Monday, December 17, 2007

Working-Class Areas Lead Nashville's Foreclosures

From the Tennessean (12/17/07): "In Rutherford County, the foreclosure rate has jumped 156 percent to one in every 189 homes, higher than the national average, according to RealtyTrac. In Sumner County, the foreclosure rate is up 129 percent — to about one in every 234 homes; and in Davidson County, it has nearly doubled to one in every 278 homes. By comparison, only about one in every 530 homes in Williamson County was in foreclosure in the fall. 'Households in some of these areas went more out on a limb financially,' said David Penn, an economist at Middle Tennessee State University. 'The mortgage companies made it easy to do that.'"