While reports suggest that the economy is on an upswing, new research also indicates that foreclosures may be on the rise in Cleveland and throughout Middle Tennessee. The continued debt crisis, compounded by unemployment, has left millions of Americans struggling to pay their mortgages. The rocky economy as well as changes in foreclosure law could impact the housing market through 2012.
The state of Tennessee has been hit hard by the unsettled economy, and many have been put in a situation where bankruptcy is the only way out. Others have tried to delay proceedings by borrowing against the future, heavily relying on their credit cards and taking on new debt to try and cover daily, weekly and monthly expenses.