Tennessee Foreclosure Activity Unchanged in April

Statewide foreclosure filings up from April 2009

 

April foreclosure activity in Tennessee is relatively unchanged from the previous month to 4,789 properties with foreclosure filings. This latest state total represents a 38 percent year-over-year increase in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity in Tennessee held steady between March and April, though it remained well above what was reported for this time one year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state eclipsed that of the nation at 10.6 percent, though its job market does appear to be improving slightly on a monthly basis, even in the wake of flood devastation.”

 

The state had the 22nd highest state foreclosure rate in the nation with one in 576 Tennessee housing units receiving a foreclosure filing during the month.

 

Shelby County posts top foreclosure rate for April

Shelby County posted the highest county foreclosure rate in Tennessee for April, with one in every 249 housing units receiving a foreclosure filing — 2.3 times the state average. Lauderdale County had the second highest foreclosure rate, with one in every 289 housing units receiving a foreclosure filing — twice the state average. Sevier County posted the third highest foreclosure rate, with one in every 361 housing units receiving a foreclosure filing —1.6 times the state average.

 

Shelby County led the state in total foreclosures for April

Shelby County also led the way in total foreclosures, reporting 1,613 properties with foreclosure filings for the month. Davidson County had the second highest total, documenting 429 properties with foreclosure filings. Reporting 298 properties with foreclosure filings for the month, Knox County ranked third highest. Hamilton County was fourth, reporting 228 properties with foreclosure filings. A total of 186 properties with foreclosure filings were reported in Rutherford County, the fifth highest county total in April.

 

State a modest contributor to nation’s month foreclosure total

Tennessee accounted for 1 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

Tennessee

0

0

2,510

0

2,279

4,789

576

0.67

n/a

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

1,207

0

406

1,613

249

1.55

2.31

Lauderdale

0

0

3

0

37

40

289

1.34

1.99

Sevier

0

0

52

0

68

120

361

1.07

1.59

Williamson

0

0

49

0

99

148

425

0.91

1.36

Maury

0

0

32

0

50

82

440

0.88

1.31

 

 

Tennessee Top Foreclosure Totals by County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 10

% Chg Apr 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

Tennessee

0

0

2,510

0

2,279

4,789

576

-0.02

38.01

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

1,207

0

406

1,613

249

26.41

14.40

Davidson

0

0

218

0

211

429

661

-27.29

66.93

Knox

0

0

80

0

218

298

660

-5.10

33.63

Hamilton

0

0

93

0

135

228

660

-3.80

45.22

Rutherford

0

0

89

0

97

186

547

-26.19

44.19

 

 

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