NASHVILLE, Tenn. - The latest report by RealtyTrac found that foreclosures made up one in three home sales in the second quarter of 2011, which is up 24% from last year.
Becky Meagher has worked in the real estate business for 20 years. She told Nashville's News 2 she has been through the ups and downs in the economy and recently she has seen a broad spectrum of foreclosed home on the market.
"There are a lot of foreclosures. The economy is really hurting people," says Meagher.
Many homeowners are dealing with the burden of owning a property that is underwater.
Often times, they are forced to turn to short sales to avoid the financial fallout of a foreclosure.
Meagher said the cost of a foreclosed home can save a home buyer thousands of dollars.
For example, a custom six-year-old house was purchased for $185,000. The homeowners are forced to sell their home through a short sell for thousands less.
"The bank is now willing to sell the home, at 1919 28th Avenue North, for $99,500. It's a great thing for the buyers. They're getting a heck of a deal, three bedrooms, a big bonus room [and] a garage. It's great," she said.
The real estate expert said she believes the economy will eventually rebound, making it easier for home buyers to receive a loan.
Crye-Leike Green Hills Agent Becky Meagher Comments On The Local Market - WKRN News 2
August 31, 2011