Burning rate of Tucson Foreclosure Homes

There’s no stopping the meteoritic rise in the Arizona bank foreclosed homes as December 2007 witnessed 7,599 filings, which is a 32% jump from November but an astounding 201% jump from December 2006. Homeowners naturally are feeling suffocated with the increase in interest rates and the number of bank foreclosures. The heat seems to be burning the market completely and soon experts will see a complete slowdown in the real estate market leading to a slowdown in the overall economy.

What experts are unable to figure out is the real cause behind such a high rate of Arizona foreclosure homes. A state where the unemployment rate is much below the national average, there has been a lot of wild fluctuations in the overall foreclosure market. Arizona was at the 3rd position by December 2007 with 22,700 foreclosure homes and well behind California and Florida. One of the worst hit areas was Maricopa County, which recorded maximum foreclosures by the end of 2007 and added more homes to the existing list of Tucson foreclosure homes. The county witnessed 5,916 homes going into foreclosure, which is almost 78% of the total foreclosure filings in the state. This is almost like a worse case scenario for the county.

Pima County rallied behind Maricopa recording the second highest number of foreclosure filings with the number touching 571. It was followed close behind by Pinal County with 443 and Mohave County with 329. Such high numbers have affected the overall rate of Tucson bank foreclosures and giving it the 19th position and ahead of Phoenix (26th) out of 420 metros. It seems that homeowners have run out of luck in Tucson but are still hoping that the tides will turn this year.