Arizona. He said that the medial price of a new house in Tucson at the end of 2008 to be $204,500 and resale value to be $165,000.

33.8% of the houses in Tucson were sold much below the purchase price – this creating a record of sorts. In 2004 an 2007 the homes that were sold for losses were 3% ad 11% respectively. In 1996 only 1.3% of the houses sold in this city suffered losses.

The foreclosure rate calculated for Tucson in February 2009 is 1.1%. A year previously it was 0.8%.