Foreclosures Sweep Even The Affluent Areas In Tennessee
Foreclosures know no economic boundaries. Foreclosures know no discrimination. Foreclosures know no boundaries. Or so it seems. The growing count of Tennessee foreclosure homes are proof enough that foreclosure crisis is pervading and uncontrollable, at least as of now. While the number of homes in foreclosures is constantly on the rise in all Middle Tennessee counties, even some of the affluent regions such as Williamson County are witnessing an increase in the percentage of foreclosed homes this quarter.
Experts are surprised that some of the foreclosures for sale are located in the upper price ranges such as Green Hills. They expect more and more similar cases to add to the overflowing foreclosure listing inventories. Having affected everyone, people who have more mortgage payments to make than they can afford now are facing the heat. No longer are the foreclosure rates following the employment rates like they followed earlier on.
Despite employment rate in Tennessee State remaining unaffected now, the foreclosure rates have increases because of the stabilizing of adjustable arm mortgage interest rates. Additionally, people are spending more than their pockets can support leading to lack of adequate finances towards making their mortgage payments.
Let’s take the example of Williamson Country that witnessed a significant increase from last year. This upper class county has only 28 foreclosures in the first quarter of last year but this year, it had 70. This is a 150% rise! Interestingly, out of the 70 foreclosed homes, around 13 homes belonged to above $400,000 price bracket, while one house was a million dollars house in Laurelbrooke.
With a 72% increase in foreclosures in the first quarter of 2008, Tennessee stands on the 13th spot on foreclosures by state list, as per ForeclosureConnections.
