Tucson real estate : The number of AZ homes repossessed by lenders in 2011, fell 14% compared to 2010. Nonetheless, AZ still has the second-highest level of foreclosures in the nations.
In 2011, 114,000 homeowners in AZ received foreclosure notices (that’s one out of every 24 homes). The amount of notices issued declined 24% compared to 2010. Receiving a notice starts the foreclosure process; it does not mean a home will ultimately be reposed by the lender. While the decline in foreclosures is good news for the AZ housing market, there are still obstacles inhibiting the markets recovery. This includes lenders delaying the foreclosure process because of rising concerns about proper documentation. Banks are ultimately expected to re-start stalled repossessions.
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana home sales. Contact Lisa for all your Tucson real estate needs.