One in fifty Tucson housing units get foreclosure notice so far this year

The latest housing statistics from two of the nation’s leading data collection organizations show that the Tucson market remains stuck in a nasty quagmire of mortgage delinquencies and foreclosures.

For June, Tucson posted the 39th highest foreclosure rate among metropolitan areas in the nation with 1.96 percent of housing units — that’s one in 51 — receiving a foreclosure filing in the first half of 2010.

Mortgage delinquencies also are accelerating, jumping to 7.37 percent of all home loans compared to 5.55 percent in June 2009. Delinquencies are defined as mortgages being at least 90 days past due. RealtyTrac and CoreLogic analysts both indicated that the Tucson housing market continues to seek stabilization.

Arizona, California, Nevada and Florida lead foreclosures

Four states — Arizona, California, Nevada and Florida — accounted for all 20 metro areas having the highest foreclosure rates. Florida led the way with nine cities, followed by California with eight, and Nevada with two. Arizona had just one: Phoenix-Mesa-Scottsdale. That market had the nation’s seventh-highest metro foreclosure rate, with 4.28 percent of housing units – one in 23 – receiving a foreclosure filing since January.

“While we’re seeing early signs that foreclosure activity may have peaked in some of the hardest-hit markets, foreclosures continued to rise in three-quarters of the nation’s metropolitan areas in the first half of the year,” said James Saccacio, chief executive officer of RealtyTrac. “The fragile stability achieved in many local housing markets hinges on improvements in the underlying economy, specifically job growth.”

Las Vegas continued to post the nation’s highest metro foreclosure rate in the first half of 2010, with 6.60 percent of its housing units (one in 15) receiving a foreclosure filing. That is more than five times the national average.
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Source: http://www.azbiz.com/articles/2010/07/30/construction_real_estate/doc4c52f4ed8bd9a778743874.txt

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