Tennessee Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Tennessee rose 7 percent during the first quarter of 2010, and was up 15 percent from the same period last year. In all, the state reported 11,970 properties with foreclosure filings during the quarter.

 

The level of activity was more noteworthy in March, when the state reported 4,790 properties with foreclosure filings, a 30 percent increase from the previous month, and 8 percent above the level reported in March 2009. One in every 576 Tennessee housing units received a foreclosure filing during the month, the 16th highest state foreclosure rate.

 

“Tennessee foreclosures are up again during the first quarter of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 11 percent during the quarter. The state’s unemployment rate continues to remain above the national average. This trend needs to change before we really see foreclosures start to come down here.”

 

Tennessee ranked 19th in the country in total foreclosures for the first quarter. With one in every 230 housing units receiving a foreclosure filing, its foreclosure rate ranked 20th among the 50 states.

 

Shelby County tops in foreclosure rate for the first quarter

Shelby County posted the highest county foreclosure rate in Tennessee during the first quarter, as one in every 122 housing units received a foreclosure filing — 1.9 times the state average. Maury County came in second, with one in every 134 housing units receiving a foreclosure filing — 1.7 times the state average. Sevier County posted the third highest foreclosure rate, with one in every 135 housing units receiving a foreclosure filing — 1.7 times the state average.

 

Shelby County also led state in total foreclosures for the first quarter

Shelby County also led Tennessee in total foreclosures during the first quarter, documenting 3,292 properties with foreclosure filings for the quarter. Davidson County was second, reporting 1,354 properties with foreclosure filings. Reporting 826 properties with foreclosure filings for the month, Knox County came in third.

 

State contributes less than 1 percent to the nation’s quarterly foreclosure total

Tennessee represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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: 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Tennessee

0

0

5,517

0

6,453

11,970

230

0.01

n/a

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

2,042

0

1,250

3,292

122

1.13

1.89

Maury

0

0

109

0

161

270

134

1.04

1.73

Sevier

0

0

134

0

186

320

135

1.02

1.70

Marshall

0

0

22

0

61

83

156

0.89

1.48

Rutherford

0

0

259

0

344

603

169

0.82

1.37

 

 

 

Tennessee Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Tennessee

0

0

5,517

0

6,453

11,970

230

7.00

15.52

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

2,042

0

1,250

3,292

122

-6.05

-20.04

Davidson

0

0

562

0

792

1,354

210

17.23

46.38

Knox

0

0

300

0

526

826

238

24.40

48.29

Rutherford

0

0

259

0

344

603

169

12.08

64.31

Hamilton

0

0

239

0

362

601

250

3.44

15.80

 

 

 

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