Tennessee Foreclosure Activity Fell in Second Quarter

Activity level fell slightly from Q1

Foreclosure filings unchanged mid-year; up 2 percent in June

 

Tennessee reported 11,944 properties with foreclosure filings for the second quarter of 2010, a slight fall from the first quarter, but still 14 percent above the level reported in the second quarter of 2009. 

 

Activity level in Tennessee was unchanged during the first half of 2010, but was up for the month of June. For the first six months of the year, Tennessee reported 23,100 properties with foreclosure filings, unchanged from the second half of 2009 and 13 percent above the level reported mid-year 2009. In June the state tallied 3,981 properties with foreclosure filings, an increase of 2 percent from the previous month, but still down 15 percent from June 2009.

 

“Foreclosure activity in Tennessee fell slightly during the second quarter of this year amid high unemployment, though the number of filings remained well above the level reported for the second quarter of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Activity remained relatively static overall between the second half of 2009 and the first half of 2010, leaving residents with some relief that a turnaround in eminent.”

 

One in every 231 Tennessee housing units received a foreclosure filing during the quarter, giving the state the 24th highest foreclosure rate in the nation.

 

Shelby County posts state’s top foreclosure rate for the quarter

Shelby County posted the highest county foreclosure rate in Tennessee during the second quarter, with one in every 108 housing units receiving a foreclosure filing — 2.1 times the state average. Sevier County had the second highest foreclosure rate, with one in every 134 housing units receiving a foreclosure filing — 1.7 times the state average. Hickman County had the third highest foreclosure rate, with one in every 158 housing units receiving a foreclosure filing — 1.5 times the state average.

 

Shelby County leads state in total foreclosures for the second quarter

Shelby County also led the state in total foreclosure filings, reporting 3,708 properties with foreclosure filings for the quarter. Davidson County had the second highest foreclosure total, reporting 1,159 properties with foreclosure filings. Reporting 731 properties with foreclosure filings for the quarter, Knox County came in third. Hamilton County was fourth, reporting 595 properties with foreclosure filings. Fifth highest total was Rutherford County, where 524 properties with foreclosure filings were reported for the quarter.

 

State a moderate contributor to nation’s quarterly total

Foreclosure activity in Tennessee represented 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Tennessee

0

0

5,563

0

6,381

11,944

231

0.62

n/a

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

2,371

0

1,337

3,708

108

1.33

2.13

Sevier

0

0

128

0

196

324

134

1.08

1.73

Hickman

0

0

26

0

33

59

158

0.91

1.46

Sequatchie

0

0

10

0

23

33

158

0.91

1.46

Loudon

0

0

34

0

89

123

164

0.88

1.41

 

 

Tennessee Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Tennessee

0

0

5,563

0

6,381

11,944

231

-0.22

14.00

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

2,371

0

1,337

3,708

108

12.64

-1.62

Davidson

0

0

455

0

704

1,159

245

-14.40

30.22

Knox

0

0

259

0

472

731

269

-11.50

14.94

Hamilton

0

0

244

0

351

595

253

-1.00

7.01

Rutherford

0

0

239

0

285

524

194

-13.10

31.00

 

 

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