Tennessee Foreclosure Activity Falls in January

Statewide filings down 33 percent from December

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,107 Tennessee properties in January, a 33 percent decrease from December and 39 percent below the level reported for January 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Tennessee had the 31st highest foreclosure rate, reporting one in every 1,335 Tennessee housing units with a foreclosure filing in January.

Van Buren County posts top foreclosure rate in the state for January
 One in every 666 housing units in Van Buren County had a foreclosure filing in January — twice the state average — the highest foreclosure rate of all Tennessee counties for the month. Robertson County had the second highest rate of one in every 725 housing units with a foreclosure filing during the month — 1.8 times the state average. Wilson County had the third highest rate of one in every 735 housing units with a foreclosure filing during the month — 1.8 times the state average.

Shelby County leads state in foreclosure activity in January
 Shelby County led all counties, reporting 455 properties with foreclosure filings for the month. Davidson County had the second highest total, reporting 268 properties with foreclosure filings. Knox County was third, reporting 154 properties with foreclosure filings. Fourth highest was Rutherford County, recording 135 properties with foreclosure filings. Hamilton County was fifth highest, tallying 101 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure activity in January
 Tennessee accounted for 1 percent of the 210,941 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by 3 percent from December, but was still down over 19 percent from the level reported in January 2011. One in every 624 U.S. housing units received a foreclosure filing during the month.

“Although overall foreclosure activity was down from a year ago for the 16th straight month in January, we continue to see signs on a local and regional level that the frozen-up foreclosure process is beginning to thaw,” said Brandon Moore, CEO of RealtyTrac. “Foreclosure activity increased on a year-over-year basis for the first time in more than 12 months in Florida, Michigan, Indiana and Pennsylvania, following a pattern we saw in late 2011 in states such as California, Arizona and Massachusetts.

“We expect the pattern of increasing foreclosures to continue in the coming months, especially given the finalized mortgage and foreclosure settlement reached in early February between 49 state attorneys general and five of the nation’s largest lenders,” Moore continued. “The settlement sets forth clear guidelines for lenders and servicers to follow when foreclosing, which should allow them to push through some of the delayed foreclosures from last year. Other roadblocks to foreclosure are still in place at the state level, however, including legislation altering the foreclosure process and lawsuits against lenders. We expect to see somewhat uneven trends in local and regional foreclosure numbers going forward as lenders work through these additional legislative and legal roadblocks.”

 

Tennessee Top Foreclosure Rates By County – January 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

24,531

33,831

62,260

23,777

66,542

210,941

624

n/a

n/a

Tennessee

0

0

616

0

1,491

2,107

1,335

0.47

n/a

 

 

 

 

 

 

 

 

 

 

Van Buren

0

0

3

0

1

4

666

0.94

2.00

Robertson

0

0

10

0

26

36

725

0.86

1.84

Wilson

0

0

8

0

54

62

735

0.85

1.82

Cheatham

0

0

8

0

13

21

746

0.84

1.79

Rutherford

0

0

44

0

91

135

763

0.82

1.75

Tennessee Top Foreclosure Totals by County – January 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X   HU (rate)

% Chg   Dec 11

% Chg   Jan 11

 

 

 

 

 

 

 

 

 

 

United States

24,531

33,831

62,260

23,777

66,542

210,941

624

2.89

-19.28

Tennessee

0

0

616

0

1,491

2,107

1,335

-32.92

-38.93

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

174

0

281

455

875

-33.28

-42.98

Davidson

0

0

70

0

198

268

1060

-27.76

-30.57

Knox

0

0

37

0

117

154

1266

-11.49

-12.99

Rutherford

0

0

44

0

91

135

763

-14.56

-53.13

Hamilton

0

0

27

0

74

101

1496

-37.27

-46.84

 

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