It is apprehended by experts that foreclosures will surge in Tennessee with homeowners running into default. Those who had shopped around for bargain foreclosed units did not have much to pick from in Green Hills or in Belle Meade because of only a handful of defaulters in 2011. But the picture is changing in Antioch and neighbouring regions – ideal for bargain house hunters in Middle Tennessee.
The temporary lull in foreclosures had lulled the local real estate market into complacency to think that the situation had improved. But in 2012 there is going to be another tidal wave of foreclosures as the banks unwind themselves after the February settlement with the state and federal governments.
Last year nearly 11% of the sale in the residential market came from the distressed category – the drop being a third from 2010. The foreclosure rate at the national level was double the figures of Middle Tennessee as per RealtyTrac. Daren Blomquist of the firm said, “2011 was a fantasy land in that the market was not dealing with a lot of the distressed properties. We believe waves of foreclosures are coming. Not one wave, but a series of waves, which will probably put the lid on any home appreciation we have seen”.
After the robo-signing scandal the foreclosure rates in this area had gone down in the last few years. However the sale of single-family units have been increasing during the previous 8 months; the median price of residences stumbled in 2011 after gaining strength through most of the months of 2010.
Experts opine that foreclosure numbers will spike by 15% this current year, but it will be less than what was experienced five years previously at the time of the onset of the collapse of the property market. But the snowballing effect could push down prices further and weaken confidence of consumers.
Some of the working-class neighbourhoods in Middle Tennessee had seen a frenzy in building activity during the time of the housing bubble. The borrowers did not have the income to be current on their mortgages and were unable to withstand the blow of the housing crash opined David Penn of Middle Tennessee State University. Those in the low-income group were the worst hit; they lacked even a reserve of 6 months reserve savings to re-build their lives.
Photo by seeChicagorealestate.com
ForeclosureRepos.com offers the most valuable foreclosure information online! Find the best foreclosures by state using our database, you'll find foreclosures in places like Orrington, Davenport and Saint Paul. Foreclosures are Apprehended to Surge in Middle Tennessee
