AGENT MLS HOME FINDER

The Tennessee real estate market is somewhat internally divided between hard-hit areas and regions which were not critically stricken by the nationwide economic crisis. It seems that the eastern and western portion of the state of Tennessee bore the brunt of the sub-prime mortgage crisis, while the central part of the state – “Middle Tennessee” – was not as heavily affected.  An article in the Shelbyville Times-Gazette noted that economic hardship in the state in general is likely to continue regardless of whether the state recovers quickly. The September 25, 2009 article, written by John Carney, stated that “Ritter said Tennessee may recover more heartily than some other parts of the nation due to its educational institutions, a diverse and balanced economy, and new economic developments…He said home values have declined less in Middle Tennessee than in other parts of the country.”

A September 10, 2009 article in the Nashville Business Journal found a piece of decidedly positive news for real estate in Tennessee, stating that the foreclosure rate for the state fell for the third month in a row. The article, which was based on an Irvine-California based realty tracking firm’s numbers, found that “Tennessee’s foreclosure rate continues to improve, falling for the third month in a row. According to RealtyTrac’s August 2009 U.S. Foreclosure Market Report, Tennessee had 4,209 foreclosure filings – default notices, scheduled auctions and bank repossessions – in August. This marks a drop of 10.01 percent from August 2008 and a decline of 8.14 percent from July. The state ranked 23rd in August nationally. It was 22nd in July and 21st in June.”

Tennessee homes for sale are only one component of the overall Tennessee real estate market, with commercial real estate comprising another important component of the market. According to a September 15, 2009 article published on WBIR.com, a local NBC affiliate, commercial foreclosures overall are increasing, although there is a regional discrepancy between the different regions. The article, written by Anthony Welsch, found that “Frazier says the diverse East Tennessee economy, which he says shielded the area from getting blitzed with residential foreclosures, should have the same insulating impact in the commercial sector.”