Middle Tennessee REALTOR Closes Short Sale in Murfreesboro TN (Rutherford County)

Middle Tennessee REALTOR Closes Short Sale in Murfreesboro TN (Rutherford County)

Jim McCormack, a Middle Tennessee REALTOR with Exit Realty Bob Lamb & Associates, recently closed a Short Sale in Murfreesboro TN (Rutherford County) for $120,000 (with the buyer paying an additional $1,000 to the 2nd mortgage owner). Jim, a short sale specialist, was brought into the sale transaction immediately after the listing REALTOR obtained an executed purchase agreement. Jim obtained short sale approval in about 3 weeks, which is very fast. The seller was very happy and relieved to be out from under this home that they could no longer afford.

Short Sale and Foreclosure Help and Assistance in Middle Tennessee. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee or La Vergne Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN). If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.

Rutherford County Tennessee: Foreclosures up 22% in 2009 versus 2008

Rutherford County TN: Foreclosures up 22% in 2009 versus 2008

According to this DNJ.com article, Growth slower, but still strong, "Rutherford County ranked 36th nationally in residential housing growth over the first six years of this decade but dropped to 68th during a recession the last two years, the U.S. Census reported. The county as of July 1, 2008 had 101,708 housing units, representing a 44 percent growth from the 70,616 units in April 1, 2000, according to a Census study of the 100 fastest growing counties with at least 5,000 housing units."

The article mentions that Rutherford County Tennessee is a great place to live. I agree with this. However, in my opinion, the most important information stated in this article is "The slumping economy has included an unemployment rate above 10 percent and a rise in foreclosures. The county since Jan. 1, 2008, has had 1,609 sales of foreclosed property, representing 13.3 percent of the 5,791 real estate transactions, according to the Property Assessor's Office. In 2009, the county has had 721 sales of foreclosed property, representing 16.2 percent of the 4,363 transactions so far. Overall, foreclosures are probably representing around 1.6 percent of the county's 105,410 parcels, Deputy Assessor Bill Gibbs said."

There are a couple of important points to make here:

• The 10%+ unemployment rate in Rutherford County TN is not good.
• The 22% increase (16.2% in 2009 versus 13.3% in 2008) in the percentage of total real estate sales in Rutherford County TN that are foreclosures is also not good.
• The Rutherford County TN foreclosure figures above do not include short sales and other non-foreclosed distress sales.  While the article did not provide information regarding these figures, I have done my research via the Middle Tennessee MLS and have found that in 2008 there were a total of 3,762 Closed Sales in Rutherford County TN and 285 of these sales were short sales and foreclosures.  In 2009 YTD so far there are a total of 2,596 Closed Sales with 437 of these sales being short sales and foreclosures.  This means that so far in 2009 short sales and foreclosures are accounting for 16.8% of all sales.  Since many distress sales (i.e. short sales and foreclosures) are not put into the MLS and not all short sales and foreclosures are properly identified in the MLS I think it is reasonable to conclude that short sales and foreclosures could easily make up as much as 20% of the real estate sales in Rutherford County TN in 2009. Given the high unemployment rate I see no reason why this percentage will decrease any time soon.

If you are a homeowner in Middle Tennessee who is unemployed or suffered a reduction in your income and has been turned down for a loan forbearance or loan modification and your home is worth less than your mortgage balance, please contact me to discuss selling your home via a short sale. I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure expert and REALTOR. I serve real estate owners, homeowners and investment property owners in Rutherford County TN, Williamson County TN, Davidson County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN and Belle Meade TN.

If you need to sell your home fast via a short sale you can my request help on my website at Get Help and Assistance from a Middle TN Short Sale and Foreclosure REALTOR.

Residential Home Sales Market Statistics: A Comparison of Normal Sales versus Short Sales and Foreclosures in September 2009

Middle Tennessee Residential Property Foreclosure Activity Report
Residential Real Estate Market Sales Activity - Foreclosures, Pre-foreclosures and Short Sales Compared to Regular Listings
Counties & Cities/Towns Covered:
Rutherford County Tennessee: Murfreesboro TN, Smyrna TN and La Vergne TN (LaVergne TN)
Williamson County Tennessee: Brentwood TN and Franklin TN
Month & Year	Sep-09
Start Date	9/1/2009
End Date	9/30/2009
City/Town	Active Listings - Total	Active Listings - % Foreclosures & Short Sales	Pending Sales - % Foreclosures & Short Sales	Months of Residential Inventory Based on Pending Sales Rate
Murfreesboro	1,254	8.29%	10.45%	6.24
Smyrna	348	12.07%	32.65%	7.10
La Vergne	280	23.21%	50.00%	5.60
Brentwood	615	4.39%	3.57%	10.98
Franklin	1,058	3.31%	5.62%	11.89
Totals & Averages	3,555	7.68%	15.51%	7.99
Notes:
As you can see from the chart above the percentage of Pending Sales that are distress sales (Foreclosures and Short Sales) is greater than their representation as a percentage of Active Listings.  This means that these distressed listings are Pending (i.e. selling) at a faster rate then regular listings.

