Just like in other US states, volume of foreclosed homes in Tennessee is continuously rising. As the housing downturn further advanced, the unemployment rate grows and the economic slowdown looms, it is not a surprise that there are still many Tennessee foreclosure homes that are available for sale.
Memphis is the biggest and the second most populous city in the state. Located southwest of Tennessee, the city rises over the historic Mississippi River. Memphis is the seat of the county of Shelby and is often referred to as the Mid-South. It is just logical that Memphis has become a center not just for trade and business but also for arts and culture. Anyone can easily infer that the city is one of the most livable cities in the whole of the US.
As far as foreclosures are concerned, Memphis has gotten majority of Tennessee foreclosure homes. The rate of foreclosed homes in the city is the highest in the state and among the highest in the country. Raleigh, South Memphis and Frayser are just some of the specific areas in Memphis where many households are defaulting on mortgages and are having their homes foreclosed. Homebuyers and home investors are always having a buying spree because foreclosed homes are numerous and are cheaply priced.
The state government of Tennessee is currently targeting to control and curb the rising volume of Tennessee foreclosure homes in Memphis. In fact, the city is made eligible to acquire significant amount of money as part of the state's and the Housing and Urban Development department's neighborhood stabilization program, which aims to assist and counsel homeowners so as to prevent further cases of foreclosures.
There were about 166,000 Florida foreclosure listings filed in October 2008. This high foreclosure rate has made Florida rank as the third state with highest foreclosure volume in the US. There are indications that the number of foreclosed homes in the state could continue to further increase if local governments will not immediately act to control and contain the problem. More households are expected to fall casualties of the foreclosure crisis.
The state government has inked an agreement with lenders and mortgage banks over a moratorium for foreclosures. According to the deal, the financial lenders would stop foreclosure proceedings for 45 days to give troubled and defaulting homeowners more time to prepare repayments. The state moratorium for Florida foreclosure homes is aimed at helping struggling homeowners get on through these toughest of times.
However, the timely assistance to homeowners would be strictly provided only to qualified households. The requirements needed include: proof of need for postponing mortgage payments; agreement to a modified repayment plan or mode; untainted credit history or non-involvement in any form of mortgage fraud in the past and ownership of a primary home. This way, second-hand owners of homes are not qualified nor are businesses.
The new moratorium will be the second rescue package to owners of Florida foreclosure homes. In the past months, government-sponsored mortgage providers Freddie Mac and Fannie Mae have already halted foreclosures and accompanying evictions. On top of all these efforts, the state government is also looking at distributing about $540 million to neighborhoods that have households needing assistance for foreclosures. The initiatives are all expected to help stabilize the state's rocky housing market and facilitate controlled foreclosure activities.
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