Today's Arizona Daily Star has an article in the Business section on Tucson home owners who are underwater on their homes, and in some cases in danger of having to sell for less than they owe (short sale) or risk foreclosure.
When you owe more than home is worth
This map from the article shows the percentage of home owners with negative equity and where they're located throughout the Tucson metro. The key at the top of the map codes the %'s from light to dark with darker areas indicating a higher percentage of home owners with negative equity, with red being the highest at 33% or more.
Coincidentally, last week I was in class learning the in's and out's of short sales and foreclosures. And one of the basics for home owners in danger of, or who have already fallen behind on their payments, is to get in touch with your lender immediately, and try to work out a loan modification that allows you make modified payments and stay in your home.
As you can see, the Foothills area and the northeast have the lowest percentage, under 14%, of home owners with negative equity.
And because condos were the darling of much speculative investment in the Foothills, they account for a disproportionately high percentage of the short sale and foreclosure properties on the market.
I'll have more on the short sale/foreclosure segment in the coming weeks.
see my web site thefoothillsToday.com
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