Heya, Watchers.  In this week’s edition of  Knoxville Foreclosure Watch, active foreclosures were down for the second week in a row, pendings were up a good bit, and closings were down by over half.  All in all, I can’t complain.

37918 was way out in front this week with 7  foreclosure listings. Again, I ask, what’s up in Fountain City? Other zips with more than one new foreclosure listing included 37909, 37920,  37921, and 37.

There were only 5 closed foreclosure listings last week: 2 in 37921 and 1 each in 37849, 37918, and 37924.

It’s worth noting that I’m seeing a lot more of a trend I’ve talked about here before: under pricing (a term I totally just made up). Under pricing is when banks price a foreclosure well under market value in the hopes (one can only assume) of generating a lot of interest and multiple offers. And from what I’m seeing out in the field, this strategy seems to be working pretty well.  At least one of this week’s notable listings seems to me to be priced with this strategy in mind.

Now for the breakdown -

Knox County Foreclosure Property Statistics as of 7/08/09 *

Current On-Market Listings - 190
Average Asking Price: $131,944
Median Asking Price: $82,450
Most Expensive New Listing: $214,900 (3 BR, 2.5 BA, 2100+ sq ft in Spradlin Place)
Least Expensive New Listing: $57,915 (3 BR, 2 BA, 1100+ sq ft off E Emory Rd)

Notable New Listings:

North: $130,000 (3 BR, 3 BA, 2600+ sq ft on approx 1 acre with in-ground pool in Ftn City)

South: $62,900 (2 BR, 2 BA, 1100+ sq ft off Martin Mill Pike)

East: No new east listings!

West: $118,000 (3 BR, 2 BA, 1700+ sq ft in West Hills)

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Current Pending Sales -132
Average Asking Price – $95,592
Median Asking Price – $79,900

Closed Sales July 1, 2009- July 7, 2009 - 5
Average Asking Price – $60,440
Average Sales Price – $56,505
Median Sales Price – $52,000
Average Days on Market – 64

*Data taken from KAARMLS on 07/08/09 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? What spam?

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