Certain areas of Arizona recorded higher sales of properties under bank foreclosures listings during 2010 when compared with 2009 levels. The number of foreclosure-related filings also decreased in some counties last year, but analysts cautioned that it is still too early to declare a recovery, no matter how small.

The number of properties under Gilbert foreclosure listings and distressed home listings in other areas of the state remained at high levels last year, giving the state the second highest foreclosure rate in the whole U.S. for 2010. However, some areas, like Tucson, were able to post positive numbers during the year. Sales of foreclosed homes in the area surged by 17% last year compared with the previous period.

Realtors and market analysts welcome such positive developments as they are very much aware that the number of properties under foreclosure lists in Arizona is one of the highest in the whole country. Any increase in sales, according to them, will help relieve some of the pressure created by unsold foreclosed properties on the value of homes and the general condition of the state’s housing market.

For 2010, a total of 6,793 properties under bank foreclosures listings was purchased in Tucson, up 17% from the 2009 total of 5,826. In addition, the county also issued fewer number of default notices last year, bringing the number of properties entering the foreclosure process for the first time lower than 2009 levels. Last year, 11,663 notices for trustee sales were issued to homeowners, much lower than the previous year’s total of 12,184.

Notices of default totals declined for both months of November and December in Tucson. However, most market observers believe that this was mainly due to the moratorium that temporarily put on hold the sale of properties under foreclosure lists during the 2010 fourth quarter. They also stated that two months of decline will not be enough to declare a recovery, particularly when the number of delinquent homeowners is still rising.

Industry analysts also stated that bank foreclosures listings will probably continue to grow in 2011, but certain areas of the state as well as Tucson might be in for a better year. They stated that higher home buying activity will definitely help the market recover.

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