TENNESSEE FORECLOSURE ACTIVITY UP 17 PERCENT IN FEBRUARY

Yearly Foreclosure Activity Up 29 Percent From February 2007

 

IRVINE, Calif. – March 26, 2008 – Tennessee reported 4,959 properties with foreclosure filings for February 2008, a 17 percent increase from the previous month, and a 29 percent increase from February 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

Tennessee foreclosures are up both in February and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although currently on par with the national average, the state’s unemployment rate has been rising during the past year. This may be contributing to the overall increase.”

 

Tennessee ranked 14th in the country in total foreclosures reported in February. One in every 532 households received a foreclosure filing in February. Tennessee’s foreclosure rate was ranked 10th among the 50 states.

 

Five counties account for largest share of state total

Five counties accounted for 63 percent of all properties with foreclosure filings in Tennessee for February. Shelby County held the highest total for the month with 1,931 properties with foreclosure filings. Davidson County was second, reporting 456 properties with foreclosure filings for the month, followed by Knox County with 311 properties with foreclosure filings. Rutherford County came in fourth, reporting 220 properties with foreclosure filings and Hamilton County was fifth, reporting 203 properties with foreclosure filings.

 

Shelby County posts highest foreclosure rate

Shelby County reported the highest county foreclosure rate in the state for February, one in every 202 households receiving a foreclosure filing — 2.6 times the state average and 2.8 times the national average. Tipton County posted the second highest foreclosure rate, one in every 407 households receiving a foreclosure filing — 1.3 times the state average and 1.4 times the national average. Trousdale County reported the third highest foreclosure rate, one in every 410 households receiving a foreclosure filing — 1.3 times the state average and 1.4 times the national average. Rutherford County posted the third highest foreclosure rate, one in every 410 households receiving a foreclosure filing — 1.3 times the state average and 1.4 times the national average.

 

State contributes 2 percent to nation’s monthly total

Total foreclosure filings in Tennessee accounted for 2 percent of the 223,651 foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, but still a 60 percent above the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

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

 

 

Tennessee Foreclosure Market by County – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

Tennessee

1,841

1,859

0

0

1,259

4,959

532

1.05

n/a

 

 

 

 

 

 

 

 

 

 

