Tennessee Housing Market: 4th Quarter 2008
Middle Tennessee State University has done a great job analyzing the housing market in Tennessee for the 4th quarter, 2008. In the link below they give data on employment, permits, repeat sales, mortgage tax collections, transfer tax collections, foreclosures, and inventory.
The fourth quarter was difficult for the Tennessee economy. The increase in job losses will create a substantial headwind for the housing market. Although mortgage rates are extremely low, a decline in household confidence along with falling housing prices will likely keep many home buyers on the sidelines. The inventory of foreclosures will continue to rise, as indicated by the rising number of new foreclosures. Home sales continue to fall, putting downward pressure on prices. Since supply is falling faster than demand, the inventory of homes on the market is declining. The scarce good news is the increase in multi-family permits. Read more on Tennessee Housing Market