Tuesday, January 20, 2009

 

Dyersburg,Tn sales slow except foreclosures

The Dyersburg Tennessee real estate market has slowed during this national economic downturn and during the holiday season. I also believe people have been waiting until after the new president is sworn in (which happened today).

We are seeing quite a few foreclosures come on the market which are mainly b-paper loans that indexed up and the people walked away. We are also seeing a few conforming loans being foreclosed on for a number of reasons. In addition to a few losing their jobs here many other foreclosures are a result of divorce or illness.

In addition to the foreclosures(which are selling pretty quickly) we are also seeing investment(rental) properties being purchased.

This current crisis will ease in the coming months if not sooner and life will get back to normal.

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I hope your market picks up as other seem to be pretty well. Your market didn't go up as much as the speculative ones and ultimatly is hasn't come down as much. You probably will see a normalizing as the year goes on. That seems to be the trend for the non-toxic markets. Foreclosures are leading the markets, but in Nevada a friend of mine Renee Burrows a Broker says they are wild with sales and she thinks it may be flipping to a seller's market!
 
Hopefully, we can get past all these foreclosures this year. If the government programs start to help or we can get past the weak holders, the market can get it legs again.
 
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