Fla.'s foreclosure market starting to affect Sevier Co.

Fla.'s foreclosure market starting to affect Sevier Co.

By KRISTYN CADDELL
6 News Reporter 

PIGEON FORGE (WATE) -- A major slump in the Florida housing market is beginning to hit homes in Sevier County.

One realtor says Florida homeowners who've purchased property in East Tennessee are having trouble keeping up on their payments.

Century 21 agent Paula Cramer says people who own homes in Florida and a vacation rental home in Tennessee can't afford to pay for both.

"What's happening is that people are using their rental money to pay for their homes that are going into foreclosure in Florida and then they can't afford the payments on their homes here," Cramer explains. "There are a lot of great deals out there right now."

One example of the good deals is an eight bedroom, three bathroom home with an elevator nestled in the mountains around Pigeon Forge. The asking price was nearly $800,000, but it sold for less than $400,000.

Cramer says that particular rental cabin wasn't a foreclosure, but a short sale through the bank. 

She says there are also plenty of foreclosures around to pick from.