First Quarter 2009 Real Estate Appreciation rates. (Memphis, Knoxville: foreclosures, mortgage, credit)

[mbmouse]

House Price Appreciation (1Q08-1Q09):
The House Price Index is based on transactions involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. Only mortgage transactions on single-family properties are included.

1.27% Kingsport-Bristol, TN-VA
1.05% Clarksville, TN-KY
0.09% Jackson, TN
0.00% Nashville-Murfreesboro-Franklin, TN
-0.03% Knoxville, TN
-0.04% Johnson City, TN
-0.07% Chattanooga, TN-GA
-0.82% Memphis, TN-MS-AR
-1.35% Morristown, TN
-1.36% Cleveland, TN

Full report: http://www.fhfa.gov/webfiles/2399/1q09hpi.pdf

[jabogitlu]

WTG Kingsport-Bristol! Alright!

[Tony1790]

Overall pretty good hold onto values in the tricities, compare that to 50% drops in other parts of the country

Tony

[Beretta]

Thanks mbmouse! Great stuff.

[DiderotsGhost]

Real estate prices in NE Tennessee never became all that inflated like they did in some other parts of the country, so I don't find this too terribly surprising. The places where prices became most inflated were (a) major metropolitan areas, (b) recreational destinations, and (c) boom towns over the past two decades. It's also worth noting that the unemployment rate in many of the towns in NE Tennessee are well below the national averages.

Since most homeowners are still employed and fewer people are facing a situation where they own more on their loan than the current market value of their home, foreclosures have been lower. Lower foreclosures means less price depreciation.

Of course, there will probably still be some minor price depreciation in some places simply due to the credit situation, but if you buy a home in JC, I don't think you have to worry about its value dropping 20%-40% in the next 5 years or anything like that.

[jabogitlu]

Yep. We have a saying on the forum, our highs aren't as high and our lows aren't as low as many other parts of the country.

[mbmouse]

And like Goldie Locks said, "it is JUST right! "