Tennessee Foreclosure Activity Down in 2011

Filings down 33 percent from 2010; down 36 percent from 2009

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 26,161 Tennessee properties in 2011, down 33 percent from a year ago and 36 percent below the level reported in 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

The state posted the 24th highest foreclosure rate in the nation, with one in every 106 Tennessee housing units receiving a foreclosure filing in 2011.

Foreclosure filings were reported on 3,141 Tennessee properties in December, a 45 percent increase from November and up 21 percent from December 2010. One in every 885 Tennessee housing units received a foreclosure filing in December, the 18th highest state foreclosure rate in the nation.

Sevier County has top foreclosure rate honors in 2011
 One in every 53 housing units in Sevier County received a foreclosure filing during 2011 — 1.3 times the national average and twice the state average. Marshall County had the second highest rate with one in every 64 housing units reporting a foreclosure filing — 1.1 times the national average and 1.7 times the state average. Loudon County had the third highest rate, reporting one in every 70 housing units with a foreclosure filing — on par with the national average and 1.5 times the state average.

Shelby County leads the state in foreclosure activity for 2011
 Shelby County led the way, reporting 5,688 properties with foreclosure filings during 2011. Davidson County was second highest in the state, reporting 3,030 properties with foreclosure filings. Third highest total was tallied in Knox County, where 1,904 properties with foreclosure filings were reported. Reporting 1,418 properties with foreclosure filings for the year, Hamilton County registered the fourth highest total in the state. Fifth highest was Rutherford County, where 1,380 properties with foreclosure filings were reported for 2011.

State a moderate contributor to nation’s foreclosure total in 2011
 Tennessee accounted for 1 percent of the 1,887,777 properties with foreclosure filings reported nationwide for 2011. Total U.S. activity was down 34 percent from 2010 and was down 33 percent from the level reported for 2009. One in every 69 U.S. housing units received a foreclosure filing during the year.

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process.

“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”

Tennessee Top Foreclosure Rates By County –2011

County

Total

% Housing Units

1/every X HU (rate)

/National Avg.

/State Avg.

 

 

 

 

 

 

United States

1,887,777

1.45

69

n/a

n/a

Tennessee

26,161

0.94

106

0.65

n/a

 

 

 

 

 

 

Sevier

821

1.87

53

1.29

1.99

Marshall

205

1.57

64

1.08

1.66

Loudon

290

1.42

70

0.98

1.51

Shelby

5,688

1.41

71

0.97

1.50

Maury

502

1.38

73

0.95

1.46

  Tennessee Top Foreclosure Totals By County –2011

County

Total

% Housing Units

1/every X HU (rate)

% Chg 2010

% Chg 2009

 

 

 

 

 

 

United States

1,887,777

1.45

69

-34.27

-33.17

Tennessee

26,161

0.94

106

-33.27

-35.77

 

 

 

 

 

 

Shelby

5,688

1.41

71

-45.94

-57.39

Davidson

3,030

1.06

94

-28.22

-25.17

Knox

1,904

0.96

104

-26.63

-22.06

Hamilton

1,418

0.94

107

-31.50

-35.13

Rutherford

1,380

1.33

75

-29.66

-20.74

 

 

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