TENNESSEE FORECLOSURE ACTIVITY UP 70 PERCENT IN 2008

More than 44,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 44,153 Tennessee properties in 2008, an increase of 70 percent from 2007 and an increase of 128 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 1.65 percent of all Tennessee housing units received at least one foreclosure filing during the year, up from 0.98 percent in 2007.

 

Tennessee reported 3,884 properties with foreclosure filings in December, a 12 percent increase from the previous month and a 3 percent increase over December 2007.

 

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.

 

“Foreclosure activity in Tennessee increased significantly between 2007 and 2008 as the state’s economy worsened and its job market slumped,” said James J. Saccacio, chief executive officer of RealtyTrac. “With unemployment hitting a 20-year high near the end of 2008, the surge in foreclosure activity reported within the Volunteer State was to be expected.”

 

Shelby County reports highest total of foreclosure filings

Shelby County led the state reporting 15,516 properties with foreclosure filings for the year. Davidson County came in second, reporting 4,203 properties with foreclosure filings. Knox County registered the third highest foreclosure total, reporting 2,599 properties with foreclosure filings. Hamilton County posted the fourth highest foreclosure total, reporting 2,250 properties with foreclosure filings. Rutherford County came in fifth, documenting 1,825 properties with foreclosure filings.

 

Shelby County posts top foreclosure rate

Shelby County topped the list, with 3.94 percent of its housing units receiving at least one foreclosure filing during the year. Hardeman County came in second, with 2.63 percent of its housing units receiving at least one foreclosure filing. Bedford County posted the third highest foreclosure rate, where 2.17 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Sequatchie County (2.03 percent) and Tipton County (1.97 percent).

 

State a contributor to nation’s foreclosure total for 2008

Tennessee accounted for 2 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Tennessee

44,153

1.65

70.38

 

 

 

 

 

61

Anderson

289

0.85

56.22

3

Bedford

368

2.17

69.59

52

Benton

82

0.91

67.35

75

Bledsoe

35

0.65

218.18

83

Blount

246

0.48

969.57

26

Bradley

544

1.35

63.36

27

Campbell

251

1.32

50.30

54

Cannon

51

0.90

88.89

32

Carroll

168

1.24

58.49

87

Carter

118

0.44

40.48

20

Cheatham

222

1.45

101.82

53

Chester

61

0.91

17.31

59

Claiborne

127

0.86

56.79

91

Clay

12

0.29

71.43

73

Cocke

111

0.67

33.73

43

Coffee

250

1.12

73.61

46

Crockett

64

1.01

64.10

70

Cumberland

183

0.77

117.86

16

Davidson

4,203

1.53

67.05

82

Decatur

33

0.49

-17.50

77

DeKalb

55

0.63

-23.61

25

Dickson

265

1.35

93.43

31

Dyer

215

1.26

51.41

51

Fayette

126

0.94

63.64

62

Fentress

67

0.85

91.43

56

Franklin

162

0.87

72.34

13

Gibson

361

1.63

57.64

44

Giles

151

1.10

98.68

55

Grainger

91

0.89

75.00

49

Greene

302

1.00

76.61

78

Grundy

39

0.60

178.57

19

Hamblen

389

1.49

121.02

15

Hamilton

2,250

1.55

101.07

92

Hancock

9

0.27

125.00

2

Hardeman

296

2.63

97.33

69

Hardin

104

0.77

50.72

60

Hawkins

222

0.86

85.00

37

Haywood

103

1.22

119.15

47

Henderson

121

1.01

89.06

72

Henry

126

0.76

70.27

21

Hickman

133

1.43

44.57

79

Houston

24

0.59

100.00

64

Humphreys

73

0.82

43.14

80

Jackson

31

0.58

72.22

35

Jefferson

268

1.23

127.12

86

Johnson

37

0.44

48.00

23

Knox

2,599

1.37

87.52

71

Lake

21

0.76

110.00

17

Lauderdale

173

1.52

92.22

40

Lawrence

199

1.15

80.91

41

Lewis

57

1.14

21.28

57

Lincoln

125

0.86

104.92

11

Loudon

332

1.75

95.29

45

Macon

96

1.02

92.00

9

Madison

760

1.80

58.33

74

Marion

89

0.67

53.45

8

Marshall

239

1.90

99.17

12

Maury

571

1.68

108.39

28

McMinn

293

1.30

55.85

24

McNairy

160

1.37

52.38

38

Meigs

67

1.21

116.13

29

Monroe

239

1.29

106.03

18

Montgomery

963

1.51

107.99

94

Moore

6

0.21

200.00

68

Morgan

64

0.79

120.69

76

Obion

94

0.63

4.44

89

Overton

33

0.35

135.71

84

Perry

20

0.46

150.00

95

Pickett

4

0.13

n/a

48

Polk

80

1.00

81.82

63

Putnam

250

0.84

121.24

22

Rhea

187

1.38

92.78

33

Roane

302

1.24

69.66

10

Robertson

434

1.77

89.52

7

Rutherford

1,825

1.92

89.32

93

Scott

23

0.25

1,050.00

4

Sequatchie

105

2.03

98.11

6

Sevier

822

1.96

149.85

1

Shelby

15,516

3.94

49.52

39

Smith

94

1.15

64.91

65

Stewart

51

0.81

168.42

90

Sullivan

234

0.32

1,070.00

14

Sumner

970

1.61

87.26

5

Tipton

445

1.97

96.90

34

Trousdale

41

1.24

51.85

85

Unicoi

39

0.46

25.81

58

Union

76

0.86

72.73

88

Van Buren

10

0.39

42.86

36

Warren

213

1.23

88.50

67

Washington

414

0.80

64.94

81

Wayne

35

0.50

84.21

66

Weakley

126

0.81

72.60

42

White

119

1.12

50.63

50

Williamson

570

0.96

128.00

30

Wilson

530

1.28

79.05

 

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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