Tennessee Celebrates Homeownership Month

  • Thursday, June 2, 2016

As is tradition, Governor Bill Haslam declared June to be "Homeownership Month" at the request of the Tennessee Housing Development Agency. Part of THDA's mission is to make homeownership affordable to a wider range of Tennesseans through responsible financing options and the availability of down payment assistance. 

Construction of new single-family homes in the Volunteer State is rising faster here than in the rest of the South and the nation. Statewide, construction was up 17 percent in the first quarter compared to a year ago, versus eight-percent growth in the region and 12 percent nationally. 

"Every time you see a home under construction, that's an investment being made in the local community," said Ralph M. Perrey, executive director of THDA.  "Dollars and jobs are being brought to town.  Residential construction is both a gauge of economic growth and one of its most important drivers." 

In addition, foreclosure rates in Tennessee are at their lowest level since the year 2000. The percentage of mortgages past due in Tennessee is also at a 16-year low. 

"Homeownership has traditionally been one of the best tools to build up a family's wealth and financial security," said Mr. Perrey. "Plus, research has shown that homeowners are more involved in their communities, they put down deeper roots, and their children do better in school." 

For the first time, the housing price index in Tennessee exceeds the pre-recession values in 2007. Over the past year, house prices have risen slightly faster in Tennessee than the national average, up 5.8 percent compared to 5.4 percent. 

Governor Haslam's "Homeownership Month" proclamation is available online at http://tnsos.net/publications/proclamations/files/1006.pdf.
 
Housing market economic data is compiled from Middle Tennessee State University's Tennessee Housing Market Report for the First Quarter of 2016. The complete report can be found in the Research & Planning section of THDA.org.

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