TENNESSEE FORECLOSURES INCREASE 13 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 57 Percent From a Year Ago

 

IRVINE, Calif. – June 15, 2007 – Tennessee reported 3,823 foreclosure filings in May, a 13 percent increase from the previous month, and a 57 percent increase from May 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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 May of this year and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “First-quarter statistics show that the state’s home sales have declined by more than twice the rate of the national average. This is likely contributing to the overall rise in foreclosure filings.”

 

Tennessee ranked 15th in the country in total foreclosures reported for May. The state’s foreclosure rate of one foreclosure filing for every 638 households ranked it 12th among the 50 states.

 

Top three counties account for largest share of state total

Three counties accounted for 58 percent of all foreclosure filings in Tennessee for May. Shelby County documented the highest foreclosure total for the month, reporting 1,698 foreclosure filings. Davidson County documented the second highest foreclosure total, with 327 foreclosure filings, followed by Knox County with 189 foreclosure filings. Hamilton County documented the fourth highest foreclosure total, with 160 foreclosure filings, followed by Rutherford County with 144 foreclosure filings.  

 

Shelby County posts highest foreclosure rate

Shelby County posted the highest foreclosure rate in Tennessee for May, reporting one foreclosure filing for every 214 households — three times the state average and 3.1 times the national average. Hardeman County reported the second highest foreclosure rate, with one foreclosure filing for every 289 households — 2.2 times the state average and 2.3 times the national average. Bedford County posted the third highest foreclosure rate, with one foreclosure filing for every 428 households — 1.5 times the state average and 1.5 times the national average. Rutherford County reported the fourth highest foreclosure rate, with one foreclosure filing for every 490 households — 1.3 times the state average and 1.3 times the national average. Robertson County posted the fifth highest foreclosure rate, with one foreclosure filing for every 512 households — 1.2 times the state average and 1.3 times the national average.

 

State contributes 2 percent to national total

Total foreclosure filings in Tennessee accounted for 2 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 657 U.S. households 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 – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

Tennessee

989

1,862

0

0

972

3,823

638

1.03

n/a

 

 

 

 

 

 

 

 

 

 

