A friend of mine in Denver Sent me a link this morning to an article Top 10 Places to Buy Foreclosures According to RealtyTrac.
I read with interest the inclusion of Tucson in the top 10 coming in at number 8 on the list. Here is what it said about Tucson:
Tucson, Arizona was number eight at $112,660 compared to $129,500 last year. The average discount was also 35 percent. According to the Tucson Association of Realtors, sales rose 16 percent in February from a year ago. Also, the average sales price increased 4.75 percent from January to February, according to RealtyTrac.
However, I know that the typical media lag means this data, while it might be accurate, is out of date.
I did a quick search of the active REO listings in ALL OF TUCSON MLS and found there are currently 397 active REO listings. That is all. Fewer than 400 total.
The average list price is : $155,453
The median list price is : $114,900
The moral of the story remains the same:
“If you are going to purchase real estate don’t use the general media as your source of information”.
If you want to know the condition of any local real estate market then get a local real estate expert to keep you informed.
Let me see if anyone comes to mind.