Tennessee Foreclosures are a Good Buy for Young Families Looking for a First Home
Photo by AMagill
The number of Tennessee foreclosures currently number 19,965 homes on the foreclosure housing market and are now available for purchase. The average listed price of foreclosed homes across the state is about $98,400.
The economy of Tennessee has been quite similar to those other U.S. states, with the unemployment rate recently rising to about 1 percent above the national average. Tennessee recently attracted major automobile plants for Nissan and Volkswagen. Fed Ex is also located in Memphis because it is a good position for their delivery operations. The historic agriculture business is centered in the delta regions, but do extend throughout the state.
The number and prices of foreclosed homes has risen in these towns:
* The number of Murfreesboro foreclosures rose by 3.8 percent during the last month. There are currently 422 foreclosed homes on the market with an average price of $142,300.
* The price of Jackson foreclosures rose by about 9.4 percent during the last month. There are currently 448 foreclosed homes on the market with an average price of $103,400.
The price of foreclosures has fallen in other cities, however:
* The price of Hixson foreclosures fell by 20.3 percent during the last month. There are currently 115 foreclosed homes on the market with an average price of $159,900. Hixson is located in the greater Chattanooga area.
* The price of Antioch foreclosures fell by 11.7 percent during the last month. There are currently 677 foreclosed homes on the market with an average price of $84,900. Antioch is a suburb of Nashville.
The state of Tennessee itself ranges from the Appalachian Mountains in the eastern portion of the state to the Mississippi delta in the southwestern corner. There are also several decent-sized cities in Tennessee.
Memphis is along the river and is known for their blues music and barbecue food. Nashville is the capital, is home to the Grand Ole Opry, and is a center for the music industry in the U.S. Knoxville is home to the Oak Ridge National Labs, which played a critical role in the development of atomic weapons during WWII, and is still one of the largest labs anywhere in the country.
Tennessee also has an outstanding system of higher education. There are several world-class universities, including Vanderbilt, the University of Tennessee, Memphis and, others, which are all located in the state.
There are many Tennessee foreclosures available today, scattered across the state. With the lower prices of foreclosed homes and the historically low mortgage interest rates, the current market can be a great chance for first time home-buyers to move into their own home.
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