Foreclosed homes for sale in Tucson, AZ have made house prices affordable in neighborhoods previously unaffordable to many prospective home buyers.
In historic neighborhoods like Dunbar Spring, which has a bike trail leading to the University of Arizona and nurtures a community garden, home prices have dropped substantially from the $300,000 price range in 2008 to the $80,000 to $150,000 range.
The number of home foreclosures for sale in Tucson has not reached record levels as those reached by Phoenix, but the number was still substantial to be able to push down prices in the city. Among the cities of Arizona, Tucson ranked 41st in February based on foreclosure rate, far below the eighth ranking of Phoenix.
Tucson has not been as battered by the housing crisis as Phoenix and other Arizona cities because of its relatively strong economy. Jobs and economic activities arose from the operations of the University of Arizona, the Davis-Monthan Air Force Base, the U.S. Army Intelligence Center and over 150 companies engaged in optics and optoelectronics systems.
The significant presence of top corporations like Raytheon Missile Systems, IBM, Texas Instruments, Bombardier Aerospace and medical equipment manufacturers and the popularity of Tucson as a tourist destination are among the factors helping the city contain the number of foreclosed homes for sale in Tucson, AZ. The unemployment rate in Tucson in January was 8.9 percent, lower than the statewide jobless rate of 9.2 percent.
The slight increase in house building activity despite inventories of previously owned homes and distressed homes is also another indication that the new-home market in Tucson is holding up.
In contrast to the contained foreclosure rate of Tucson, the number of foreclosure homes in Arizona resurged in March despite slowing down in February. Nearly 19,000 units statewide have been put into distressed status in March, a 13-percent jump from the 16,718 units notified of default and foreclosure in February.
Of these monthly filings, 6,869 units or 36.4 percent of total filings in March were bank owned, an increase from the 6,053 units bought back by mortgage lenders in February, equivalent to 36.2 percent of total filings.
Because foreclosed homes for sale in Tucson, AZ made prices attractive, house sales in February rose by 6.6 percent, with sales to first time buyers rising to record levels. The median sales price in Tucson fell by a whopping 15.5 percent in February compared to the median in February 2009.
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