According to figures shared by the Memphis City Council this week, the amount of foreclosures in our area has continued to rise at about the same pace as the second quarter of 2012. The Memphis movers have confirmed there was 965 foreclosures in the area from July to September of this year, up from 932 foreclosures during the same time frame of 2011.

The prevalence of vacant properties and poverty in Memphis are both strong contributors to the state of the real estate industry. It is estimated that 160,000 people in Memphis are living in poverty, and the unemployment rate is at 8.9 percent. The number of filings is a 4 percent increase for the year, which is certainly not something to be taken lightly. To resolve the poverty and work on unemployment would be crucial in recovering the housing market.