Prescott Repo Homes
Prescott is much like any other city in the country. The citizens there are doing what they can so keep their heads above water and deal with the rising tide of foreclosures and repossessions that have been plaguing the country for the last year. Arizona has the dubious honor of being ranked number four in the list of top foreclosed states with one home in slightly less than one hundred and sixty in some form of repossession or foreclosure proceedings. They are currently behind California, Nevada and the state of Florida.
The one-year change in valuation here in Prescott is down nearly 20 percent over the same period a year ago. Today the median sales price is slightly over two hundred and forty two thousand dollars in comparison to the national average median sales price of homes being just over one hundred and eighty seven thousand dollars.
The strain that these numbers and the overall market drop is causing in the local area is hard to measure. Demographically about fifty five percent of the people here are married and there are about twelve and a half percent divorced and that number is not only up from a year ago but it appears to be rising. Some studies link the rising numbers of foreclosures and repossessions to the increase in the divorce rate. The financial strain that this is putting on families seems to be more than a growing number of people are able to cope with.
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There also seems to be a marked increase in the number of suicides and attempted suicide as well as the violent crime rates, which are mostly a result of robbery and home burglaries. These numbers also seem to correlate to the increase in the homes being foreclosed upon.
While the overall effect on this particular area is hard to pinpoint it is certain that there has been some impact and the experts agree that there will be more fallout here unless the real estate market turns quickly. The area has slightly more foreclosures and repossessions than other areas of the state and considerably more than the rest of the nation and with the value of the homes so high to begin with, the dollar value of loss is fairly staggering.
Like all areas in the country things are expected to get worse before they get better. The toll is likely to be far greater than just the financial one.
