Michael Silence quotes a real estate blog re. an encouraging bump in sales for May.

Knoxville is lucky to have a fairly stable real estate market, owing, I think, to the abundance of stable government and government related jobs in the area.

Over here in Blount Co., there are about eight houses for sale in our neighborhood, and some of them have been on the market for a while. One is an upper-end spec house, and they just reduced the price drastically. On the upside, it seems to have generated a lot of interest and it won't surprise me if it sells soon at the new price, which some might consider a bargain considering the upgrades. The market appears to be soft for homes in that price range, though, probably because of tighter mortgage qualifying, a slight uptick in interest rates (even though they are still historically low), and fear of ARMs.