Residential Home Sales Market Statistics: A Comparison of Normal Sales versus Short Sales and Foreclosures in August 2009

Middle Tennessee Residential Property Foreclosure Activity Report
Residential Real Estate Market Sales Activity - Foreclosures, Pre-foreclosures and Short Sales Compared to Regular Listings
Counties & Cities/Towns Covered:
Rutherford County Tennessee: Murfreesboro TN, Smyrna TN and La Vergne TN (LaVergne TN)
Williamson County Tennessee: Brentwood TN and Franklin TN
Month & Year	August 2009
Start Date	8/1/2009
End Date	8/31/2009
City/Town	Active Listings - Total	Active Listings - % Foreclosures & Short Sales	Pending Sales - % Foreclosures & Short Sales	Months of Residential Inventory Based on Pending Sales Rate
Murfreesboro	1,322	8.25%	13.22%	5.46
Smyrna	389	13.11%	18.33%	6.48
La Vergne	291	20.27%	47.54%	4.77
Brentwood	645	3.41%	5.56%	11.94
Franklin	1,127	2.75%	3.03%	11.38
Totals & Averages	3,774	7.21%	15.12%	7.31
Notes:
As you can see from the chart above the percentage of Pending Sales that are distress sales (Foreclosures and Short Sales) is greater than their representation as a percentage of Active Listings.  This means that these distressed listings are Pending (i.e. selling) at a faster rate then regular listings.

Middle Tennessee - Rutherford County TN - Residential Home Sales Market Statistics: A Comparison of Normal Sales versus Short Sales and Foreclosures in August 2009

According to the data I researched in the Middle Tennessee MLS (RealTracs) as of 9/1/2009, the following Market Statistics paint a troubling picture for the 3 main cities/towns in Rutherford County Tennessee:

Active Listings

• Murfreesboro TN -109 out of 1,322 Active Listings (or 8.25%) are shown as Short Sale or Foreclosure listings.
• Smyrna TN - 51 out of 389 Active Listings (or 13.11%) are shown as Short Sale or Foreclosure listings.
• LaVergne (or La Vergne) TN - 59 out of 291 Active Listings (or 20.27%) are shown as Short Sale or Foreclosure listings.

Pending Sales

• Murfreesboro TN -32 out of 242 Pending Sales (or 13.22%) are shown as Short Sale or Foreclosure listings.
• Smyrna TN - 11 out of 60 Pending Sales (or 18.33%) are shown as Short Sale or Foreclosure listings.
• LaVergne (or La Vergne) TN - 29 out of 61 Pending Sales (or 47.54%) are shown as Short Sale or Foreclosure listings.

As you can see in all the towns above the % of Short Sales and Foreclosures is high for both Active Listings and Pending Sales. However, the worst part is that when looked at as a percentage of Pending Sales the Short Sale and Foreclosure share of Pending Sales is relatively high when compared to percentage of Active Listings to the tune of 50%+. This means that regular (i.e. non Short Sale and Foreclosure) listings will have a difficult time selling as a large share of Pending Sales are lower priced distressed properties.

For Murfreesboro and Smyrna the % of Pending Sales that are Foreclosures and Short Sales remained about the same as last month, but for La Vergne the % increased from 34% to 47.54%. While the real estate markets in Murfreesboro TN and Smyrna TN are definitely hurting and prices are declining, the La Vergne real estate market is in really bad shape.

98 of the Top 100 Metropolitan Areas Lost Jobs Over the Period of June 2008 to June 2009

According to this Nashville Business Journal article, 98 of top 100 metros suffer job losses, almost all major metropolitan areas lost jobs over the period of June 2008 to June 2009. New York City, Los Angeles and Chicago where the hardest hit with over 200,000 jobs lost. Atlanta, Detroit and Phoenix each lost over 100,000 jobs. The Nashville Metropolitan area (generally Nashville, Davidson County, Williamson County (Franklin and Brentwood) and Rutherford County (Murfreesboro and Smyrna) was in the middle of the pack with 32,800 jobs lost. All of this means more unemployed people with a result of more delinquencies, foreclosures (REO's) and short sales. the effect of this will be continued dampening of the real estate market.

Middle Tennessee - Rutherford County TN - Residential Home Sales Market Statistics: A Comparison of Normal Sales versus Short Sales and Foreclosures in July 2009

According to the data I researched in the Middle Tennessee MLS (RealTracs) as of 7/29/2009, the following Market Statistics paint a troubling picture for the 3 main cities/towns in Rutherford County Tennessee:

Active Listings

• Murfreesboro TN -110 out of 1,324 Active Listings (or 8.31%) are shown as Short Sale or Foreclosure listings.
  
• Smyrna TN - 50 out of 406 Active Listings (or 12.32%) are shown as Short Sale or Foreclosure listings.
• LaVergne (or La Vergne) TN - 61 out of 297 Active Listings (or 20.54%) are shown as Short Sale or Foreclosure listings.

Pending Sales

• Murfreesboro TN -31 out of 231 Pending Sales (or 13.42%) are shown as Short Sale or Foreclosure listings.
  
• Smyrna TN - 10 out of 52 Pending Sales (or 19.23%) are shown as Short Sale or Foreclosure listings.
• LaVergne (or La Vergne) TN - 17 out of 50 Pending Sales (or 34.00%) are shown as Short Sale or Foreclosure listings.

As you can see in all the towns above the % of Short Sales and Foreclosures is high for both Active Listings and Pending Sales. However, the worst part is that when looked at as a percentage of Pending Sales the Short Sale and Foreclosure share of Pending Sales is relatively high when compared to percentage of Active Listings to the tune of 50%+. This means that regular (i.e. non Short Sale and Foreclosure) listings will have a difficult time selling as a large share of Pending Sales are lower priced distressed properties.