Chattanooga Real Estate Blog

The National Association of Realtors released an Economic Outlook report last week.  Sales of distressed properties continues to rise as does the shadow inventory.

Distressed homes – sold at discount – accounted for a 39 percent market share in February, up from 37 percent in January and 35 percent in February 2010.

The map below shows the percentage of distressed home sales for the month of February.  Distressed home sales in Tennessee accounted for 32% of the total sales.

Distressed sales map

The article also indicates Tennessee is number 17 in the nation with the highest level of shadow inventory.  Based on the number of distressed sales it would take 14 months to clear the shadow inventory in the state.  It will actually take longer to clears ours than it will to clear the shadow inventory in California.

Months to clear shadow inventory by state

January 2011 saw a huge drop in both number of sales and sales volume for the Hamilton County area.   Brainerd and East Brainerd in the city overtook North Hamilton County as the most active area with 28 closings.

Q — What is the largest conventional hydroelectric dam on the TVA system?

Q — Does TVA operate the locks on the Tennessee River system?

Find the answers on my business page at facebook by clicking below and becoming a fan!

Karen Rhodes Realtor

The Federal Housing Administration has become a primary means of financing for U.S. home buyers due in part to the low costs involved.  Those costs are headed up which is going to limit the number of buyers yet again.

The maximum loan FHA can insure is scheduled to decrease in October.  On April 18 the mortgage insurance premium on FHA loans will increase a quarter of a percent.  The minimum down payment which has already increased from 3% to 3.5% is expected by many to go up to 5%.  These changes may put home ownership out of reach for many first time home buyers which represent 75-80% of all FHA loans.

If you are thinking of buying you should get things going before these changes go into affect.

Q — What dams on the Tennessee River were not built by TVA?

Q — What is the largest hydroelectric generating plant on the TVA system?

Find the answers on my business page at facebook by clicking below and becoming a fan!

Karen Rhodes Realtor