Anderson

7

6

0

0

6

19

1,708

0.38

0.37

Bedford

14

9

0

0

12

35

428

1.53

1.49

Benton

1

1

0

0

3

5

1,719

0.38

0.37

Bledsoe

2

2

0

0

2

6

857

0.77

0.75

Blount

0

19

0

0

0

19

2,477

0.27

0.26

Bradley

11

17

0

0

9

37

995

0.66

0.64

Campbell

2

6

0

0

9

17

1,090

0.60

0.59

Cannon

1

6

0

0

1

8

678

0.97

0.94

Carroll

3

1

0

0

6

10

1,306

0.50

0.49

Carter

10

7

0

0

4

21

1,234

0.53

0.52

Cheatham

2

5

0

0

5

12

1,126

0.58

0.57

Chester

2

5

0

0

1

8

772

0.85

0.83

Claiborne

2

6

0

0

5

13

1,020

0.64

0.63

Clay

0

0

0

0

1

1

3,959

0.17

0.16

Cocke

3

2

0

0

3

8

1,981

0.33

0.32

Coffee

4

11

0

0

5

20

1,037

0.63

0.62

Crockett

5

1

0

0

5

11

558

1.18

1.14

Cumberland

4

7

0

0

4

15

1,496

0.44

0.43

Davidson

131

121

0

0

75

327

774

0.85

0.83

Decatur

0

2

0

0

1

3

2,102

0.31

0.30

DeKalb

0

4

0

0

0

4

2,102

0.31

0.30

Dickson

10

12

0

0

8

30

587

1.12

1.09

Dyer

7

0

0

0

4

11

1,466

0.45

0.44

Fayette

2

6

0

0

9

17

660

1.00

0.97

Fentress

0

2

0

0

0

2

3,799

0.17

0.17

Franklin

2

9

0

0

3

14

1,201

0.55

0.53

Gibson

6

6

0

0

11

23

916

0.72

0.70

Giles

0

3

0

0

6

9

1,457

0.45

0.44

Grainger

0

3

0

0

1

4

2,433

0.27

0.26

Greene

9

9

0

0

4

22

1,278

0.51

0.50

Grundy

0

0

0

0

1

1

6,282

0.10

0.10

Hamblen

6

6

0

0

13

25

988

0.66

0.65

Hamilton

31

63

0

0

66

160

842

0.78

0.76

Hardeman

1

5

0

0

31

37

289

2.27

2.21

Hardin

3

2

0

0

0

5

2,561

0.26

0.25

Hawkins

5

12

0

0

7

24

1,017

0.65

0.63

Haywood

0

3

0

0

1

4

2,022

0.32

0.32

Henderson

5

4

0

0

2

11

1,041

0.63

0.61

Henry

1

3

0

0

7

11

1,435

0.46

0.45

Hickman

6

3

0

0

2

11

809

0.81

0.79

Houston

1

1

0

0

0

2

1,951

0.34

0.33

Humphreys

3

1

0

0

1

5

1,696

0.39

0.38

Jackson

0

3

0

0

0

3

1,721

0.38

0.37

Jefferson

6

6

0

0

3

15

1,288

0.51

0.50

Johnson

0

2

0

0

1

3

2,626

0.25

0.24

Knox

62

60

0

0

67

189

907

0.72

0.70

Lake

0

1

0

0

0

1

2,716

0.24

0.24

Lauderdale

1

7

0

0

4

12

880

0.75

0.73

Lawrence

2

1

0

0

3

6

2,804

0.23

0.23

Lewis

1

1

0

0

2

4

1,205

0.54

0.53

Lincoln

7

4

0

0

5

16

875

0.75

0.73

Loudon

6

10

0

0

11

27

640

1.03

1.00

Macon

0

4

0

0

0

4

2,224

0.30

0.29

Madison

13

21

0

0

30

64

597

1.10

1.07

Marion

4

6

0

0

2

12

1,012

0.65

0.63

Marshall

2

7

0

0

5

14

799

0.82

0.80

Maury

11

15

0

0

14

40

717

0.92

0.89

McMinn

7

9

0

0

2

18

1,201

0.55

0.53

McNairy

4

6

0

0

5

15

748

0.88

0.85

Meigs

2

2

0

0

4

8

649

1.01

0.98

Monroe

2

4

0

0

9

15

1,152

0.57

0.55

Montgomery

19

24

0

0

20

63

828

0.79

0.77

Moore

0

0

0

0

0

0

n/a

0.00

0.00

Morgan

0

2

0

0

2

4

1,929

0.34

0.33

Obion

0

2

0

0

1

3

4,830

0.14

0.13

Overton

0

0

0

0

0

0

n/a

0.00

0.00

Perry

0

0

0

0

1

1

4,115

0.16

1.16

Pickett

0

0

0

0

0

0

n/a

0.00

0.00

Polk

1

5

0

0

0

6

1,228

0.53

0.52

Putnam

9

1

0

0

5

15

1,794

0.37

0.36

Rhea

7

4

0

0

4

15

838

0.78

0.76

Roane

7

8

0

0

8

23

1,016

0.65

0.63

Robertson

13

22

0

0

6

41

512

1.28

1.25

Rutherford

46

61

0

0

37

144

490

1.34

1.30

Scott

0

3

0

0

0

3

2,970

0.22

0.22

Sequatchie

2

3

0

0

3

8

615

1.07

1.04

Sevier

23

13

0

0

13

49

760

0.86

0.84

Shelby

344

1,053

0

0

301

1,698

214

3.07

2.99

Smith

2

1

0

0

2

5

1,53

0.43

0.42

Stewart

1

1

0

0

1

3

1,992

0.33

0.32

Sullivan

0

13

0

0

0

13

5,312

0.12

0.12

Sumner

32

21

0

0

20

73

708

0.93

0.90

Tipton

2

7

0

0

9

18

1,059

0.92

0.60

Trousdale

0

2

0

0

0

2

1,548

0.42

0.41

Unicoi

1

1

0

0

0

2

4,107

0.16

0.16

Union

0

4

0

0

2

6

1,319

0.50

0.48

Van Buren

0

0

0

0

1

1

2,453

0.27

0.26

Warren

4

5

0

0

7

16

1,043

0.63

0.61

Washington

8

15

0

0

6

29

1,648

0.40

0.39

Wayne

0

1

0

0

2

3

2,234

0.29

0.29

Weakley

2

2

0

0

3

7

2,133

0.31

0.30

White

1

3

0

0

1

5

2,038

0.32

0.31

Williamson

19

11

0

0

4

34

1,383

0.47

0.46

Wilson

14

14

0

0

12

40

873

0.75

0.73

 

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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