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How Will Subprime Loans Affect Nashville?
March 28, 2007 by admin · View Comments
If the doomsayers are correct, as many as 2.2 million subprime borrowers are at risk of defaulting on their home loans and losing their homes. As foreclosures rise and credit tightens, housing markets across the nation may suffer – though some are clearly more vulnerable than others. According to First American Loan Performance, a leading research and data provider to the mortgage industry, the metro area with the highest percentage of subprime mortgage loans in the United States is McAllen, Texas, where 26.8% of all mortgages are subprime. Other cities on the risky side of 20% include Memphis (26%), Sharon, Penn. (24%) and Miami (23%).
While Memphis was second on the national list of “Top 10 Subprime Markets”, Jackson, TN, was number 10 on their list with 20.2% of loans being subprime.
This is further proof that the Nashville housing market is one of the strongest and most enduring markets in the State. It is a great place to live, work, play and invest. The Remarkable Homes Team is the #1 ranked real estate team in the area and are the best Realtors in Nashville, TN.
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For more than 8 years, Grant Hammond has been a leader in the greater Nashville real estate marketplace. In the first half of 2010, he is again the top producing Realty Executives broker in Middle TN.
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Check out what others are saying about this post...[...] the latest phase of the nation’s real estate disaster, the locus of trouble has shifted from subprime loans – those extended to home buyers with troubled credit – to the far more numerous prime [...]