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Foreclosure Listings Up, Home Price Drop in Tennessee

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By : John Cutts    99 or more times read
July saw increases in foreclosure listings nationwide and statewide. In Sullivan County, Tennessee, there were 202 bank foreclosures and 18 properties for trustee sales last month. Also, the county posted a 2.78 percent rise in the number of foreclosure properties sold in May.

Bank owned properties totaled 184 in Washington County, with 27 trustee sales. In Hawkins County, seven properties were listed on trustee sale, along with 49 bank foreclosures.

Meanwhile, Kingsport Metropolitan area communities saw their home prices and values dropped last month. Bloomingdale's median listing price was $108,500, a drop of 1.4 percent. Church Hill's median price was $137,900, representing a decline of 1.4 percent while Surgoinsville posted an 8 percent drop on its $121,000 median price.

On the other hand, Sullivan County posted a median price of $160,000, a drop of 3.0 percent. Market data also showed that home sales in Kingsport were down by 6.9 percent last month.

For the first quarter of this year, Tennessee was in the 21st position in the nation's foreclosure rate ranking. It posted 2,091 foreclosure filings in May, an increase of 2.85 from April.

Industry analysts noted the rise in foreclosure filings not just in Tennessee but in many areas in the country last month. They pointed out that many home loans failed despite the efforts of the federal government and state government to help homeowners stave off foreclosures and remain in their homes.

Nationwide, foreclosure activity rose by 7 percent last month from June and higher by 32 percent from the previous year. According to market data, over 360,000 homeowners received a foreclosure filing last month. And for the first seven months of 2009, default notices, foreclosure auctions and bank repossessions totaled 2.3 million.

Industry analyst noted that over 500,000 bank repossessions were posted in July alone. They said that the dramatic increase in bank foreclosure listings was due to the lifting of moratoriums and banks' resumption of their foreclosure activity.

Some states have imposed a 90-day foreclosure moratorium to give ample time to distressed homeowners who availed of housing counseling services. But industry analysts said that the grace period has just delayed foreclosure and not stopped it.

Since last month, industry analysts have been anticipating the increase in foreclosure activity fueled this time around by the rising unemployment rate in the country. Recent market data have shown that foreclosure is indeed on its way up and this time, it spread across cities that were previously spared from the first wave of the crisis brought about by the collapse of the subprime loan.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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