TENNESSEE FORECLOSURE ACTIVITY UP 5 PERCENT IN JULY

Foreclosure Activity Up 29 Percent From July 2007

 

IRVINE, Calif. – Aug. 29, 2008 – Tennessee reported 4,565 properties with foreclosure filings in July, a 5 percent increase from the previous month, and a 29 percent increase from July 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 1.5 million properties from over 2,200 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 increased both in July and from this time last year,” said James J. Saccacio chief executive officer of RealtyTrac. “Statistics show that the state’s unemployment rate rose nearly 2 percent during the past year — the second highest increase in the country. This, in addition to the overall decline in the housing market, is likely to blame for the overall rise.”

 

Tennessee ranked 15th in the country in total foreclosures reported for the month. With one in every 587 households receiving a foreclosure filing, Tennessee’s foreclosure rate ranked 13th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five Tennessee counties accounted for 64 percent of all foreclosure activity in the state for July. Shelby County led the state reporting 1,832 properties with foreclosure filings. Second highest total was in Davidson County, reporting 439 properties with foreclosure filings. Knox County registered the third highest foreclosure total, reporting 277 properties with foreclosure filings. Hamilton County came in fourth, reporting 223 properties with foreclosure filings. Rutherford County came in fifth with 156 properties with foreclosure filings.

 

Shelby County posts top foreclosure rate for July

Shelby County tallied the highest county foreclosure rate in Tennessee for July, with one in every 215 households receiving a foreclosure filing for the month — 2.7 times the state average and 2.2 times the national average. Sumner County posted the state’s second highest foreclosure rate, with one in every 511 households receiving a foreclosure filing during the month. Tipton County posted the third highest foreclosure rate, with one in every 524 households receiving a foreclosure filing in July.

 

State contributes 2 percent to nation’s foreclosure total in July

Tennessee accounted for 2 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents more than a 7 percent increase from the previous month and is 55 percent ahead of the total reported for July 2007. The nation’s foreclosure rate increased to one in every 464 U.S. households receiving 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 – July 2008

  

County

NOD

LIS

NTS

NFS

REO

Total

1/every X  HH (rate)

/National Average

/State Average

 

 

 

United States

55,601

55,042

57,145

27,088

77,295

272,171

464

n/a

n/a

Tennessee

1,622

0

1,564

0

1,379

4,565

587

0.79

n/a

 

 

 

 

 

 

 

 

 

Anderson

5

0

13

0

3

21

1,613

0.29

0.36

Bedford

8

0

14

0

8

30

564

0.82

1.04

Benton

4

0

5

0

0

9

996

0.47

0.59

Bledsoe

1

0

1

0

1

3

1,794

0.26

0.33

Blount

0

0

12

0

4

16

3,224

0.14

0.18

Bradley

24

0

13

0

13

50

808

0.57

0.73

Campbell

9

0

7

0

5

21

906

0.51

0.65

Cannon

0

0

1

0

1

2

2,830

0.16

0.21

Carroll

4

0

4

0

7

15

902

0.51

0.65

Carter

2

0

3

0

5

10

2,712

0.17

0.22

Cheatham

2

0

10

0

7

19

807

0.58

0.73

Chester

1

0

2

0

1

4

1,674

0.28

0.35

Claiborne

5

0

3

0

2

10

1,478

0.31

0.40

Clay

1

0

0

0

1

2

2,074

0.22

0.28

Cocke

5

0

7

0

4

16

1,031

0.45

0.57

Coffee

9

0

6

0

10

25

896

0.52

0.66

Crockett

1

0

1

0

2

4

1,584

0.29

0.37

Cumberland

9

0

5

0

1

15

1,595

0.29

0.37

Davidson

147

0

121

0

171

439

626

0.74

0.94

Decatur

0

0

0

0

0

0

 

