TENNESSEE FORECLOSURE ACTIVITY INCREASES 2 PERCENT IN FIRST QUARTER

State Foreclosure Activity Down 16 Percent From Q1 2008

Monthly Foreclosure Activity Up 20 percent in March, Up 13 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 10,362 Tennessee properties in the first quarter of 2009, a 2 percent increase from the previous quarter, and 16 percent behind the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Volunteer State reported 4,421 properties with foreclosure filings in March, a 20 percent increase from the previous month and 13 percent above its March 2008 total.

 

Tennessee foreclosures jumped in March and from this time last year, said James J. Saccacio, chief executive officer of RealtyTrac. “The state has lost more than 123,000 jobs during the past year and its unemployment rate continues to hold above the national average. This, in addition to dismal home sales throughout the state in 2008, is contributing to the overall rise.”

 

Tennessee documented the 17th highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 263 housing units received a foreclosure filing during the quarter — came in 17th again among the 50 states.

 

Five counties largest contributors to state total for the quarter

Five Tennessee counties accounted for 63 percent of the state’s overall foreclosure activity during the first quarter. Shelby County came in first place, reporting 4,117 properties with foreclosure filings. Davidson County was second, reporting 925 properties with foreclosure filings for the quarter. Knox County was close behind in third, reporting 557 properties with foreclosure filings. Hamilton County registered the fourth highest total, documenting 519 properties with foreclosure filings. Rutherford County registered the fifth highest total, where 367 properties with foreclosure filings were reported.

 

Shelby County scores highest rates in the state for first quarter

Shelby County led the state, with one in every 97 housing units receiving a foreclosure filing — 2.7 times the state average and 1.6 times the national average. Sevier County came in second, with one in every 150 housing units receiving a foreclosure filing — 1.7 times the state average. Sequatchie County posted the third highest foreclosure rate, where one in every 226 housing units received a foreclosure filing during the month — 1.2 times the state average.

 

State the contributes 1 percent to nation’s foreclosure total for Q1 2009

Tennessee accounted for 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter — broken out by type of filing at the county, state and national level. 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 filed against a property during the quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

 

                          Tennessee Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%? from Q4 08

%? from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

Tennessee

1

0

5,753

0

4,608

10,362

263

2.03%

-16.36%

 

 

 

 

 

 

 

 

 

 

