Sensational Journalism – My Reply

I opened today’s newspaper and found headlines that said Forclosures are all over Tucson.  This simply is not so.  And unfortunately, for Realtors, as a result of this article we will get buyers asking to see these so-called multiple foreclosures in the Foothills.  There are very few and most that are in foreclosure are condos.  Buyers in the Foothills almost always put down 20%  and many put down more or pay cash.  I really do not know how to rectify this false report.  Real estate is always regional and in the areas of Pima County where there is a lot of new construction going on and that have the least expensive real estate, there are more than the usual number of foreclosures.  Many of these buyers were strapped to get into houses and in the past few years it has been way too easy to get loans with low documentation and poor credit scores. This year I had one Seller that was not in this situation, however, he had to pay a 10K prepayment penalty fee when paying off his loan. Some lenders were predatory and now the price is being paid by those who wanted a piece of the “American Dream”.  It is very sad, but now we will have most people who buy homes able to afford them.

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