Anderson

14

12

0

0

10

36

935

0.60

0.57

Bedford

15

10

0

0

8

33

500

1.11

1.06

Benton

3

2

0

0

1

6

1,489

0.37

0.36

Bledsoe

4

0

0

0

2

6

893

0.62

0.60

Blount

0

23

0

0

0

23

2,203

0.25

0.24

Bradley

31

18

0

0

20

69

577

0.97

0.92

Campbell

12

9

0

0

11

32

592

0.94

0.90

Cannon

2

2

0

0

1

5

1,128

0.49

0.47

Carroll

4

2

0

0

6

12

1,124

0.50

0.47

Carter

2

2

0

0

6

10

2,687

0.21

0.20

Cheatham

17

7

0

0

7

31

487

1.14

1.09

Chester

5

3

0

0

8

16

411

1.36

1.30

Claiborne

4

2

0

0

3

9

1,623

0.34

0.33

Clay

0

0

0

0

0

0

 n/a

0.00

0.00

Cocke

5

3

0

0

6

14

1,173

0.47

0.45

Coffee

8

4

0

0

4

16

1,369

0.41

0.39

Crockett

1

4

0

0

4

9

701

0.79

0.76

Cumberland

11

3

0

0

5

19

1,248

0.45

0.43

Davidson

218

133

0

0

105

456

593

0.94

0.90

Decatur

0

1

0

0

0

1

6,711

0.08

0.08

DeKalb

0

4

0

0

0

4

2,177

0.26

0.24

Dickson

15

9

0

0

12

36

538

1.04

0.99

Dyer

10

6

0

0

12

28

605

0.92

0.88

Fayette

6

7

0

0

4

17

750

0.74

0.71

Fentress

1

6

0

0

1

8

986

0.56

0.54

Franklin

7

2

0

0

10

19

965

0.58

0.55

Gibson

17

11

0

0

8

36

609

0.91

0.87

Giles

6

4

0

0

6

16

854

0.65

0.62

Grainger

3

4

0

0

2

9

1,129

0.49

0.47

Greene

9

6

0

0

17

32

935

0.60

0.57

Grundy

1

0

0

0

1

2

3,262

0.17

0.16

Hamblen

13

14

0

0

7

34

763

0.73

0.70

Hamilton

71

81

0

0

51

203

705

0.79

0.75

Hancock

1

0

0

0

0

1

3,379

0.16

0.16

Hardeman

6

5

0

0

6

17

659

0.85

0.81

Hardin

8

4

0

0

9

21

637

0.87

0.83

Hawkins

12

6

0

0

5

23

1,116

0.50

0.48

Haywood

0

3

0

0

9

12

702

0.79

0.76

Henderson

6

4

0

0

4

14

855

0.65

0.62

Henry

3

3

0

0

5

11

1,500

0.37

0.35

Hickman

6

5

0

0

3

14

661

0.84

0.80

Houston

1

2

0

0

2

5

810

0.69

0.66

Humphreys

5

2

0

0

2

9

985

0.57

0.54

Jackson

1

0

0

0

5

6

894

0.62

0.60

Jefferson

15

9

0

0

7

31

690

0.81

0.77

Johnson

1

0

0

0

1

2

4,227

0.13

0.13

Knox

153

74

0

0

84

311

601

0.93

0.89

Lake

0

0

0

0

2

2

1,373

0.41

0.39

Lauderdale

6

6

0

0

2

14

807

0.69

0.66

Lawrence

3

3

0

0

10

16

1,080

0.52

0.49

Lewis

1

2

0

0

3

6

833

0.67

0.64

Lincoln

4

6

0

0

4

14

1,029

0.54

0.52

Loudon

14

7

0

0

6

27

689

0.81

0.77

Macon

6

6

0

0

1

13

718

0.78

0.74

Madison

3

26

0

0

34

63

660

0.84

0.81

Marion

8

5

0

0

7

20

659

0.84

0.81

Marshall

3

8

0

0

1

12

1,027

0.54

0.52

Maury

17

13

0

0

12

42

783

0.71

0.68

McMinn

12

7

0

0

11

30

747

0.74

0.71

McNairy

9

6

0

0

5

20

582

0.96

0.91

Meigs

1

2

0

0

0

3

1,836

0.30

0.29

Monroe

14

10

0

0

6

30

612

0.91

0.87

Montgomery

51

33

0

0

30

114

536

1.04

0.99

Moore

2

0

0

0

1

3

927

0.60

0.57

Morgan

3

3

0

0

3

9

893

0.62

0.60

Obion

0

3

0

0

0

3

4,955

0.11

0.11

Overton

1

3

0

0

1

5

1,903

0.29

0.28

Perry

0

0

0

0

0

0

 n/a

0.00

0.00

Pickett

0

0

0

0

0

0

 n/a

0.00

0.00

Polk

6

4

0

0

4

14

558

1.00

0.95

Putnam

4

9

0

0

3

16

1,818

0.31

0.29

Rhea

7

7

0

0

6

20

674

0.83

0.79

Roane

10

9

0

0

4

23

1,054

0.53

0.50

Robertson

17

16

0

0

10

43

557

1.00

0.95

Rutherford

100

63

0

0

57

220

410

1.36

1.30

Scott

0

2

0

0

0

2

4,629

0.12

0.11

Sequatchie

0

4

0

0

1

5

1,030

0.54

0.52

Sevier

38

20

0

0

24

82

500

1.11

1.06

Shelby

582

940

0

0

409

1,931

202

2.76

2.64

Smith

5

1

0

0

5

11

727

0.77

0.73

Stewart

1

1

0

0

3

5

1,244

0.45

0.43

Sullivan

0

16

0

0

0

16

4,515

0.12

0.12

Sumner

45

28

0

0

18

91

643

0.87

0.83

Tipton

26

13

0

0

15

54

407

1.37

1.31

Trousdale

1

5

0

0

2

8

410

1.36

1.30

Unicoi

1

0

0

0

0

1

8,527

0.07

0.06

Union

10

3

0

0

5

18

483

1.15

1.10

Van Buren

0

0

0

0

1

1

2,553

0.22

0.21

Warren

7

4

0

0

8

19

909

0.61

0.58

Washington

9

13

0

0

12

34

1,498

0.37

0.36

Wayne

2

0

0

0

2

4

1,753

0.32

0.30

Weakley

10

4

0

0

6

20

777

0.72

0.68

White

5

2

0

0

5

12

881

0.63

0.60

Williamson

35

21

0

0

33

89

637

0.87

0.84

Wilson

29

14

0

0

7

50

803

0.69

0.66

               

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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