Tennessee Foreclosure Activity Down 8 Percent in 2009

Activity up 57 percent from 2007 and 28 percent from November

 

Tennessee ended 2009 tallying 40,733 properties with foreclosure filings, an 8 percent decrease from the total reported for 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total is 57 percent higher than the level reported for all of 2007.

 

Tennessee reported 4,760 properties with foreclosure filings, a 28 percent increase over the previous month, and up 23 percent from December 2008. The state’s foreclosure rate — one in every 572 housing units received a foreclosure filing — was 17th highest in the nation for the month.

 

“Even with a significant increase in activity in December, the number of foreclosure filings in Tennessee within 2009 was lower than was reported for 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, foreclosures remain well above the level seen in 2007 and, like other states that have relied on the strength of the U.S. manufacturing and automotive industries, Tennessee’s economy has been hit hard by the national recession.”

 

With one in every 67 housing units receiving a foreclosure filing, Tennessee’s foreclosure rate ranked 17th highest in the nation for the year.

 

Shelby County posts state’s highest foreclosure rate and total for 2009

Shelby County posted the highest county foreclosure rate in Tennessee for the year, with one in every 30 housing units receiving a foreclosure filing in 2009. Sevier County had the second highest foreclosure rate, reporting one in every 38 housing units receiving a foreclosure filing. Sequatchie County came in third highest, reporting one in every 45 housing units receiving a foreclosure filing. Maury County was fourth highest with one in every 53 housing units receiving a foreclosure filing. Bedford County had the fifth highest rate, where one in every 54 housing units receiving a foreclosure filing.

 

Shelby County also leads state in foreclosure activity in 2009

Shelby County also led the state in total foreclosures, reporting 13,350 properties receiving a foreclosure filing. Davidson County had the second highest total, documenting 4,049 properties with foreclosure filings. Knox County had the third highest total in the state, reporting 2,443 properties with foreclosure filings for the year. Hamilton County was fourth highest, reporting 2,186 properties with foreclosure filings, followed by Rutherford County in fifth place, tallying 1,741 properties with foreclosure filings for all of 2009.

 

State a minor contributor to nation’s foreclosure total in 2009

Tennessee accounted for 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Tennessee

40,733

1.49

67

-7.75

57.19

 

 

 

 

 

 

Shelby

13,350

3.35

30

-13.96

28.65

Sevier

1,123

2.62

38

36.62

241.34

Sequatchie

116

2.23

45

10.48

118.87

Maury

661

1.87

53

15.76

141.24

Bedford

320

1.85

54

-13.04

47.47

 

 

Tennessee Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Tennessee

40,733

1.49

67

-7.75

57.19

 

 

 

 

 

 

Shelby

13,350

3.35

30

-13.96

28.65

Davidson

4,049

1.45

69

-3.66

60.93

Knox

2,443

1.26

79

-6.00

76.26

Hamilton

2,186

1.47

68

-2.84

95.35

Rutherford

1,741

1.76

57

-4.60

80.60

 

 

Tennessee Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Tennessee

0

0

2,390

0

2,370

4,760

572

0.64

n/a

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

1,156

0

581

1,737

229

1.59

2.49

Maury

0

0

33

0

99

132

267

1.37

2.14

Sumner

0

0

52

0

127

179

346

1.06

1.65

Sequatchie

0

0

4

0

8

12

433

0.84

1.32

Rutherford

0

0

85

0

128

213

464

0.79

1.23

 

 

Tennessee Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Tennessee

0

0

2,390

0

2,370

4,760

572

27.79

22.55

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

1,156

0

581

1,737

20

27.16

13.98

Davidson

0

0

198

0

241

439

39

50.34

36.76

Knox

0

0

121

0

119

240

37

0.00

-5.51

Hamilton

0

0

78

0

148

226

24

-2.59

21.51

Rutherford

0

0

85

0

128

213

246

21.02

53.24

 

 

 

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