Photo by Jake Daniels / Chattanooga Times Free Press
CHATTANOOGA, TN. (Times Free Press) -- Year after year, quarter after quarter, experts have repeated the mantra they learned during the 2007 real estate crash: "The market has hit bottom," they would say. "It can't get any worse than this."
This time, it appears they were right.
In fact, the current housing recovery appears strong enough that if banks don't open the floodgates for development and construction loans, then the boom in home construction could stall for a lack of cleared lots, officials warn.
In 2012, the Chattanooga-area housing market bounced back in a big way. For the first time since 2007, the number of building permits in Hamilton County rose above 1,000, propelling the region out of the subprime housing downturn.