In Our Bizarre "Bad News is Good News" World the Lack of Bad News is Miserable!
Now however, a recent spate of lawsuits regarding bank's foreclosure paperwork issues has caused a nearly industry wide freeze on foreclosure activity. This is apparent locally where the number of new properties being slated for foreclosure has dropped to a small fraction of what the number was just a couple of months ago. This in turn has meant very few new foreclosure properties being prepared for market. IF this were a permanent decline in foreclosure activity it would be a good sign for our market but this more likely is only a delay of an unknown duration. When the gates eventually open back up there will be a flood of new foreclosure properties which will again disrupt the market.
In the short term however there is already a reduction in the availability of well priced foreclosure type inventory. This will mean that bargain hunting buyers will have to consider short sales or look at more traditional inventory. If you are interested in purchasing a Smoky Mountain home for your own use or as an investment you will probably want to either act quickly or decide to wait the supply is again turned on. To view ALL of the foreclosure properties in our local area, please click here.