Nashville’s WSMV-TV Channel 4 News features Crye-Leike, REALTORS Foreclosure Property Investors Bus Tour

NASHVILLE, Tenn. — New numbers released on Wednesday show home foreclosures are up 65 percent nationally, and the people losing their homes aren’t just the poor and disadvantaged.


Channel 4 got a first-hand look at foreclosed homes on the market in some of Nashville’s nicest neighborhoods.


A tour bus loaded with real estate agents and investors was cruising in West Meade on Wednesday, hoping to cash in on homes that were lost to foreclosure.


With Tennessee’s first quarter foreclosures up 72 percent over last year, real estate agents are traveling by bus looking for good deals. But Nashville’s not as bad off as other parts of the state.


“Nashville’s not experiencing the increases other parts of the country are. Memphis for example has three times the foreclosures that Nashville does,” said Cindy Stanton Fey of Crye-Leike Realty.


That still leaves nearly 1,600 local foreclosures in just the first quarter. It’s the result of questionable lending practices that saw many under-qualified buyers biting off more than they could chew.


“There were a lot of exotic mortgages out there. There were no income disclosures, no asset disclosures. So, they may have thought they could afford it, but they never qualified,” said Dianne Payne of Magna Bank.


One in every 194 households in the U.S. received a foreclosure filing during the first quarter of 2008.


Tennessee ranked 13th for bank repossessions, default notices and auction sale notices.