Foreclosures rise as share of home sales

WASHINGTON (AP) -- A growing share of home sales are from foreclosures, including Tennessee.

According to an Associated Press survey, the trend is putting additional downward pressure on home prices. It is most notable in California, Nevada, Colorado, Tennessee, Michigan, Ohio, Georgia, Florida and Arizona.

In Tennessee, the foreclosure sales rate in 2007 rose to 10.6 percent from 5.2 percent a year earlier.

The growing proportion of foreclosure sales is both a symptom and cause of worsening conditions in the weakest housing markets.

Homeowners who aren't on a deadline to sell are yanking their properties off the market. This means the remaining inventory is increasingly held by banks eager to unload foreclosed properties at fire-sale prices.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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