Foreclosure starts in Pima County so far this year are on track to be at the lowest level in 10 years.
That’s in line with national data that shows foreclosure filings, default notices, scheduled auctions and bank repossessions have fallen more than 7 percent from 2014.
“Banks are continuing to work through the backlog of lingering foreclosures, pushing bank repossession numbers higher in the short term even as foreclosure starts drop to new lows,” said Darren Blomquist, vice president of RealtyTrac, which released its foreclosure report Thursday.
Local data from the Pima County Recorder’s Office shows there were 2,997 foreclosure starts through the end of November, the lowest since 2006.
At the peak of the housing crash, there were more than 12,000 foreclosure starts in Pima County in 2009.
The number of actual foreclosures locally also continues to fall, with 1,877 filed through the end of November — the lowest number since 2007.
Housing analysts cite falling foreclosures and growth in the traditional resale market as signs that the market is finally stabilizing.
Conventional loan sales exceeded cash sales in November, data from the Tucson Association of Realtors show. That indicates that homeowners are buying more homes than are investors and flippers.
