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 reside...