Tucson's foreclosure epidemic by area

An article in today's Arizona Daily Star reports more then 5000 homes in Tucson fell into foreclosure within the first nine months of 2007. Although the highest density of foreclosures seem to fall in the more centralized areas of Tucson, there's really no area that's been left untouched by the foreclosure epidemic.

It's a common misconception that homes in foreclosure are dilapidated and in lower income neighborhoods, but we're finding foreclosures in even the most upscale Tucson communities. Tucson's Catalina Foothills, which is known for it's multi million dollar estates, is reporting a number of foreclosure filings, and I've located a few brand new, semi custom homes in the Oro Valley area which are now in foreclosure. The foreclosure "hot spots" in Tucson for Sept/Oct seem to fall into three zip codes; 85730 (East/SE Tucson) had 66 reported foreclosure filings, 85746 (Southwest Tucson) had 90 filings, and 85706 (South Tucson) had 101 filings.

Tucson foreclosures by area

The high foreclosure rate in Tucson and the rest of the nation is being credited to several factors that are currently steering the housing market. Those high risk, high rate loans that so many lenders offered to buyers with poor credit are now adjusting their interest rates, and borrowers are finding themselves unable to afford payments. There's also a number of homeowners that have cashed out their home's equity and now find themselves owing more then their home is worth.

For more info read Foreclosure surge hits every corner of Tucson