Monday, October 13, 2008
Foreclosure help could be just click away
Wkrn.com 10/11/2008 The Tennessee Housing Development Agency's Web site has been getting more and more hits as families receive foreclosure notices in the mail. According to THDA director Ted Fellman, "Nashville has about 1,500 foreclosures each month." Shelby County leads the state with one out of ever 232 households going into foreclosure while Davidson County's rate has increased 35% in the last 12 months. THDA.org is the state's first attempt to create a database of rental properties. "When Hurricane Katrina happened we realized we didn't have a database that would tell us where available units were," explained Fellman. Today, their Web site is helping families receiving foreclosure notices find apartments or rental homes. "This gives them an opportunity to look without actually traveling or driving around looking at apartments or finding the sites," Fellman continued. He said three or four months ago he would have said Tennessee was just six months from the end of the foreclosure crisis. In addition to foreclosures because of adjustable rate mortgages, Fellman said "now we're seeing more foreclosures due to the economy." He said, "...At the end of the day I think we're still a year away from seeing this turn the corner." More information is available on the THDA's Web site at http://www.thda.org/.