Tennessee Foreclosure Activity Down in November

Statewide foreclosure filings fall 8 percent from October; up 7 from previous year

 

Tennessee foreclosure activity fell in November to 3,725 properties with foreclosure filings, down 8 percent from the previous month, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is 7 percent ahead of the level reported in November 2008.

 

“Tennessee foreclosures fell during November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in auctions, which declined 10 percent for the month. While the state’s unemployment rate is still above the national average, it headed downward during the month, and home sales are beginning to pick up. If these trends continue, we may see foreclosures continue to decline in the coming months.”

 

Tennessee ranked 19th in the country in total foreclosures reported for the month. With one in every 731 housing units receiving a foreclosure filing, its foreclosure rate ranked 23rd among the 50 states.

 

Bedford County posts state’s highest foreclosure rate in November

Bedford County posted the highest county foreclosure rate in the state for November, with one in every 270 housing units receiving a foreclosure filing — 2.7 times the state average. Shelby County had the second highest foreclosure rate, with one in every 292 housing units receiving a foreclosure filing — 2.5 times the state average. Sevier County came in third highest, with one in every 465 housing units receiving a foreclosure filing — 1.6 times the state average.

 

Shelby County led state in total foreclosure filings for November

Shelby County led all counties, totaling 1,366 properties with foreclosure filings for the month. Davidson County was second highest once again, documenting 292 properties with foreclosure filings. Reporting 240 properties with foreclosure filings for the month, Knox County had the third highest total in the state, while Hamilton County was fourth highest, reporting 232 properties with foreclosure filings for the month.

 

State contributed 1 percent to nation’s foreclosure total in November

Tennessee accounted for 1 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 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: DefaultNotice 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Tennessee

0

0

1,721

0

2,004

3,725

731

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Bedford

0

0

8

0

56

64

270

1.55

2.71

Shelby

0

0

931

0

435

1,366

292

1.43

2.51

Sevier

0

0

28

0

64

92

465

0.90

1.57

Rutherford

0

0

56

0

120

176

562

0.74

1.30

Hardeman

0

0

2

0

17

19

597

0.70

1.23

 

 

 

Tennessee Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Tennessee

0

0

1,721

0

2,004

3,725

731

-7.57

7.44

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

931

0

435

1,366

292

1.43

2.51

Davidson

0

0

84

0

208

292

955

0.44

0.77

Knox

0

0

79

0

161

240

807

0.52

0.91

Hamilton

0

0

62

0

170

232

642

0.65

1.14

Rutherford

0

0

56

0

120

176

562

0.74

1.30

 

 

 

 

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