Tucson foreclosure auctionPosted: Updated:
TUCSON, Ariz. -- The wave of foreclosures in Tucson continues as more than 40 bank owned properties went up for public auction Thursday night.
The bidding started low. One home was once valued at nearly $250,000, started bidding at $49,000.
Home values continue to decline and the average mortgage interest rate is above 5% for the first time in months.