Integra Group Real Estate LLC, a Tucson, Ariz.-based brokerage firm, has created a short sale department to assist Arizona homeowners with the resale of homes nearing foreclosure.
According to the company, the collapse of the housing market led to more than half of Arizona homeowners' now having negative equity. Pima County, which has Arizona's second-highest foreclosure rate, currently has an 11.9% vacancy rate.
‘Due to the extreme number of foreclosures, the current vacant housing stock will accommodate 10 years of population growth in the area,’ says Eric Lichtenheld, president of Integra Group. ‘With the launch of our short sale department, we are dedicated to providing homeowners selling alternatives, decreasing the number of foreclosed homes and helping stabilize the neighborhoods in southern Arizona by maintaining asset values.’