Anderson

0

0

34

0

36

70

487

11.11%

-33.33%

Bedford

0

0

36

0

40

76

227

-25.49%

-16.48%

Benton

0

0

3

0

17

20

449

53.85%

5.26%

Bledsoe

0

0

4

0

8

12

450

33.33%

-7.69%

Blount

0

0

59

0

2

61

859

-3.17%

-3.17%

Bradley

0

0

58

0

50

108

380

-11.48%

-38.29%

Campbell

0

0

13

0

29

42

454

-25.00%

-43.24%

Cannon

0

0

8

0

8

16

355

100.00%

33.33%

Carroll

0

0

18

0

15

33

411

-25.00%

-10.81%

Carter

0

0

17

0

17

34

802

61.90%

-19.05%

Cheatham

0

0

25

0

40

65

240

16.07%

-5.80%

Chester

0

0

7

0

6

13

519

44.44%

-40.91%

Claiborne

0

0

9

0

15

24

621

-22.58%

33.33%

Clay

0

0

2

0

3

5

832

150.00%

66.67%

Cocke

0

0

18

0

13

31

534

93.75%

-8.82%

Coffee

0

0

25

0

31

56

408

1.82%

-15.15%

Crockett

0

0

10

0

13

23

276

35.29%

0.00%

Cumberland

0

0

19

0

26

45

537

7.14%

-13.46%

Davidson

0

0

432

0

493

925

301

-1.28%

-9.84%

Decatur

0

0

4

0

5

9

750

-18.18%

28.57%

DeKalb

0

0

12

0

2

14

632

7.69%

40.00%

Dickson

0

0

26

0

33

59

337

40.48%

-28.92%

Dyer

0

0

21

0

27

48

356

11.63%

-29.41%

Fayette

0

0

11

0

1

12

1,172

-52.00%

-70.00%

Fentress

0

0

4

0

16

20

397

42.86%

11.11%

Franklin

0

0

6

0

13

19

990

-34.48%

-53.66%

Gibson

0

0

26

0

29

55

409

-42.71%

-33.73%

Giles

0

0

9

0

15

24

572

-11.11%

-36.84%

Grainger

0

0

14

0

9

23

445

-4.17%

0.00%

Greene

0

0

26

0

38

64

479

4.92%

-39.62%

Grundy

0

0

3

0

2

5

1,314

-54.55%

25.00%

Hamblen

0

0

36

0

32

68

388

-21.84%

-22.73%

Hamilton

0

0

217

0

302

519

287

5.49%

-12.33%

Hancock

0

0

3

0

2

5

680

0.00%

Hardeman

0

0

6

0

19

25

453

-73.68%

-50.98%

Hardin

0

0

6

0

12

18

750

-40.00%

-56.10%

Hawkins

0

0

25

0

33

58

449

23.40%

-9.38%

Haywood

0

0

10

0

6

16

532

-33.33%

-36.00%

Henderson

0

0

10

0

8

18

671

-40.00%

-40.00%

Henry

0

0

8

0

20

28

594

40.00%

-26.32%

Hickman

0

0

17

0

16

33

282

0.00%

-21.43%

Houston

0

0

3

0

4

7

583

75.00%

-41.67%

Humphreys

0

0

6

0

12

18

497

-5.26%

-35.71%

Jackson

0

0

1

0

6

7

772

75.00%

-46.15%

Jefferson

0

0

33

0

40

73

304

1.39%

-5.19%

Johnson

0

0

4

0

7

11

773

-8.33%

57.14%

Knox

0

0

250

0

307

557

348

-4.79%

-27.94%

Lake

0

0

2

0

2

4

691

33.33%

-33.33%

Lauderdale

0

0

16

0

21

37

311

12.12%

0.00%

Lawrence

0

0

22

0

16

38

457

22.58%

-32.14%

Lewis

0

0

6

0

11

17

295

240.00%

-10.53%

Lincoln

0

0

8

0

7

15

967

0.00%

-65.91%

Loudon

0

0

21

0

34

55

360

-31.25%

-17.91%

Macon

0

0

12

0

13

25

378

19.05%

-28.57%

Madison

0

0

56

0

100

156

274

-11.86%

-14.29%

Marion

0

0

7

0

10

17

788

-26.09%

-63.04%

Marshall

0

0

21

0

23

44

291

-4.35%

-34.33%

Maury

0

0

66

0

77

143

247

25.44%

31.19%

McMinn

0

0

24

0

47

71

319

-11.25%

-6.58%

McNairy

0

0

5

0

18

23

511

-30.30%

-54.00%

Meigs

0

0

3

0

11

14

404

0.00%

100.00%

Monroe

0

0

26

0

45

71

265

47.92%

20.34%

Montgomery

0

0

91

0

117

208

320

11.83%

-28.77%

Moore

0

0

0

0

0

0

-100.00%

-100.00%

Morgan

0

0

6

0

5

11

735

-42.11%

-38.89%

Obion

0

0

8

0

19

27

553

12.50%

145.45%

Overton

0

0

1

0

8

9

1,064

0.00%

-25.00%

Perry

0

0

1

0

5

6

720

-14.29%

100.00%

Pickett

0

0

1

0

0

1

3,096

0.00%

0.00%

Polk

0

0

10

0

9

19

427

-9.52%

-5.00%

Putnam

0

0

24

0

37

61

497

-7.58%

1.67%

Rhea

0

0

13

0

22

35

392

-22.22%

-28.57%

Roane

0

0

23

0

37

60

410

-25.93%

-27.71%

Robertson

1

0

41

0

32

74

339

-27.45%

-37.29%

Rutherford

0

0

155

0

212

367

269

-6.14%

-35.73%

Scott

0

0

8

0

0

8

1,165

300.00%

-11.11%

Sequatchie

0

0

5

0

18

23

226

-17.86%

109.09%

Sevier

0

0

124

0

161

285

150

31.34%

42.50%

Shelby

0

0

2,917

0

1,200

4,117

97

8.43%

-9.06%

Smith

0

0

7

0

14

21

391

-34.38%

-16.00%

Stewart

0

0

5

0

7

12

526

9.09%

-45.45%

Sullivan

0

0

50

0

4

54

1,363

12.50%

-3.57%

Sumner

0

0

89

0

120

209

297

-9.13%

-19.62%

Tipton

0

0

45

0

1

46

501

-24.59%

-69.74%

Trousdale

0

0

4

0

0

4

845

-42.86%

-80.95%

Unicoi

0

0

4

0

9

13

659

30.00%

85.71%

Union

0

0

6

0

13

19

480

58.33%

-42.42%

Van Buren

0

0

2

0

4

6

429

500.00%

100.00%

Warren

0

0

26

0

30

56

311

36.59%

-5.08%

Washington

0

0

50

0

55

105

504

31.25%

-9.48%

Wayne

0

0

0

0

5

5

1,412

-44.44%

-58.33%

Weakley

0

0

7

0

9

16

980

-38.46%

-60.98%

White

0

0

10

0

14

24

444

-7.69%

-25.00%

Williamson

0

0

72

0

62

134

458

3.88%

-28.72%

Wilson

0

0

59

0

66

125

340

30.21%

-20.89%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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