TN foreclosure filings slide up 28 percent from Q4 2010
Long Term Rental Market taking precendence
Foreclosure filings (default notices, scheduled auctions and bank repos) were reported on 9,777 Tennessee properties during the first quarter of 2011, up 28 percent from the fourth quarter of 2010 but 18 percent below the level reported for the same quarter last year, according to the latest RealtyTrac U.S. Foreclosure Market Report.
"Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to inproperly processed paperwork," stated James J. Saccacio, RealtyTrac's CEO.
According to Great Smoky Mountain Association of Realtors in Sevierville, Tennessee, 2010 reported 408 total residential properties sold as foreclosures in or around Sevier County, Tennessee alone. That is an a large increase from 2009 sales coming in at 338 properties sold as foreclosures. Real Estate Property for Sale in Sevierville, Tennessee is still in great demand although, with the increasing foreclosure sale, Long Term Rental Property in Sevier County, Tennessee is in demand more that ever. East Tennessee Realty Group receives upwards of 5 to 7 calls per day from people needing a long term rental. This was virtually unheard of only two years ago as the real estate market continued to decline. The economical shift is forcing people to relocate to areas where they may find work.
It is usually the same story when speaking with a caller about their circumstances; they have lost their jobs due to industry cuts, and in turn lost their homes to foreclosure, leaving them with less than desirable credit. They can't buy a home, but do need a place to live. East Tennessee Realty Group, LLc, based in Sevierville, Tennessee (Wears Valley to be specific) is currently soliciting property owners who are willing to rent their home on a long term basis. We have seen a transition in the Rental Cabin industry here in Sevier County. Several Overnight Rental Cabins in Pigeon Forge, Tennessee and Rental Cabins in Gatlinburg, Tennessee have transitioned to Long Term Rentals from Overnight Rentals in Pigeon Forge-Sevierville-
Gatlinburg, Tennessee.
If you own property located in the Sevier County area of East Tennessee, and would be willing to rent your property long term, I would love to discuss this possibility with you. We have a great demand for three bedroom homes. Please call Michele Bryan at 865-898-5408.
