Local Home Sales Rebound, but Tennessee Foreclosures Continue to Drag Down Property Prices
There's good and bad news for Tennessee homeowners. Homes sales are picking up - but prices aren't, reports The Tennessean.
Compared to a year ago, sales of Middle Tennessee homes rose by 17 percent in March and 24 percent for the entire first quarter, according to the Greater Nashville Association of Realtors.
Some homes received multiple offers, resulting in bidding wars. Homes are also turning over more quickly. With less time spent lingering on the market, foreclosed properties may be less likely to have a negative impact on the values of neighboring houses.
But while prices were shown to rise slightly for some areas, they declined for others.
One realtor noted that today's prices are about equivalent to what we saw in 2002 - a full decade ago.
While quicker turnover helps home values, the sale of foreclosed homes still affects the values of other houses in the neighborhood.
Meanwhile, obtaining a mortgage remains a challenge for potential home buyers who have damaged credit due to overwhelming debt and missed payments.
For many hurt by today's real estate values, Tennessee bankruptcy may offer relief.
Bankruptcy was created with the sole purpose of assisting struggling consumers.
For folks with underwater mortgages, filing for Chapter 13 bankruptcy can provide an affordable payment plan for unsecured debts and late payments. So long as payments are made on time over the designated 3-5 year period, you can keep you home.
If carrying too much debt is keeping you from qualifying for fair interest rates - or from being able to qualify for a loan or credit card, period - a bankruptcy filing may be able to reduce other obligations so you can begin reducing your debt balance and making timely payments, both moves that will eventually lead to improved credit.
When you've exhausted other options, finding relief through bankruptcy in Tennessee can be a breath of fresh air - and a fresh start for your finances.
More Blog Entries:
Middle TN Home Sales Rally Continues, by G. Chambers Williams III, The Tennessean