Tennessee is somewhat of an anomaly in the United States. It is one of the few places in this country where there is no state income tax. This is something that drew a great many people to settle in this state before the economy stared having issues. Since the real estate market has all but hit rock bottom it is one of the things that makes it look more attractive than ever.
There has been an increase of 18.28% in the number of homes that have entered into the foreclosure market lately, which is a fairly impressive number by all accounts from the majority of the other states. At the very same time the average price of homes in the state as far as foreclosures is concerned has also increased by 11.01%.
While those number might not be that impressive to someone looking at them in passing. When you take into account that a lot of state are not seeing an increase and then you look at the fact that the majority of homes in foreclosure here in this state are fairly mid to upper end price ranges, it means that there are some decent real estate sales going on here with regards to foreclosed property.
Granted there are lots of low end housing and property also on the block here bet a good amount of what is selling is due to people who over stretched too far beyond their means and lost the house and as a result we have some pretty formidable homes and rural properties with beautiful homes on large acreage for sale via foreclosure.
The recent tax incentives have also helped to push the numbers a little higher than otherwise might have occurred had people been inclined to let offers sit longer than they were able to for the deadline.