Link HT: Kingsport TN Govt
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 ex-
tremely 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 inven-
tory of homes on the market is declining. The scarce good
news is the increase in multi-family permits.