Happy Hump Day, Watchers! This week I’m mixing things up a little bit and putting the Foreclosure Watch chart at the top of the post, because I want you to take a close look at those little blue and red lines on it -

You see, that blue line represents the active foreclosure listings and it’s been on a more or less steady climb since September. The red line is pending listings and it started its own ascent in October.  And that little orange line, the closings, is pretty much holding steady.

Now, the rising active and pending listings I maybe understand. Those rising lines roughly coincide with the Great Economic Meltdown of 2008. I can see some cause and effect there. But here’s what I don’t get:  if pendings are going up, shouldn’t it logically follow that closings should be going up too? Is it possible some of those pending sales are falling apart before they reach the closing table due to financing or inspection or both? Or are they just taking a really long time to close, causing a delay in the upward movement of closed listings? There was a little bit of bump up in closings this week, but we’ll have to keep watching to see if that’s going to be a trend or not.

At any rate, if any of you have any thoughts or observations on any of those little colorful lines, I’d love to hear them in the comments. Now back to the regular stuff -

In new listing news, 37920 had the most with 5 new ones last week. Other zips with more than one new listing included 37914, 37917, 37921, 37922, 37923, 37924, 37931, and 37934.  37914 is still in the lead with 61 new listings since I started keeping track in July, and 37934 joined the double digit club with 10 new listings so far.

There were 9 closed listings: two in 37721 and one each in 37909, 37912, 37914, 37917, 37918, 37920, and 37921. : 37917 has had the most closings since I started keeping tally in September, with a total so far of 12.

Now for the breakdown -

Knox County Foreclosure Property Statistics as of 11/19/08 *

Current On-Market Listings - 183
Average Asking Price: $140,591
Median Asking Price: $99,900
Most Expensive New Listing: $498,000 (4 BR, 4 BA, 4200+ sq ft in Brixworth in Farragut)
Least Expensive New Listing: $16,900 (2 BR, 1 BA, 800+ sq ft off of Heiskell Ave)

Notable New Listings:
North: $332,500 (4 BR, 4 BA, 4000+ sq ft on 2.5 acres in Fountain City)
South: $240,000 (3 BR, 2 BA, 2400+ sq ft in Lakemoor Hills)
East: $169,900 (4 BR, 2 1/2 BA, 1600+ sq ft cape cod in Carter)
West: $149,900 (3 BR, 2 1/2 BA, 1600+ sq ft in The Colonies)

dklj;lskj;dlk

Current Pending Sales -122
Average Asking Price - $97,380
Median Asking Price - $84,450

Closed Sales November 12, 2008-November 18, 2008 - 9
Average Asking Price - $93,078
Average Sales Price - $85,308
Median Sales Price - $39,000
Average Days on Market -93

*Data taken from KAARMLS on 11/19/08 for Knox County single family residential properties only, and does not include condos or PUDS.

As always, if you need more information on any of these properties, just drop me a line.

If you’d like to receive new foreclosure listings automatically, send me an email with “Foreclosure List” in the subject line, and I’ll do the rest. Spam’s not part of the deal.

Why take the chance of ever missing out on Foreclosure Watch? Make sure you get all your foreclosure goodness every week by subscribing to All Around K-Town today, either by RSS or email!