Foreclosures accounted for only 8 percent of all
residential sales in Volunteer territory during the first six months of
2011, with 431 properties in some stage of foreclosure selling in Knoxville during the first half of the year. Foreclosures
sold at good discounts, with an average sales price of $108,595 — 41
percent below the average sales price of properties not in foreclosure
during the same time period.