Tennessee Foreclosure Activity Trends Upward in May

Tennessee foreclosure activity rose in May to 3,569 properties with foreclosure filings, a 3 percent increase from the previous month, and 23 percent below the level reported for May 2008, according to RealtyTrac’s latest U.S. Foreclosure Market Report.  

 

Tennessee foreclosures headed upward a bit in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate has risen nearly 1 percent in the last three months alone. This is likely responsible for the recent jump.”

 

Tennessee ranked 18th in the country in total foreclosures reported for the month. With one in every 763 housing units receiving a foreclosure filing, its foreclosure rate ranked 21st among the 50 states.

 

Five counties accounted for 60 percent of state’s foreclosure activity for May

Shelby County led all counties, reporting 1,412 properties with foreclosure filings for the month. Davidson County posted the second highest total, where 269 properties with foreclosure filings were reported. Hamilton County had the third highest total, reporting 186 properties with foreclosure filings, followed by Knox County, where 153 properties with foreclosure filings were tallied. Rutherford County held the fifth highest total, where 114 properties with foreclosure filings were reported for the month.

 

Shelby County posts state’s highest foreclosure rate for May

Shelby County posted the highest county foreclosure rate in Tennessee, with one in every 282 housing units receiving a foreclosure filing during the month. Gibson County had the second highest rate, with one in every 432 housing units receiving a foreclosure filing. Sevier County posted the third highest rate, where one in every 470 housing units received a foreclosure filing during the month.

 

State contributes 1 percent to nation’s foreclosure activity for May

Foreclosure activity in Tennessee represented 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month, but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

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 month — 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 month — which is extremely rare — 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Tennessee

0

0

2,091

0

1,478

3,569

763

2.85

-23.16

 

 

 

 

 

 

 

 

 

 

