Knoxville 7th Best Place to Buy Foreclosures

Forbes.com just named Knoxville the 7th best place in America to buy a forclosed home, and no, that doesn't mean our housing market is tanking. It's actually a good thing.

Forbes is saying that Knoxville, and the other 9 cities on their list are places worth investing in not only because their real estate markets are not totally tanked, but also because they're actually showing signs of growth.

According to the article:

"Only today's bravest buyers would consider homes in cities like Las Vegas and Tampa, where rampant foreclosures are sinking already weak real estate markets.

But in markets in other cities, where there are hints of stabilization, foreclosed properties might be a good investment. "

Hey, I'll take a hint of stabilization over signs of certain demise any day.

To come up with the list, Forbes looked at median home price, spread between median prices and foreclosure prices (foreclosure savings), annual foreclosure rate, and median home price change from 2006 to 2007. Here are the stats for Knoxville:

Median home price: $125,150
Foreclosure savings: $30,696
Foreclosure rate: 0.6%
Price change 2006-2007: 3.43%

And yes, that 3.43% price change is a good thing.

I've listed all 10 cities on the list below.

1. Charlotte, N.C.

2. Raleigh, N.C.

3. Nashville, Tenn.

4. Oklahoma City, Okla.
5. San Antonio, Texas

6. Albuquerque, N.M.

7. Knoxville, Tenn.

8. Seattle, Wash.

9. Indianapolis, Ind.

10. Washington-Arlington-Alexandria