Yuma County and The Repo Homes Market
The area west of Phoenix contains a lot of sand, open land and Saguaro cacti. As you move down highway 8 you see a lot of that. Coming into the city of Yuma, which is on the California border and the border of Mexico, you pass the Marine airbase. The area is extremely hot and extremely depression in economic terms.
Yes there are a lot of well off people here that make good money and of course the military pumps a lot of money into the local economy but there are a lot of people here, more so than a lot of the rest of the state, that are experiencing first hand the effect of the real estate and economic problems that we are experiencing here in America today.
The numbers here have been absolutely dismal and the projections have been even worse. Arizona as a state is ranked near the top in numbers of foreclosures and repossessions. The state is actually sitting at fourth in the nation as a matter of fact.
Our 10 Most Recent Pinal County Repo Homes
- List Type
- State
- City
- Zipcode
- Price
- BDR/BTH
- Details
Click Here to Search All Arizona Repo Homes
The median price of homes in this area actually peaked in the year 2006 with the average cost of homes being just shy of one hundred and eighty five thousand dollars. Today, as of last count the average cost of that home is just over one hundred and thirty two thousand dollars. The values have dropped over 14 percent from the same period last year alone.
This is far from good news to people in the area and some people think that the repossession market here has not even come close to peaking. As more of the soldiers go to and return from the war they tend to become disillusioned with the economic outlook here and a lot of the families are just plain deciding to let the homes fall to foreclosure and attempt a new start somewhere else at a later time when the outlook in the country is better.
Rather than throwing away money on a bad investment people are increasingly choosing to bank that money, let the home get repossessed and rent in the interim. They money in the bank makes them a much better interest rate than they get in equity for the house and when the market rebounds they should have a nice sized bankroll to put on a new place to live.
Yuma County is not unlike the rest of Arizona when it comes to the numbers here.