Anderson

0

0

11

0

13

24

1,421

-11.11

-11.11

Bedford

0

0

10

0

15

25

690

38.89

-7.41

Benton

0

0

2

0

2

4

2,247

0.00

0.00

Bledsoe

0

0

2

0

1

3

1,800

0.00

-50.00

Blount

0

0

28

0

2

30

1,747

76.47

150.00

Bradley

0

0

17

0

21

38

1,079

-9.52

-30.91

Campbell

0

0

10

0

7

17

1,123

-22.73

0.00

Cannon

0

0

2

0

6

8

710

60.00

33.33

Carroll

0

0

5

0

11

16

847

220.00

33.33

Carter

0

0

4

0

3

7

3,893

-36.36

-58.82

Cheatham

0

0

15

0

10

25

624

4.17

4.17

Chester

0

0

1

0

3

4

1,687

300.00

-50.00

Claiborne

0

0

3

0

6

9

1,657

50.00

-35.71

Clay

0

0

0

0

0

0

 n/a

-100.00

n/a 

Cocke

0

0

11

0

3

14

1,182

100.00

133.33

Coffee

0

0

11

0

6

17

1,344

6.25

-15.00

Crockett

0

0

4

0

2

6

1,059

0.00

50.00

Cumberland

0

0

3

0

8

11

2,196

-15.38

-59.26

Davidson

0

0

144

0

125

269

1,037

4.67

-33.58

Decatur

0

0

1

0

1

2

3,376

100.00

 n/a

DeKalb

0

0

3

0

1

4

2,210

-20.00

0.00

Dickson

0

0

13

0

9

22

904

37.50

-12.00

Dyer

0

0

9

0

15

24

713

50.00

20.00

Fayette

0

0

9

0

0

9

1,563

-18.18

-55.00

Fentress

0

0

0

0

1

1

7,948

-75.00

-80.00

Franklin

0

0

6

0

6

12

1,568

20.00

50.00

Gibson

0

0

7

0

45

52

432

48.57

23.81

Giles

0

0

5

0

7

12

1,144

50.00

-20.00

Grainger

0

0

2

0

2

4

2,556

-66.67

-55.56

Greene

0

0

16

0

13

29

1,057

45.00

-21.62

Grundy

0

0

0

0

1

1

6,570

-66.67

-66.67

Hamblen

0

0

10

0

16

26

1,016

-36.59

-44.68

Hamilton

0

0

70

0

116

186

801

18.47

-6.06

Hancock

0

0

0

0

0

0

 n/a

n/a 

-100.00

Hardeman

0

0

5

0

8

13

872

-61.76

-80.60

Hardin

0

0

5

0

4

9

1,500

-35.71

12.50

Hawkins

0

0

5

0

12

17

1,531

0.00

0.00

Haywood

0

0

3

0

5

8

1,064

60.00

-42.86

Henderson

0

0

1

0

2

3

4,025

-62.50

-62.50

Henry

0

0

4

0

8

12

1,386

9.09

33.33

Hickman

0

0

6

0

6

12

776

-25.00

33.33

Houston

0

0

0

0

1

1

4,080

0.00

 n/a

Humphreys

0

0

3

0

3

6

1,492

20.00

100.00

Jackson

0

0

0

0

1

1

5,401

 n/a

-83.33

Jefferson

0

0

11

0

8

19

1,166

-9.52

-34.48

Johnson

0

0

1

0

3

4

2,126

100.00

33.33

Knox

0

0

80

0

73

153

1,266

-31.39

-37.04

Lake

0

0

0

0

0

0

 n/a

-100.00

-100.00

Lauderdale

0

0

6

0

10

16

719

-11.11

-11.11

Lawrence

0

0

5

0

10

15

1,158

0.00

25.00

Lewis

0

0

1

0

2

3

1,674

50.00

-66.67

Lincoln

0

0

3

0

2

5

2,901

-37.50

-54.55

Loudon

0

0

15

0

8

23

861

0.00

-14.81

Macon

0

0

2

0

6

8

1,182

60.00

-42.86

Madison

0

0

29

0

29

58

737

61.11

20.83

Marion

0

0

1

0

5

6

2,234

200.00

-45.45

Marshall

0

0

10

0

8

18

710

0.00

0.00

Maury

0

0

23

0

16

39

905

0.00

-31.58

McMinn

0

0

8

0

26

34

665

36.00

88.89

McNairy

0

0

3

0

7

10

1,175

900.00

-50.00

Meigs

0

0

1

0

2

3

1,885

-25.00

-40.00

Monroe

0

0

8

0

16

24

783

33.33

9.09

Montgomery

0

0

32

0

29

61

1,090

12.96

-29.89

Moore

0

0

0

0

1

1

2,906

 n/a

 n/a

Morgan

0

0

1

0

5

6

1,348

200.00

20.00

Obion

0

0

5

0

2

7

2,132

-22.22

16.67

Overton

0

0

2

0

1

3

3,191

50.00

 n/a

Perry

0

0

1

0

0

1

4,317

 n/a

0.00

Pickett

0

0

1

0

0

1

3,096

 n/a

0.00

Polk

0

0

2

0

4

6

1,351

20.00

50.00

Putnam

0

0

13

0

10

23

1,317

9.52

-11.54

Rhea

0

0

4

0

6

10

1,371

-37.50

0.00

Roane

0

0

7

0

15

22

1,119

46.67

-15.38

Robertson

0

0

15

0

13

28

895

3.70

-55.56

Rutherford

0

0

74

0

40

114

867

-11.63

-35.96

Scott

0

0

3

0

0

3

3,105

50.00

50.00

Sequatchie

0

0

4

0

4

8

650

0.00

300.00

Sevier

0

0

47

0

44

91

470

1.11

33.82

Shelby

0

0

1,031

0

381

1,412

282

0.14

-26.42

Smith

0

0

3

0

1

4

2,052

-55.56

-50.00

Stewart

0

0

2

0

1

3

2,102

50.00

200.00

Sullivan

0

0

24

0

0

24

3,066

26.32

33.33

Sumner

0

0

51

0

60

111

559

109.43

5.71

Tipton

0

0

25

0

0

25

922

-13.79

-37.50

Trousdale

0

0

1

0

1

2

1,690

-80.00

-75.00

Unicoi

0

0

0

0

0

0

 n/a

-100.00

-100.00

Union

0

0

1

0

2

3

3,039

-50.00

-50.00

Van Buren

0

0

1

0

0

1

2,572

 n/a

-66.67

Warren

0

0

6

0

10

16

1,087

6.67

-30.43

Washington

0

0

12

0

19

31

1,706

-6.06

-11.43

Wayne

0

0

2

0

0

2

3,530

100.00

-50.00

Weakley

0

0

3

0

3

6

2,613

20.00

-66.67

White

0

0

6

0

9

15

710

66.67

66.67

Williamson

0

0

19

0

24

43

1,429

-12.24

-36.76

Wilson

0

0

20

0

35

55

774

37.50

-15.38

 

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