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by michele karl, priority real estate

published: January 26 2010 05:34 AM updated:: January 26 2010 11:08 PM There has been a lot going on in the real estate market lately. Who says the real estate market is dead?  In the last ten days on the Great Smoky Mountain Association of Realtors website which monitors listings there were 197 new listings, 49 properties that have sold and 140 properties that are pending sales. This is definitely an increase over last months.  New listings ranged from $19,900 to over $1.9 million.  Sales ranged from $15,000 to over $1,2 million. This of course includes sales of land, residential and commercial properties.  It just goes to show that the real estate market is far from dead.
Interest rates are at an all-time low and regardless of what you may hear, banks are lending money. Sure, it’s not as easy to get a loan as back in the days of 100% financing zero down programs but there are many great loans that you can get.
Keep your eyes open for all the great properties coming on the market in the area. As spring approaches I believe you will see even more movement in the market.
Along with information about the local real estate market I would like to share some new things happening in the market and share some information about the real estate business. Your questions are also welcomed. Just email questions to Michele@tennesseepriority.com. Be sure to join our fan page on Facebook! Just go to Facebook and search for Priority Real Estate.
This week’s question:
Hi Michele, What are REOs?
When a property is sold through a foreclosure auction, its owner usually owes more to the lender than the market value of the property itself. This makes it hard to sell the property and sometimes such foreclosure auctions do not end with a high bidder. As a result, not many foreclosure auctions end with the sale of the property, rather the title reverts back to the financial institution holding the lien. Properties in this category are referred to as REO (Real Estate Owned) properties.