| Foreclosures in Tennessee
Population:
17th largest U.S. State by population, with 6,214,888 people (2008 estimate). 36th largest state in the country by area, at 42,169 square miles.
Largest city: Memphis
Median income:$43,614 (2008 estimate)
Climate:
Yearly rainfall: 49.5 inches per year
Yearly snowfall: 5 inches per year in Memphis; 10 inches per year in Nashville
Temperatures (High/Low) in capital city of Nashville:
January, 46/28; July, 89/70
Foreclosures:
Foreclosure activity for 2009 decreased in Tennessee over the prior year. There was a total of 40,733 properties with filings. That works out to a rate of one filing for every 67 households, which compares to the United States average of 45, and is a little less than 1.5 percent of the state’s housing units.
Those figures represent a 7 percent decrease over 2008 and a 57 percent increase over 2007.
In 2008 there were about 118,000 existing homes (including condos, co-ops, and single-family homes but excluding new homes) sold in Tennessee, compared to about 145,700 sold in 2007.
Economy:
Tennessee has a diverse economy comprising manufacturing, agriculture, corporate operations and tourism. Although Tennessee produces a variety of crops such tobacco, soybeans, cotton, dairy and hogs, nearly 60% of its farms raise beef cattle. The state's biggest corporate presences include FedEx, AutoZone, International Paper, Eastman Kodak, Nissan and Caterpillar. Music-oriented tourist sites like Elvis Presley's “Graceland” mansion and the Grand Ole Opry in Nashville draw millions of visitors to Tennessee and play a major role in its economy.
Noteworthy: Tennessee's economy benefitted from many FDR-era government programs like the Tennessee Valley Authority and the Manhattan Project.
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