Unfortunately, It Ain't Over Yet...

While 2009 has been a record year for US real estate foreclosures I'm afraid the pain hasn't ended yet. With unemployment still rising the rate of U.S. home foreclosures continues to increase as shown by this chart.

The same is true in our Gatlinburg area as Smoky Mountain foreclosures are also on the rise. In fact, sadly, Tennessee has one of the higher rates of foreclosures and delinquent loans.
What is of very great concern to me is that there are so many more delinquent but not yet in foreclosure homeowners. With every bank foreclosure that enters the market, normal sellers are pushed aside by more competitively priced bank owned properties. Sometimes it seems that the banks are nearly giving homes away and while that isn't true, they are frequently selling them at fire-sale prices. Here is a link to the 8 newest Smoky Mountain foreclosure listings that we have received. All of these are fire-sale priced properties which the banks would love to sell.


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