Foreclosures! Foreclosures! I have good credit and am Looking for a Great Deal in Williamson County Area Real Estate, Can I Get One?
So Alan Jackson’s estate property sold for about two-thirds of the original list price, does that mean that the prices have fallen off and I can get a deal because the Nashville Business Journal reported that the Foreclosure rate rose from April 2009 by 0.95%? Corelogic research group indicated in the NBJ that in the greater Nashville area that the Foreclosure rate was at 1.49% for April 2010 (up 0.95% from April 2009). Local XM radio DJ reported that ALan Jackson’s home has SOLD for $28M when it was originally listed for $38M (I verified this in the local MLS myself). So can the consumer deduct from from these two things that penny ion the dollar deals are out there in our local market?
Well, the Nashville Business Journal goes on to report that the State average foreclosure rate of 1.59% is higher than the Nashville Metro area and the National average is much higher at 3.2%. The study did give an indication of how many mortgage loans are behind at 6.2% indicating that unless those families get help or their situation improves, the rate could see a rise still for some time.
The Local MLS, Realtracs, displays that there are 947 properties advertised for sale as a SHORT SALE, 664 properties for sale marked as FORECLOSED (note it is not required to indicate that a property is FORECLOSED in our MLS so the count is actually higher than this), out of a total of 21,657 ACTIVE listings. (Single Family Residential only properties included in these numbers)
The conclusion, deals are available to those with mortgage credit worthiness and time to shop, wait, and be diligent, however these are not the kinds of deals that are being displayed across many news outlets from Arizona, Michigan, and Florida.
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