Tennessee Foreclosures Make a Home Purchase Affordable
There are approximately 23,000 Tennessee foreclosures on the market. The foreclosure problem in the state continues at a rate that is consistent with many of the middle American states; one out of every thousand Tennessee homes received a foreclosure filing in April of 2011.
The foreclosure problem in Tennessee is not as great as it is in other states, but there are a fairly large number of homes that are available to the potential homebuyer, which can create an attractive buying opportunity.
Unemployment is a major contributor to the occurrence of foreclosures. As the unemployment rate falls, many anticipate that the number of foreclosures will fall as well. The unemployment rate in Tennessee has tracked very close to the national rates over the period of the current downturn.
The price of foreclosed homes has increased in many Tennessee towns and cities over the last month:
* The price of Thompsons Station foreclosures has increased by 1.4% with over 150 homes on the market. The average price of homes sold in the area was $210,500. Thompsons Station is south of Nashville in the greater metro area.
* The price of Memphis foreclosures increased by 4.5% during the month with more than 2,200 homes on the market. Homes sold there at an average price of $95,300.
* The price of Hermitage foreclosures increased by 5.4% with 89 units on the market. The average price of sold homes was $131,900. Hermitage is also in the Nashville area.
* The price of Clarksville foreclosures increased by 10.5% with over 400 on the market. Homes sold for an average price of $159,900.
In some other towns the average price of foreclosed homes decreased during the last month:
* The price of Collierville foreclosures decreased by12.5% with only 58 homes on the market. The average price of homes sold was $258,300.
* The price of Talbott foreclosures decreased by 12.3% with a very small inventory of foreclosed homes; only16 are on the market. The average price of homes sold was $134,700.
Tennessee has a variety of attractive environments. In the east there are the Great Smokey Mountains, with altitudes averaging 5,000 feet. Hunting, fishing, camping and hiking are some outdoor activities that many enjoy.
In central Tennessee there is Nashville, the home of country music and the Grand Ol’ Opry. In the west is Memphis, where BBQ and blues come together in a smoky mix. And Jack Daniels Tennessee Sippin’ Whiskey also calls this state home.
Tennessee foreclosures together with today’s continued low mortgage interest rates represent a very attractive home purchase for many first time homebuyers.
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