Tennessee Foreclosure Activity Decreases in May

Statewide foreclosure filings fell 19 percent from April; Up 9 percent from May 2009

 

Foreclosure activity in Tennessee fell 19 percent in May to 3,892 properties with foreclosure filings but rose 9 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Tennessee foreclosures were down in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in auctions, which fell 20 percent during the month. Although still above the national average, the state’s unemployment rate has been steadily decreasing. This is likely contributing to the recent decline.”

 

Tennessee ranked 22nd in the country in total foreclosures reported for the month. With one in every 709 housing units receiving a foreclosure filing, its foreclosure rate ranked 26th among the 50 states.

 

Shelby County dominates foreclosure rate numbers in May

Shelby County posted the highest foreclosure rate in Tennessee for May, with one in every 283 housing units receiving a foreclosure filing — 2.5 times the state average. Sevier County came in second, with one in every 333 housing units receiving a foreclosure filing — 2.1 times the state average. Hickman County had the third highest foreclosure rate in Tennessee, with one in every 359 housing units receiving a foreclosure filing — twice the state average. Sequatchie County posted the fourth highest foreclosure rate in May, with one in every 373 housing units receiving a foreclosure filing — 1.9 times the state average.

 

Shelby County tops in foreclosure total for May

Shelby County also led the state in foreclosure activity, reporting 1,420 properties with foreclosure filings for the month. Davidson County followed in second, documenting 244 properties with foreclosure filings. Knox County reported the third highest foreclosure activity ranking, reporting 205 properties with foreclosure filings for the month. Rutherford County was fourth highest, reporting 194 properties with foreclosure filings.

 

State contributes 1 percent to nation’s monthly foreclosure total in May

Tennessee accounted for 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Tennessee

0

0

2,000

0

1,892

3,892

709

0.56

n/a

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

851

0

569

1,420

283

1.41

2.50

Sevier

0

0

53

0

77

130

333

1.20

2.13

Hickman

0

0

11

0

15

26

359

1.11

1.98

Sequatchie

0

0

5

0

9

14

373

1.07

1.90

Hardeman

0

0

4

0

26

30

380

1.05

1.86

 

Tennessee Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Tennessee

0

0

2,000

0

1,892

3,892

709

-18.73

9.05

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

851

0

569

1,420

283

-11.97

0.57

Davidson

0

0

149

0

95

244

1,163

-43.12

-9.29

Knox

0

0

105

0

100

205

959

-31.21

33.99

Rutherford

0

0

98

0

96

194

524

4.30

70.18

Hamilton

0

0

81

0

85

166

906

-27.19

-10.75

 

 

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