Tennessee Foreclosures Rise in October

Statewide filings up 14 percent from September

 

Tennessee reported 4,030 properties with foreclosure filings in October, up 14 percent from the previous month, but still down slightly from the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 676 Tennessee housing units received a foreclosure filing in October, the 23rd highest foreclosure rate in the nation.

 

“Foreclosure activity jumped up in Tennessee in October, though it remained slightly below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Like other states that have relied for years on the strength of the U.S. manufacturing and automotive industries, Tennessee’s economy — and thus its homeowners — have been hit hard by the national recession.”

 

Shelby County tops state in foreclosure rate in October

Shelby County posted the highest county foreclosure rate in Tennessee for October, with one in every 293 housing units receiving a foreclosure filing — 2.3 times the state average. Loudon County had the second highest foreclosure rate in the state, with one in every 374 housing units receiving a foreclosure filing — 2.3 times the state average. Sevier County had the third highest foreclosure rate, with one in every 428 housing units receiving a foreclosure filing — 1.6 times the state average. Sequatchie County posted the fourth highest foreclosure rate, where one in every 433 housing units received a foreclosure filing during the month — 1.6 times the state average.

 

Shelby County tops state in foreclosure totals during October

Shelby County led the state in foreclosure activity, reporting 1,360 properties with foreclosure filings for the month. Davidson County reported the second highest foreclosure total, documenting 476 properties with foreclosure filings. Knox County posted the third highest foreclosure total in Tennessee, reporting 223 properties with foreclosure filings for October. Rutherford County came in fourth, reporting 178 properties with foreclosure filings, while the fifth highest total was in Hamilton County, where 159 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in October

Tennessee accounted for 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received 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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Tennessee

0

0

1,906

0

2,124

4,030

676

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

968

0

392

1,360

293

1.31

2.31

Loudon

0

0

14

0

39

53

374

1.03

1.81

Sevier

0

0

40

0

60

100

428

0.90

1.58

Sequatchie

0

0

6

0

6

12

433

0.89

1.56

Madison

0

0

26

0

56

82

521

0.74

1.30

 

 

Tennessee Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Tennessee

0

0

1,906

0

2,124

4,030

676

14.13

-0.20

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

968

0

392

1,360

293

11.75

-26.72

Davidson

0

0

144

0

332

476

586

36.78

54.55

Knox

0

0

76

0

147

223

868

-3.04

33.53

Rutherford

0

0

62

0

116

178

555

33.83

45.90

Hamilton

0

0

51

0

108

159

937

-5.92

-10.17

 

 

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