Modified Subprime Mortgages Redefault
High redefault rates on modified subprime mortgages in 2009 showed ongoing pressure in the housing market.
Updated September 6, 2026 · 37 posts in this archive · 2008 to 2011, a closed record · Nashville foreclosure coverage from Grant Hammond
Quick answer: A closed record of the Nashville foreclosure cycle, 2008 to 2011. Thirty-seven posts written while it was happening, covering condo auctions, bank-owned sales and individual building failures. Nothing here describes the current market. It is kept because the last downturn is the only local evidence of how this market behaves under stress.
Nashville foreclosure coverage from Grant Hammond, in date order, spanning March 2008 to November 2011. The archive closed when the cycle did. Entries were written from the auction room and the public record at the time rather than assembled afterwards, which is what makes them worth reading now. For current market conditions see Nashville real estate research and the Nashville housing market archive.
Auction results with the property, the building and the outcome. Bank-owned sales and who bought them. Individual building failures, including Fifth and Main, Rhythm at Music Row, the Viridian and the Historic Franklin Brownstones. Where a distressed sale set a new low for a building, the entry says so and gives the figure in the terms of that period, not adjusted to today.
What this archive records is that distress concentrated in new construction carrying unsold inventory, not evenly across the market. Buildings that had delivered into the peak were the ones that ended up at auction or in bulk sale, because they still held units when credit stopped. Fifth and Main went to auction and was later sold to an equity buyer. Rhythm at Music Row worked through its final foreclosures in 2011. Established buildings with owner-occupiers largely did not appear in these entries at all. Distress also resolved building by building over about four years rather than as one market-wide event, which is the part a national narrative of the period tends to flatten. For the buildings themselves, see downtown Nashville condos and the downtown condo archive.
Davidson County, concentrated in the downtown core, with Williamson County covered where Franklin properties entered the same cycle. Entries ran from entry-level condos through a million dollar home foreclosure.
Grant Hammond is a Nashville real estate broker at Compass RE. He has 25 years of experience and over $1 billion in career sales across Davidson and Williamson Counties. Furthermore, his market analysis appears regularly in major publications, including the Wall Street Journal, the Los Angeles Times, The Tennessean, and the Nashville Business Journal. Tennessee Real Estate Broker License #261980.