Tennessee Foreclosure Activity Declines in February

Statewide filings decrease 6 percent from January

 

Foreclosure activity in Tennessee declined in February to 3,692 properties with foreclosure filings, down 6 percent from the previous month and unchanged from the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Tennessee reported a drop in foreclosure filings in February, bringing activity back in line with what it was at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the Volunteer State looms above the national average at 10.7 percent, more than a full point above the level reported in early 2009.”

 

One in every 747 Tennessee housing units received a foreclosure filing in February, the 23rd highest rate in the nation.

 

Loudon County posts top foreclosure rate in the state for February

Loudon County posted the state’s highest county foreclosure rate in February, with one in every 305 housing units receiving a foreclosure filing — 2.5 times the state average. Shelby County was second, with one in every 401 housing units receiving a foreclosure filing — 1.9 times the state average. Sevier County came in third highest, with one in every 451 housing units receiving a foreclosure filing — 1.7 times the state average.

 

Shelby County led the state in total foreclosures in February

Shelby County led the way, totaling 1,002 properties with foreclosure filings for the month. Davidson County was second, documenting 376 properties with foreclosure filings. Knox County ranked third highest, reporting 247 properties with foreclosure filings for the month. Hamilton County came in fourth place, reporting 181 properties with foreclosure filings, while the fifth highest total was in Rutherford County, where 156 properties with foreclosure filings were reported for the month.

 

State a moderate contributor to nation’s month foreclosure total

Tennessee accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Tennessee Top Foreclosure Rates By County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Tennessee

0

0

1,807

0

1,885

3,692

747

0.56

n/a

 

 

 

 

 

 

 

 

 

 

Loudon

0

0

6

0

60

66

305

1.37

2.45

Shelby

0

0

669

0

333

1,002

401

1.04

1.86

Sevier

0

0

46

0

50

96

451

0.93

1.65

Maury

0

0

37

0

38

75

481

0.87

1.55

Smith

0

0

4

0

13

17

487

0.86

1.53

 

 

Tennessee Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Tennessee

0

0

1,807

0

1,885

3,692

747

-5.60

0.03

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

669

0

333

1,002

401

-16.71

-30.03

Davidson

0

0

176

0

200

376

755

-12.56

23.68

Knox

0

0

99

0

148

247

796

-12.72

35.71

Hamilton

0

0

74

0

107

181

831

-8.59

-0.55

Rutherford

0

0

62

0

94

156

652

-28.11

11.43

 

 

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