Tennessee Foreclosure Activity Falls in August

Statewide  filings down 9 percent from July

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — fell in  Tennessee, where 2,359 properties were reported in August, a 9 percent decrease  from July and 45 percent below the level reported for August 2010, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

Tennessee had  the 31st highest foreclosure rate in the country with one in every 1,179  housing units with a foreclosure filing in August.

Marshall County posts top foreclosure rate in the  state for August
  One in every 354 housing  units in Marshall County received a foreclosure filing in August — 1.6 times  the national average and 3.3 times the state average — the highest foreclosure  rate of all Tennessee counties for the month. Hickman County had the second  highest rate of one in every 627 housing units with a foreclosure filing during  the month — 1.9 times the state average. Sevier County had the third highest  rate of one in every 685 housing units with a foreclosure filing during the  month — 1.7 times the state average.

Shelby County has top foreclosure total in August
  Shelby County led the  state in foreclosure activity, reporting 418 properties with foreclosure  filings for the month. Davidson County was second highest, reporting 293 properties  with foreclosure filings. Knox County was third, reporting 209 properties with  foreclosure filings. Fourth highest was Hamilton County, recording 128  properties with foreclosure filings. Rutherford County was fifth tallying 120  properties with a foreclosure filing.

State a minor contributor to total foreclosure  activity in August
  Tennessee accounted for 1  percent of the 228,098 properties with foreclosure filings reported nationwide  in August. Total U.S. activity increased by more than 7 percent from July, but was  down nearly 33 percent from the level reported in August 2010. One in every 570  U.S. housing units received a foreclosure filing during the month.

“The big increase in new foreclosure actions may be  a signal that lenders are starting to push through some of the foreclosures  delayed by robo-signing and other documentation problems,” said James Saccacio,  chief executive officer of RealtyTrac. “It also foreshadows more bank  repossessions in the coming months as these new foreclosures make their way  through the process.”

Report methodology
  The RealtyTrac U.S. Foreclosure Market Report  provides a count of the total number of properties with at least one  foreclosure filing entered into the RealtyTrac database during the month —  broken out by type of filing by state, county and metropolitan statistical area.  Some foreclosure filings entered into the database during the month may have  been recorded in previous months. Data is collected from more than 2,200  counties nationwide, and those counties account for more than 90 percent of the  U.S. population. RealtyTrac’s report incorporates documents filed in all three  phases of foreclosure: DefaultNotice  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 received for a property during the month,  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 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

n/a

n/a

Tennessee

0

0

1,100

0

1,259

2,359

1,179

0.48

n/a

 

 

 

 

 

 

 

 

 

 

Marshall

0

0

6

0

31

37

354

1.61

3.33

Hickman

0

0

6

0

9

15

627

0.91

1.88

Sevier

0

0

27

0

37

64

685

0.83

1.72

Maury

0

0

29

0

23

52

701

0.81

1.68

Cheatham

0

0

13

0

8

21

760

0.75

1.55

 

 

        Tennessee Top Foreclosure Totals by County – August 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 11

% Chg Aug 10

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

7.21

-32.68

Tennessee

0

0

1,100

0

1,259

2,359

1,179

-8.95

-44.69

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

286

0

132

418

964

-5.86

-67.42

Davidson

0

0

121

0

172

293

973

-4.87

-35.03

Knox

0

0

66

0

143

209

946

10.00

-14.69

Hamilton

0

0

53

0

75

128

1,181

-22.42

-48.59

Rutherford

0

0

58

0

62

120

865

-28.14

-42.58

 

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