Chattanooga Real Estate Blog

Last week, FORBES.COM published a news story listing the 10 "Best Places To Buy Foreclosed Homes." The nation’s 100 largest metro areas were studied in the process of selecting the Top 10. Basing their analysis on recent data from RealtyTrac, the report identifies markets where properties in foreclosure may, in fact, be a good investment …because the markets in those areas are stabilizing and "foreclosures aren’t symptomatic of local economic ruin."

TWO Tennessee cities (and surrounding areas) made the Top 10 List:

        1. Charlotte, NC

        2. Raleigh, NC

        3. NASHVILLE, TN

        4. Oklahoma City, OK

        5. San Antonio, TX

        6. Albuquerque, NM

        7. KNOXVILLE, TN

        8. Seattle, Wash.

        9. Indianapolis, Ind.

        10. Washington-Arlington-Alexandria

As bad as things are it’s expected to get worse and Housing Predictor has released their prediction for the worst markets this year.  Fortunately we aren’t on the list.  Business actually seems to be picking up in our area.

"The Worst 25 are composed of cities that have the highest probability of reaching their forecast deflation in 2008". 

Miami is leading the list.  No Tennessee market is listed but Atlanta is in the 10th spot.

RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its October 2007 U.S. Foreclosure Market Report, which shows a total of 224,451 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, up 2 percent from the previous month and up 94 percent from October 2006. The national foreclosure rate for the month was one foreclosure filing for every 555 households.

Tennessee is still running in the 11th highest rate in the nation with 1 in every 580 households entering some state of the foreclosure process.  This figure represents an increase over last month of 12.79% and 23.92% over last October.

10.  Illinois
9.  Indiana
8.  Arizona
7.  Colorado
6.  Michigan
5.  Georgia
4.  Ohio
3.  Florida
2.  California

And the winner is
1.  Nevada

Democratic presidential front-runner Sen. Hillary Rodham Clinton wants an end to prepayment penalties for home mortgages and a $2 billion federal fund to help homeowners avoid foreclosure. Clinton also wants the government to impose new disclosure requirements on mortgage brokers and curb their ability to dictate lending terms.

“We need to act now with smart, practical solutions to strengthen our housing and mortgage markets,” Clinton told The Associated Press. “We need to put an end to fly-by-night mortgage brokers peddling loans to unqualified applicants based on inflated appraisals.’”

You Go Girl!!!

Real the entire article with both Republican and Democratic thoughts, plans and ideas on our current foreclosure crises at ForeclosurePulse Blog.

East Ridge Mayor Mike Steele will be recommending a 20 cent tax increase to the council Thursday night.

"Mayor Steele said that even with the increase, the $1.27 tax rate is one of the lowest in Hamilton County and one of the lowest for a city the size of East Ridge."  According to the Chattanoogan.

A heated debate took place at the Signal Mountain Town Meeting tonight about rerouting part of Brow Road so developers can build condos.

In an attempt to stop private development of 2 acres in East Brainerd the neighbors have contracted to purchase the land from the owner.  Not sure how this one is going to pan out since a developer also says he has a contract.  All parties have attorneys so we’ll see.

I have been waiting to weigh in on this subject basically because I thought I should cool off a little and not say something I would regret.  Earlier this month we discussed it in a meeting at the Chattanooga Association of REALTORS Governmental Affairs committee and my blood pressure was up by the time I walked out.

Have the county commissioners forgotten they were elected on campaign promises of not raising taxes?  Apparently it doesn’t matter because the election is over and by the time the next election rolls around we will have forgotten that they lied the previous time.

Hamilton County had 2500 new parcels of land platted this year that increased the tax base.  And I guess the $10,000,000 extra a year and the one time allotment of $48,000,000 from the BEP program isn’t enough.  Yes, all those zeros are correct, as in MILLIONS.  Oh right, I forgot, before it was a done deal the commissioners were saying if we got BEP money they wouldn’t need to increase taxes.  Well, we got it!  Why is a tax increase under consideration again?  As usual, county commissioners are using our children as an excuse to take, take, take.

Call your county commissioner about this.  It’s insane.