Mike Loy has been a Tennessee State Auditor for eight years. (The Herald/ Joe King)

A real estate auditor for the Tennessee government said there is a general buzz in the industry that another major round of foreclosures are predicted to hit the area within the next few years.

Mike Loy, one of three State auditors who ensures real estate firms are following market regulations, explained that the unpredictability of the government makes it difficult to gauge exactly when the crash will hit.

“We’re seeing a little increase on property being listed, but the problem is people still think their property is worth as much it was before the bubble busted,” he said.

Working for a government agency, Loy performs 500 audits a year and is privy to both federal and state involvement in the real estate industry.

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