Almost 7,800 Tennessee properties were in the foreclosure process during the second quarter, according to research firm RealtyTrac. That's down 20 percent from the first quarter and almost 35 percent from 2010's Q2. Nationally, the picture is similar, but don't think that means things are looking up for the housing market. Administrative and processing delays are gumming up the works in lots of places and RealtyTrac CEO James Saccacio says his team estimates that 1 million or more foreclosures that should be being handled now are being pushed out to 2012.
"This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number."