Tennessee Experiences High Foreclosure Rates

In a report released by RealtyTrac, foreclosure rates in Tennessee increased by 16% from August 2006, placing the state at the top 10 states with the highest foreclosure rates in the United States. Completing the top 10 list are the states of Colorado, Nevada, Michigan, Ohio, Georgia, Indiana, New Jersey, Texas, and California. Again, the current housing market climate is being blamed to the rising mortgage interest rates and the sluggish real estate market. The housing boom experienced a couple of years back has increased the numbers of borrowers, who under normal circumstances can not afford to buy a house. But as interest rates climbed up, more and more of these borrowers have defaulted in their mortgage payments. Thus, the high foreclosure rates in many states. However, experts view this situation as an opportunity for buyers to look for the best deals on properties. With most states experiencing major real estate market correction, Tennessee will soon be having a good buying environment. One reason is that experts believe that the Midwest’s climbing foreclosure rate is more likely to slow down in the next couple of years. As a matter of fact, in some areas of the country, interest rates have dipped considerably and home price appreciation even slowed down. And as evidence, despite high foreclosure rates, there is also a considerable demand for foreclosure homes. A nationwide increase of 20% in active foreclosures has been documented. Investors are buying properties everywhere and will likely soften the impact of these high foreclosure rates on the entire real estate housing market. Bank foreclosure Tennessee properties are presenting so much potential right now. Considering the projected upward trend of the real estate market, it is highly likely that investing in a bank foreclosure Tennessee will be profitable now and in the long term. Start your Search for:

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