Tennessee Foreclosure Activity Falls in October

Statewide filings down 12 percent  from September

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 2,578 Tennessee properties in  October, a 12 percent decrease from September and 3 percent below the level  reported for October 2010, according to the  latest RealtyTrac® U.S. Foreclosure Market Report.

Tennessee had the 29th highest foreclosure  rate in the nation, reporting one in every 1,079 housing units with a  foreclosure filing in October.

Fayette County posts top foreclosure rate in the  state for October
  One in every 515 housing units in Fayette County  had a foreclosure filing in October — 1.1 times the national average and 2.1  times 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 547 housing units with a  foreclosure filing during the month — on par with the national average and twice  the state average. Sevier County had the third highest rate of one in every 584  housing units with a foreclosure filing during the month — on par with the  national average and 1.9 times the state average.

Shelby County has state’s highest foreclosure total  in October
  Shelby County tallied the highest level of foreclosure activity  in the state, reporting 461 properties with foreclosure filings for the month. Davidson  County was second highest, reporting 352 properties with foreclosure filings. Knox  County was third, reporting 213 properties with foreclosure filings. Fourth  highest was Hamilton   County, reporting 123  properties with foreclosure filings. Rutherford County was fifth highest, tallying  109 properties with foreclosure filings for the month.

State a minor contributor to total foreclosure  activity in October
  Tennessee accounted for 1 percent of the 230,678  properties with foreclosure filings reported nationwide in October. Total U.S. activity  increased by more than 7 percent from September, but was down nearly 31 percent  from the level reported in October 2010. One in every 563 U.S. housing units received  a foreclosure filing during the month.

“The October foreclosure numbers continue to show strong signs that  foreclosure activity is coming out of the rain delay we’ve been in for the past  year as lenders corrected foreclosure paperwork and processing problems,” said  James Saccacio, chief executive officer of RealtyTrac. “However, recent state  court rulings and new state laws keep changing the rules of the foreclosure  game on the fly, creating more uncertainty in the housing market and  threatening to prolong the road to a robust real estate recovery.”

Tennessee Top Foreclosure Rates By County – October 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

n/a

n/a

Tennessee

0

0

875

0

1,703

2,578

1,079

0.52

n/a

 

 

 

 

 

 

 

 

 

 

Fayette

0

0

3

0

26

29

515

1.09

2.09

Robertson

0

0

13

0

34

47

547

1.03

1.97

Sevier

0

0

15

0

60

75

584

0.96

1.85

Cheatham

0

0

11

0

15

26

614

0.92

1.76

Fentress

0

0

4

0

8

12

670

0.84

1.61

 Tennessee Top Foreclosure Totals by County – October 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sep 11

% Chg Oct 10

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

7.36

-30.55

Tennessee

0

0

875

0

1,703

2,578

1,079

-11.80

-3.26

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

201

0

260

461

874

-17.83

-48.66

Davidson

0

0

109

0

243

352

810

-4.09

13.18

Knox

0

0

51

0

162

213

928

-14.80

20.34

Hamilton

0

0

42

0

81

123

1,229

-26.35

-33.51

Rutherford

0

0

42

0

67

109

952

-7.63

7.92

 

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