Nashville Foreclosures and Short Sales

Now is a good time to buy if you're considering purchasing a home in Nashville or the middle Tennessee area. While Nashville and its suburbs haven't experienced quite the same number of foreclosures that coastal states and larger cities have experienced, there are still foreclosures and pre-foreclosure properties currently available.

You can find Nashville area foreclosures on our web site. You can search by county: Cheatham, Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson or Wilson Counties. Or you can search by foreclosure type: Short Sales, HUD or VA foreclosures, and other foreclosures.

We endeavor to update the site daily with fresh MLS listings from the middle Tennessee Realtracs system, so you can get current information on the Nashville area real estate foreclosure market.

8000 Tax Credit Extension: Two Proposals on the Table

The Tennessee Association of REALTORS® (TAR) sent out an email today urging REALTORS® to call their US Senators and express their support for extending the 8000 tax credit for first time home buyers.

The current bill is set to expire at the end of November, 2009. According to the TAR, the NAR is supporting the Dodd-Lieberman-Isakson Amendment. This Amendment would do the following:

• Extend the tax credit to June 30, 2010
  
• Set the income limits for single buyers at $150,000 and for married buyers at $300,000
• Provide the $8,000 tax credit to any buyer, rather than to just first-time home buyers

There is another proposal being considered by the Senate, proposed by Majority Leader Harry Reid, D-Nev., and Senate Finance Committee Chairman Max Baucus, D-MMajority Leader Harry Reid, D-Nev., and Senate Finance Committee Chairman Max Baucus, D-Mont. Their plan would only extend the 8000 tax credit through the end of March 2010, then lower the credit throughout 2010 until it's completely phased out.

For more information on the possible 8000 tax credit extension, you can read this story by Reuters, "Senate seen extending homebuyers tax credit soon".

8000 Buyer Tax Credit: Will They Extend It?

I believe that Realtors would tell you that the $8000 tax credit for first time home buyers has definitely had an impact on their sales for 2009 thus far. This week, Ron Phipps, First Vice President for The National Association of Realtors testified to the Senate Banking, Housing and Urban Affairs Committee about this very issue. He gave housing statistics on increased existing home sales, as well as a lower inventory of homes on the market. You can read Ron Phipps' Testimony on the NAR web site.

There is hope throughout the real estate industry that the US Federal Government will extend this much needed tax credit. The 8000 buyer tax credit is assisting people who haven't purchase before, or those who haven't owned a home for at least 3 years, in buying a home that they may not have been able to purchase otherwise. There are also other loan incentives available right now that are helping home buyers qualify for a home. Many of these incentives can be combined with the 8000 buyer tax credit, creating an incredible opportunity to purchase a home.

This real estate stimulus has given the Nashville real estate market a boost. We hope to hear a decision in the near future that this tax credit will be extended.