Tennessee Reports Welcome Drop in Foreclosures in August

Foreclosure activity in Tennessee fell 8 percent in August to 4,200 properties with foreclosure filings, down 10 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Tennessee foreclosures fell in August, bringing the amount of activity well below the level reported for this time last year even as unemployment rose to 10.8 percent,” said James J. Saccacio, chief executive officer of RealtyTrac.

 

One in every 649 Tennessee housing units received a foreclosure filing in August, the 23rd highest foreclosure rate in the nation.

 

Shelby County posts state’s top foreclosure rate in August

Shelby County posted the highest county foreclosure rate in the state for August, with one in every 281 housing units receiving a foreclosure filing — 2.3 times the state average. Sevier County had the second highest foreclosure rate, with one in every 415 housing units receiving a foreclosure filing during the month — 1.6 times the state average. Maury County posted the third highest foreclosure rate, where one in every 441 housing units received a foreclosure filing — 1.5 times the state average.

 

Shelby County reports highest foreclosure activity for August

Shelby County also tallied the highest activity level, tallying 1,420 properties with foreclosure filings for the month. Davidson County had the second highest total of foreclosure filings, documenting 474 properties with foreclosure filings. Reporting 256 properties with foreclosure filings for the month, Knox County reported the third highest total in the state. Hamilton County was fourth highest, reporting 239 properties with foreclosure filings, while the fifth highest total was in Rutherford County, where 156 properties with foreclosure filings were reported for the month.

 

State a minor contributor to the nation’s foreclosure activity in August

Tennessee accounted for 1 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Tennessee

11

1

1,901

0

2,287

4,200

649

0.55

n/a

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

900

0

520

1,420

281

1.27

2.31

Sevier

0

0

34

0

69

103

415

0.86

1.56

Maury

0

0

37

0

43

80

441

0.81

1.47

Sequatchie

0

0

4

0

6

10

520

0.69

1.25

Rhea

0

0

9

0

16

25

548

0.65

1.18

 

 

Tennessee Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Tennessee

11

1

1,901

0

2,287

4,200

649

-8.14

-10.01

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

900

0

520

1,420

281

-21.07

-16.57

Davidson

0

1

140

0

333

474

588

17.04

-3.85

Knox

2

0

69

0

185

256

757

19.07

-15.79

Hamilton

2

0

95

0

142

239

623

12.21

0.00

Rutherford

0

0

84

0

72

156

634

-31.58

-12.85

 

 

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