Archive for 'Tennessee'

Tennessee foreclosures in October 2008 went down by 2.6 percent to 491 homes compared to 504 in October 2007. However, the total number of distressed homes for 2008 is higher by 8.9 percent than in 2007.

According to the Chandler Reports, a real estate information provider, the 491 figures in October 2008 is higher than the 451 figures of September. Also, the impact of foreclosures on home market values in Tennessee remains strong.

In Shelby County, there were 5,328 filings as of October 31, 2008, representing an increased of 8.6 percent from a total of 4,906 in October 2007. Out of the 491 distressed homes, 453 were single-family homes, twelve were detached homes under Planned Unit Development and eight were condominiums.

Some areas in Shelby County with high foreclosure rates are:

• Frayser (45)
• Oakhaven/Parkway Village (43)
• Southeast Memphis (35)
• Raleigh (33)
• Westwood (32)

Frayser Community Development Corp. executive director Steve Lockwood expressed his disappointment that Frayser saw an increased in foreclosure filings for 2008.

Among 5,328 distressed homes in Shelby County, 2,368 or 44 percent of them have been resold. However, these homes were sold at $31,000 lower than the amount originally paid for by its previous owners.

Data from Chandler Reports showed that the length of ownership for foreclosed properties in 2008 was, on average, 7,7 years. These figures undermine the notion that subprime borrowing is the core player in the housing market crisis.

Meanwhile, distressed homes with conventional fixed-rate and adjustable-rate mortgages lead with 94 filings each in Shelby County in October. Other mortgages with filings are 56 fixed-rate mortgages of the Federal Housing Administration and 15 fixed-rate mortgages of Veterans Administration.

Works Inc. housing counsellor Rhonda Rucker is optimistic that the current crisis will be under control soon. She suggests improving homeowners’ credit to control the foreclosure crisis.

Investing in Tennessee real estate properties, particularly foreclosures, has become the trend among savvy business people. The great return potential of these homes makes them profitable and worthwhile investments. Of course, buyers can not ignore the fact that these homes are sold at relatively cheaper prices and provide them with instant equity. Looking for bargain Tennessee foreclosures is certainly challenging and to win this foreclosure investing game, you should have a couple of tricks up your sleeves.

Know the Market
Many investors make the mistake of diving into this foreclosure investing – buying Tennessee bank foreclosures, without really researching whether or not the market is favoring buyers. If you want to be successful, you should find out the current housing prices, market trend as well as economic conditions. It would also help if you learn about any new developments in the area that might affect home prices.

Use Foreclosure Listings
Seasoned investors know how crucial it is to be in the right place and time. And the only way buyers can know when a hot property was out on the market is thru regularly-updated foreclosure listings. These listings will provide you relevant information that will help you decide whether or not the Tennessee foreclosure homes will meet your needs and budget.

Partner with Experienced Realtors
Since most sellers enter in to listings contract, having a reliable and experienced realtor like Foreclosure Deals will certainly help you. These brokers are very much familiar with the market and could provide you with great tips and advice.

Currently, the number of Tennessee bank foreclosures has placed the state at the 13th spot in the list of highest foreclosures. Last July, there was one recorder filing for every 748 homes, considerably lower than the national average.