Market Conditions in Tucson>Question Details

Autumn, Real Estate Pro in Tucson, AZ

What is the foreclosure rate in tucson at the end of December 2012?

Asked by Autumn, Tucson, AZ Wed Jan 9, 2013

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Spirit Messingham’s answer
All indications point that we will see less REOs (Real Estate Owned, foreclosure) and short sales in 2013, both were down in 2012. FYI, as an experienced Realtor with 6 years experience selling Tucson real estate, not all REO or short sales are "good deals".

If you are interested in buying real estate, first thing I recommend is get pre-approved with a local lender. You can't really even make an offer on a REO without a signed pre-qual (which replaced the LSR last year). Next, find a local Realtor to help review your search criteria and see what is available. If you are ok with all the caveats (PLURAL) that come with making an offer a REO (for example "As-Is" addendum, no SPDS, no CLUE and etc) or ok waiting up to 6 months for a short sale, include them on the list. View all the properties that meet your search criteria and find the right property for you.

Kindly click on my profile to read about me, my work history, and 56 reviews written by past clients so you can see what kind of agent I am. Call with any questions or concerns.

Spirit Messingham, PLLC
3rd Generation Full-Time Realtor®
Tierra Antigua Realty
Direct (520) 471-6900
0 votes Thank Flag Link Sat Jan 12, 2013
Foreclosure Filings—Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and serve as the homeowner’s final notice before sale. These are down 36% from the prior month and over 46% from the prior year. Please call me for more information regarding the Tucson market.

Michael Shiner
0 votes Thank Flag Link Wed Jan 9, 2013
The actual numbers aren't out yet but I expect them to be down from last year and about even with Nov. 2012. They only record the number of notices going out and not the number that actually get foreclosed on. The number of notices will probably be around 500 but the number of actual foreclosures will be small as a lot of the foreclosures have been moved to short sales. Hope this helps.
0 votes Thank Flag Link Wed Jan 9, 2013
Thank you so much!
Flag Wed Jan 9, 2013
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