According to the AZ Daily Star, foreclosure notices in Pima County has hit an almost 3 year low! For the 1st time since Nov. 2008, less than 700 property owners (693 in total) in Pima County received notice that their loans were in default. To put this in perspective, in 2006, when the market peaked, an average of 240 foreclosure notices were issued monthly. June 2011, was also the 5th straight month the number of notices declined, relative to last year!
Lenders begin the foreclosure process by giving property owners “notice” that their loan is in default. Receiving notice does not necessarily mean a property will ultimately end up in foreclosure.
This is very good news for the Tucson area real-estate market, since the market will not recover until the current and future inventory of foreclosure properties drops considerably.
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