Tennessee Foreclosure Activity Slows Down Slightly in July

Statewide foreclosure filings down 1 percent from June

 

Foreclosure activity in Tennessee decreased 1 percent in July to 3,955 properties with foreclosure filings, 13 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Tennessee foreclosures were down slightly in July,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in bank-owned properties, which fell 8 percent during the month. While still above the national average, the state’s unemployment rate has been declining recently. This is likely driving the recent drop in activity.”

 

Tennessee ranked 20th in the country in total foreclosures reported for the month. With one in every 697 housing units receiving a foreclosure filing, its foreclosure rate ranked 25th among the 50 states.

 

Shelby County posts top county foreclosure rate in July

Shelby County posted the highest foreclosure rate in July, with one in every 325 housing units receiving a foreclosure filing. Sequatchie County posted the second highest foreclosure rate, with one in every 326 housing units receiving a foreclosure filing during the month. Coming in third was Sevier County, where one in every 364 housing units received a foreclosure filing in July.

 

Shelby County dominates state with top foreclosure total for July

Shelby County also led the state in total foreclosure activity, reporting 1,237 properties with foreclosure filings in July. Second highest Davidson County reported 387 properties with foreclosure filings. Knox County came in third highest, tallying 285 properties with foreclosure filings. Fourth highest was Hamilton County, where 201 properties with foreclosure filings were reported. Rutherford County was fifth, reporting 172 properties with foreclosure filings for the month.

 

State contributes 1 percent to nation’s monthly foreclosure total

Tennessee accounted for 1 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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: 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Tennessee

0

0

1,908

0

2,047

3,955

697

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

829

0

408

1,237

325

1.22

2.14

Sequatchie

0

0

4

0

12

16

326

1.22

2.14

Sevier

0

0

49

0

70

119

364

1.09

1.91

Marshall

0

0

12

0

16

28

461

0.86

1.51

Maury

0

0

25

0

50

75

481

0.83

1.45

 

 

Tennessee Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Tennessee

0

0

1,908

0

2,047

3,955

697

-0.65

-13.50

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

829

0

408

1,237

325

7.38

-31.24

Davidson

0

0

158

0

229

387

733

-24.41

-4.44

Knox

0

0

86

0

199

285

690

19.75

32.56

Hamilton

0

0

82

0

119

201

749

-7.37

-5.63

Rutherford

0

0

81

0

91

172

591

4.88

-24.56

 

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