0.00

0.00

DeKalb

2

0

3

0

1

6

1,459

0.32

0.40

Dickson

9

0

6

0

11

26

753

0.62

0.78

Dyer

6

0

4

0

4

14

1,214

0.38

0.48

Fayette

3

0

4

0

4

11

1,221

0.38

0.48

Fentress

2

0

2

0

1

5

1,584

0.29

0.37

Franklin

6

0

7

0

6

19

977

0.48

0.60

Gibson

14

0

3

0

11

28

791

0.59

0.74

Giles

4

0

5

0

5

14

978

0.47

0.60

Grainger

1

0

1

0

7

9

1,133

0.41

0.52

Greene

8

0

6

0

7

21

1,445

0.32

0.41

Grundy

0

0

0

0

1

1

6,551

0.07

0.09

Hamblen

22

0

7

0

4

33

794

0.58

0.74

Hamilton

80

0

44

0

99

223

650

0.71

0.90

Hancock

0

0

0

0

1

1

3,388

0.14

0.17

Hardeman

5

0

3

0

6

14

805

0.58

0.73

Hardin

5

0

1

0

5

11

1,222

0.38

0.48

Hawkins

10

0

3

0

10

23

1,124

0.41

0.52

Haywood

3

0

8

0

5

16

530

0.88

1.11

Henderson

5

0

6

0

3

14

859

0.54

0.68

Henry

4

0

6

0

3

13

1,275

0.36

0.46

Hickman

2

0

3

0

2

7

1,327

0.35

0.44

Houston

1

0

1

0

1

3

1,357

0.34

0.43

Humphreys

1

0

0

0

1

2

4,459

0.10

0.13

Jackson

1

0

0

0

1

2

2,693

0.17

0.22

Jefferson

10

0

6

0

5

21

1,038

0.45

0.57

Johnson

0

0

0

0

3

3

2,828

0.16

0.21

Knox

125

0

78

0

74

277

686

0.68

0.86

Lake

0

0

1

0

1

2

1,379

0.34

0.43

Lauderdale

8

0

7

0

2

17

671

0.69

0.87

Lawrence

12

0

6

0

9

27

642

0.72

0.91

Lewis

1

0

1

0

2

4

1,254

0.37

0.47

Lincoln

5

0

6

0

1

12

1,205

0.39

0.49

Loudon

16

0

10

0

8

34

559

0.83

1.05

Macon

1

0

1

0

4

6

1,566

0.30

0.38

Madison

8

0

16

0

36

60

702

0.66

0.84

Marion

6

0

2

0

3

11

1,208

0.38

0.49

Marshall

3

0

5

0

6

14

897

0.52

0.65

Maury

25

0

16

0

18

59

577

0.80

1.02

McMinn

17

0

8

0

6

31

727

0.64

0.81

McNairy

3

0

3

0

4

10

1,171

0.40

0.50

Meigs

4

0

2

0

0

6

927

0.50

0.63

Monroe

11

0

7

0

6

24

775

0.60

0.76

Montgomery

54

0

41

0

19

114

558

0.83

1.05

Moore

1

0

0

0

0

1

2,841

0.16

0.21

Morgan

1

0

0

0

6

7

1,152

0.40

0.51

Obion

0

0

2

0

7

9

1,655

0.28

0.35

Overton

1

0

2

0

2

5

1,910

0.24

0.31

Perry

0

0

1

0

0

1

4,304

0.11

0.14

Pickett

0

0

0

0

0

0

 

0.00

0.00

Polk

2

0

3

0

3

8

996

0.47

0.59

Putnam

13

0

9

0

4

26

1,144

0.41

0.51

Rhea

8

0

5

0

2

15

905

0.51

0.65

Roane

11

0

9

0

10

30

812

0.57

0.72

Robertson

17

0

7

0

10

34

721

0.64

0.81

Rutherford

69

0

59

0

28

156

609

0.76

0.96

Scott

0

0

2

0

0

2

4,650

0.10

0.13

Sequatchie

2

0

4

0

2

8

647

0.72

0.91

Sevier

25

0

27

0

24

76

551

0.84

1.07

Shelby

556

0

752

0

524

1,832

215

2.16

2.73

Smith

6

0

0

0

0

6

1,358

0.34

0.43

Stewart

0

0

0

0

2

2

3,136

0.15

0.19

Sullivan

1

0

16

0

2

19

3,835

0.12

0.15

Sumner

60

0

27

0

31

118

511

0.91

1.15

Tipton

16

0

15

0

12

43

524

0.88

1.12

Trousdale

0

0

1

0

1

2

1,657

0.28

0.35

Unicoi

4

0

1

0

4

9

950

0.49

0.62

Union

0

0

2

0

2

4

2,207

0.21

0.27

Van Buren

0

0

0

0

1

1

2,564

0.18

0.23

Warren

3

0

3

0

10

16

1,084

0.43

0.54

Washington

15

0

16

0

5

36

1,439

0.32

0.41

Wayne

1

0

0

0

2

3

2,346

0.20

0.25

Weakley

8

0

4

0

4

16

976

0.48

0.60

White

6

0

5

0

5

16

664

0.70

0.89

Williamson

29

0

13

0

12

54

1,097

0.42

0.54

Wilson

27

0

12

0

12

51

813

0.57

0.72

 

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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