Real Estate Agency Hosts Foreclosure Tour – WKRN-TV News 2 Nashville (ABC)

Real Estate Agency Hosts Foreclosure Tour – WKRN-TV News 2 Nashville (ABC)
More Than 100 Realtors and Investors Visit A Foreclosed Home On Riverside Drive During The Half-Day Tour Of Foreclosed Properties

Posted: March 5, 2009 03:26 PM

 

A record five-and-a-half-million Americans are facing foreclosure, according to new numbers released by the Mortgage Bankers Association of America Thursday.

 

While California and Florida are on the high end of the spectrum, with more than 30,000 foreclosures a piece, Tennessee is considered to be in the lowest danger category, with just fewer than 5,000.

 

According to the MBA, the percentage of overdue loans hit 12% in February, up from 10% in September and 8% in February of last year.

 

Thursday, local real estate agency Crye-Leike hosted a bus tour of foreclosed homes in the area.

 

The first home on the tour was listed for $92,000 in 2008.   Since then, the carpet and tile has been replaced and it’s now listed for just less than $50,000.

 

“There’s a lot on the market.  There’s an abundance out there and right now, the foreclosed properties are the ones people are interested in right now, they think they’re going to get a good deal,” said realtor Cheryl Ballesteros.

 

A 4,000 square foot Victorian mansion from the 1800s was also showcased.

 

Just a year ago, the home was selling for $700,000.  When it was last listed, the price had dropped $200,000.

 

While foreclosed homes can be a great deal, realtors caution buyers need to be prepared to spend time and money as many are in need of repairs.

 

This is the second year Crye-Leike has hosted the foreclosure tour.