Interesting article today on knoxnews.com about Knoxville foreclosures as compared to the rest of the state and country. There's good news and bad news. The bad news is:
- There were 2,770 foreclosure filings in Knoxville in 2007, which is a 47% raise from '06 filings.
- 6 out of every 1000 Knoxville area households entered some stage of foreclosure in '07
Before you head for the hills, here's the good news:
- Out of 100 major metro areas, Knoxville ranks 72 in foreclosures. Compare that with Nashville at 59 and poor Memphis at 13!
- Although delinquincy rates on subprime mortgages in Tennessee as a whole are 3-4% higher than in the rest of the country, delinquincy rates in Knoxville were only 9.9% at the end of '06 as compared to the country's average of 18%.
It goes on to say that there is no glut of foreclosed properties in the Knoxville market, as anyone perusing http://www.firstpreston.com/ can tell you. Again, take a look at the Memphis foreclosures for a comparison. It's night and day.
And although regular home sales were down 10% in Knoxville in '07, we know from KAAR sales data that homes are still appreciating in Knoxville, always a good sign.
So what does this all mean? It means what a lot of people have been saying all along -- Knoxville is a great market. Very few markets in the country will not be affected in some way by what's happened in the mortgage industry, but, relatively speaking, Knoxville is doing pretty durn good. I just don't think the mortgage crisis can keep Knoxville down.
Forgoing Foreclosure - knoxnews.com
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