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Inventory of For-Sale Repo Homes Down Slightly in Tennessee

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By : John Cutts    99 or more times read
The supply of repo homes and residential properties up for sale in general declined in Tennessee last month compared with year-ago levels. Sales for January 2011, on the other hand, were up from one year ago. Housing industry analysts stated that things are looking up for the state's home market and 2011 will be a strong year for the sector.

Sales of foreclosed homes in Nashville and other residences in the rest of the region, including non-foreclosed houses, totaled 1,101 last month, according to data from the Greater Nashville Association of Realtors. The figure represented a 6.6% increase from January 2010. According to the association, the increase in sales was a good sign for the region's housing industry, given that January was a difficult time to travel because of the heavy snow and very cold weather.

The median price of single family dwellings, in which foreclosed homes in Tennessee are also included, was $165,000. The rate was higher than the $159,000 recorded in the same 2010 month. Meanwhile, inventory of for-sale single family residential properties in the area of Middle Tennessee as of the end of January 2011 was at 12,595, a bit lower than the 13,414 total recorded in January 2010.

According to analysts, the higher number of sold residential properties, such as repo homes, and the declining inventory showed that more buyers are gaining confidence and coming out to the market to buy, and unsold homes are starting to work through their way to the system. They added that it is also possible that the decline in inventory was partly due to sellers pulling their properties out of the market in preparation for the spring house buying season.

Housing experts are predicting a surge in housing sales in the spring and a further decline in the inventory of real estate foreclosures and other unsold houses. Local realtors are optimistic about the spring season as more jobs are created in the region.

Local economists reported that more jobs are being created in the state, mostly by small businesses. With an improving job market and higher sales numbers of repo homes and other residential properties, economists are declaring a strong economic outlook for Tennessee for the rest of the year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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