ARIZONA DAILY STAR:  Weds., April 8, 2009

Foreclosures may signal the bottom point is near

By Josh Brodesky

 

The number of Pima County homeowners facing foreclosure surged in the first quarter, as banks issued foreclosure notices to more than 3,000 properties. 

With 3,054 trustee sale notices issued in the first three months of the year, Pima County is on pace to easily surpass the 8,956 such notices issued in 2008.  Trustee sales notices are filed after property owners have been in default for at least three months. Although such notices don't necessarily result in foreclosure, they are a good indicator of distressed properties.

Although the surge in foreclosure notices is jarring, University of Arizona economist Marshall Vest said he thought it signals a potential bottom point.

"I think we are seeing the very worst of the numbers," he said. "It's not just the foreclosures, but many other measures of the economy as well. The economy was in free fall for the fourth quarter and that has continued in the first quarter. I think the economy is in the early stages of forming the bottom, and we will see that, I think, in the months ahead."

John L. Strobeck, who tracks Southern Arizona real estate and housing data, said he was surprised to hear so many trustee notices have been filed this year. He expects the notices to translate into at least 3,000 foreclosed home sales in the Tucson area this year.

FULL STORY:   http://www.azstarnet.com/allheadlines/287850