The total drop from January to February of 2013 was nearly 40% and compared to the same time last year over 78% fewer foreclosures. This was just above the average for the entire state of Tennessee over the same time period and a little higher than the rest of the state compared to this time last year. All of Tennessee is recovering nicely and Nashville is showing even stronger signs than state averages.
The 13 counties making up the Nashville area all saw fare less foreclosure activity compared to a year ago, except Wilson County. Wilson County saw just a slight increase, but not enough to be worried about. With foreclosure properties starting to disappear or at least return to normal rates, the real estate market in Nashville is shaping up to potentially set records in 2013.
Last year was a great year compared to the prior few years and Nashville, like most of the rest of the United States, hasn't seen these positive signs since the major drop off in 2008. Fewer foreclosures means things are starting to get back to normal and the other great sign is the lower inventory of properties for sale, overall. This causes a spike in the price of houses due to bidding wars.
Before, there were far too many properties on the market and it was hard to sell a home for the market value. Many homes sold for below market value, which decreased the value of other homes. With the inventory dropping and foreclosures returning to normal rates, this is no longer an issue. Homes are selling for higher prices and they are in demand. This is all good news for Nashville and surrounding areas.
The Ashton Real Estate Group of RE/MAX Advantage
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