Foreclosure Home Housing & Foreclosure Reports Tennessee Foreclosure Activity Rises in February

Tennessee Foreclosure Activity Rises in February

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Statewide filings up 75 percent from January

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,691 Tennessee properties in February, a 75 percent increase from January and 9 percent above the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Tennessee had the 16th highest foreclosure rate in the nation, reporting one in every 762 housing units with a foreclosure filing in February.

Bedford County posts top foreclosure rate in the state for February
 One in every 427 housing units in Bedford County had a foreclosure filing in February — 1.5 times the national average and 1.8 times the state average — the highest foreclosure rate of all Tennessee counties for the month. Cheatham County had the second highest rate of one in every 448 housing units with a foreclosure filing during the month — 1.4 times the national average and 1.7 times the state average. Shelby County had the third highest rate of one in every 480 housing units with a foreclosure filing during the month — 1.3 times the national average and 1.6 times the state average.

Shelby County has top foreclosure total in February
 Shelby County led the state in foreclosure activity, reporting 830 properties with foreclosure filings for the month. Davidson County was second highest, reporting 459 properties with foreclosure filings. Knox County was third, reporting 205 properties with foreclosure filings. Fourth highest was Rutherford County, recording 187 properties with foreclosure filings. Hamilton County was fifth, tallying 149 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure activity in February
 Tennessee accounted for 2 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

Tennessee Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

Tennessee

0

0

2,161

0

1,530

3,691

762

0.84

n/a

 

 

 

 

 

 

 

 

 

 

Bedford

0

0

24

0

19

43

427

1.49

1.78

Cheatham

0

0

20

0

15

35

448

1.42

1.70

Shelby

0

0

540

0

290

830

480

1.33

1.59

Trousdale

0

0

4

0

3

7

481

1.32

1.58

Dickson

0

0

24

0

18

42

496

1.28

1.54

 Tennessee Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

Tennessee

0

0

2,161

0

1,530

3,691

762

75.18

8.69

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

540

0

290

830

480

82.42

4.67

Davidson

0

0

283

0

176

459

619

71.27

-22.34

Knox

0

0

118

0

87

205

951

33.12

-24.63

Rutherford

0

0

119

0

68

187

551

38.52

37.50

Hamilton

0

0

91

0

58

149

1,014

47.52

-24.37

 


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