TN: Memphis Area Foreclosures on the Rise

Memphis Foreclosures“Some of them lost jobs and they could just not afford it at all,” said listing broker Jim Abell.

Abell works as a real estate agent and broker hired by Fannie Mae to fix up the foreclosures and get it back on the market. He says Germantown and Collierville have become foreclosure hot spots. “I would say there are more now than there were say a year or two ago.” Abell has three new foreclosed properties to work on in Germantown this month. That’s more than he worked on all of last year in the same area.

“Initially the first group I think that went under were groups who were in the lower income bracket lower price range homes. They didn’t have the reserves to stay afloat, so that group went under first now we are seeing another group,” said Leon Dickson from the Memphis Area Association of Realtors.

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