Pima County foreclosures fall to pre-recession levels

Ginger Kneup

Foreclosures in the first quarter of 2017 fell to pre-recession levels in Pima County and nationwide.

Data from the Pima County Recorder’s office shows there were 372 foreclosures in the first three months of this year, the lowest since 2007 when 251 homes were sold in foreclosure in that same time frame.

That number rose to 824 in the first quarter of 2008 and climbed steadily to the peak of 2,052 foreclosures in the first three months of 2011.

“The number of local markets dropping below pre-recession levels continues to grow, up from 78 a year ago to 102 in this report,” said Darren Blomquist, senior vice president with ATTOM Data Solutions, which produced the U.S. Foreclosure Market Report.

Major markets with first-quarter foreclosures at record lows include Los Angeles, Dallas, Houston, Miami and Phoenix.

Cities with foreclosures still above pre-recession levels include New York, Chicago, Philadelphia, Washington D.C., and Boston.

Back to homepage

Subscriber Login

Keep reading with a digital access subscription.

Subscribe now

Analysts say the lower foreclosure rates are consistent with lower unemployment rates and lower inventory.

That is causing home prices to rise across the country.

In the Tucson market, 51 new homes and 1,495 existing homes sold in the first quarter of the year priced below $200,000 — not including age-restricted communities and foreclosure sales, data from the Southern Arizona Housing Market Letter shows.

“There are currently only six active, non-age-restricted communities in the Tucson market with an average base price less than $200,000,” housing analyst Ginger Kneup, owner of Bright Future Real Estate Research, wrote in the market report.

“When that data is paired with the prices reflected in current land acquisitions, it is clear that new, detached homes priced below $200,000 are rapidly disappearing from the Tucson market,” she said. “Expect to see some attached product and smaller lot sizes to stave off this trend.”

The average sale price for existing homes in the first quarter of 2017 was in the $220,000 range — not including foreclosures. For new homes, the average price was above $300,000.