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Home Foreclosures Affecting All Incomes

POSTED: 5:32 pm CDT June 4, 2008
UPDATED: 8:21 pm CDT June 4, 2008

Home foreclosures are up all over the country, but it's not just the lower-income members of society who are losing their houses.

Video: Home Foreclosures Affecting All Incomes

High-end properties in prominent neighborhoods around Nashville are experiencing tough times as well.

Mark Corradetti is a real estate agent who specializes in foreclosures.

Recently he's noticed that more elaborate homes are sitting empty because the homeowners couldn't afford to pay their mortgage.

"In these upscale neighborhood, we're seeing more and more. Every day there is a new one to go to for me," said Corradetti. "People get involved in loans that maybe are an adjustable rate loan. Then after 12 months, it adjusts to a higher percentage point. Then all the sudden your house payment goes up a $1,000 a month."

Even star athletes aren't immune to these problems. Former Titans player Adam "Pacman" Jones' $1.8 million estate in Franklin is in foreclosure.

"I'm seeing a huge increase in foreclosures in all types of neighborhoods, different sizes, different economic situations. It knows no boundaries," said Corradetti.

Corradetti visits three to 10 middle Tennessee homes that are in foreclosure every day. Over the past year, he said his business has increased 80 percent.

"It's like an epidemic; it's a tragedy of sorts," said Corradetti.

Due to the real estate slump, some of those properties in foreclosure are being sold for 10 to 15 percent below the market value.

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