Tennessee Foreclosure Activity Down in Third Quarter

Filings down 1 percent from Q2 2011, down 25 percent from a year ago

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 7,711 Tennessee properties  during the third quarter of 2011, down 1 percent from the second quarter of  2011 and 25 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S.  Foreclosure Market Report.

One in every 361 Tennessee housing units had a foreclosure  filing during the quarter, the state posted the 26th highest  foreclosure rate in the nation.

Foreclosure filings were reported  on 2,923 Tennessee  properties in September, a 24 percent increase from August and up 14 percent  from September 2010. One in every 951 Tennessee  housing units had a foreclosure filing in September, the 24th  highest state foreclosure rate in the nation.

Sevier County posts top  foreclosure rate for the third quarter
  One in every 167 housing units in Sevier County  had a foreclosure filing during the third quarter of 2011 — 1.3 times the  national average and 2.1 times the state average. Marshall County  had the second highest rate with one in every 182 housing units reporting a  foreclosure filing — 1.2 times the national average and twice the state  average. Robertson   County had the third  highest rate, reporting one in every 230 housing units with a foreclosure  filing — 1.6 times the state average.

Shelby County leads  the state in foreclosure activity for third quarter
  Shelby County had the highest level of foreclosure activity in  the state, reporting 1,374 properties with foreclosure filings during the  quarter. Davidson   County was second highest,  reporting 956 properties with foreclosure filings. Third highest total was  tallied in Knox County, where 639 properties with  foreclosure filings were reported. Reporting 451 properties with foreclosure  filings for the quarter, Hamilton   County registered the  fourth highest total in the state. Fifth highest was Rutherford County,  where 393 properties with foreclosure filings were reported for the quarter.

State a minor contributor to  nation’s foreclosure total in the third quarter
  Tennessee accounted for 1 percent of the 610,337 properties  with foreclosure filings reported nationwide for the third quarter of 2011.  Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S. housing  units received a foreclosure filing during the quarter.

“U.S.  foreclosure activity has been mired down since October of last year, when  the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork,” said  James Saccacio, chief executive  officer of RealtyTrac. “While foreclosure  activity in September and the third quarter continued to register well below levels  from a year ago, there is evidence  that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back  up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the  foreclosure fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”

 

                                          Tennessee Top Foreclosure Rates By County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

Tennessee

0

0

3,492

0

4,219

7,711

361

0.59

n/a

 

 

 

 

 

 

 

 

 

 

Sevier

0

0

90

0

173

263

167

1.28

2.16

Marshall

0

0

21

0

51

72

182

1.17

1.98

Robertson

0

0

53

0

59

112

230

0.93

1.57

Maury

0

0

72

0

80

152

240

0.89

1.50

Hickman

0

0

14

0

25

39

241

0.88

1.49

 
                                           Tennessee
Top Foreclosure Totals by County – Q3 2011 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

Tennessee

0

0

3,492

0

4,219

7,711

361

-0.99

-25.47

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

846

0

528

1,374

293

30.11

-52.09

Davidson

0

0

467

0

489

956

298

1.27

-10.32

Knox

0

0

199

0

440

639

309

-2.44

-8.97

Hamilton

0

0

172

0

279

451

335

7.13

-21.70

Rutherford

0

0

186

0

207

393

264

4.24

-19.80

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