KNOXVILLE, Tenn. (WVLT) -- The mortgage crisis has stemmed from those unable to pay for their homes once their adjustable rate went into effect, and that resulted in many homes being foreclosed.

Here in East Tennessee, Lee Mrazek, Knoxville Area Association of Realtors president, says, it's all about location, location, location, and Knoxville's a good location, so we haven't been as impacted as other parts of the country.

In a nice neighborhood where there's a home with tall grass that can be a sign of a foreclosure. So has the mortgage crisis prompted large foreclosures here?

Mrazek says, "I don't think we're having many more than we were having in the past."

Compared to California, Florida, or Las Vegas, Mrazek says there's a reason for that.

Mrazek says, "Our markets have always been fairly stable here."

But the mortgage crisis appears to have an impact for people who wish to move to the area.

Mrazek says, "The biggest impact it's had is there are some people who want to move here that are not selling their houses."

Mrazek says it is a buyer's market now with many more homes available. The mortgage crisis may have contributed some to that.

Mrazek says, "It could be just that people bought adjustable rate mortgages and are now selling because they are going to readjust soon."

Unlike the late 70's double digit mortgage rates, Mrazek says with many homes to choose from, it really is a good time to buy a home, but not with an adjustable rate mortgage.

Mrazek says, "There's no reason why anybody would take an adjustable rate mortgage at 5.5 percent fixed when you can get that now."

Mrazek says she's unsure what will happen to the market here once the government finalizes the latest bailout but says our area just needs to keep things in perspective.

Mrazek says, "We just have to get over the idea that we are in a down market because in our local area we are not in that much of a down market."

But if you're facing a foreclosure, Mrazek says you can contact the Knox Housing Partnership at 865-637-1679.

She says they have information available on how you can refinance your home and not lose it.

Mrazek says the government has also stepped in, and there's a tax credit available to help, also.