Tucson Foreclosure Disaster

November 23rd, 2007 Categories: Tucson Housing Statistics, Tucson Real Estate

Foreclosures in Tucson, and around the nation are on the rise. You may be surprised

to know that Tucson will not act like the rest of the country.

Tucson Real Estate Market Data

The impact of foreclosures on Tucson will be decided by numerous factors.

1. The number of foreclosures, currently around 80 – 100 a week

2. The number of new residential homes being built, about 100 a month

3. Population growth in Tucson, roughly 1,800 per month

4. Total resale homes on the market, currently over 9,000

It is from all of the information above we can begin to understand the impact foreclosures will have on the Tucson Real Estate Market. If the numbers stay where they are, this Tucson Foreclosure Disaster will not be much of a disaster at all.

The reason is simple, population growth in Tucson is high enough to absorb the foreclosures occuring in the Tucson Real Estate Market. Unfortunately, there could be a round of price reductions in Tucson due to foreclosures and short sales setting the new market level.

Tucson population growth should be able to absorb foreclosures as long as they stay below 650 a month. If we climb above that number, things could get nasty.

For more information on foreclosures in Tucson you can set up an RSS feed or send me an email Dustin@AgentYork.com