Tennessee Foreclosure Activity Rises in August

Filings increase 8 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,265 Tennessee properties in August, an 8 percent increase from the previous month and a 2 percent increase from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

“Foreclosure filings in Tennessee ticked up in August, with more activity than the previous month and as compared to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state dipped slightly to 9.6 percent — in line with the national average — though nine mass layoffs were reported, potentially leaving more homeowners in financial peril.”

 

The state reported the 22nd highest state foreclosure rate, as one in every 647 Tennessee housing units received a foreclosure filing during the month.

 

Shelby County leads the state in foreclosure rate for August

Shelby County, where one in every 314 housing units received a foreclosure filing during the month, posted the top foreclosure rate in the state. One in every 358 housing units received a foreclosure filing in Sevier County, for the second highest rate in the state. Coming in third was Robertson County, where one in every 411 housing units received a foreclosure filing in August. Fourth highest was Cheatham County, where one in every 478 housing units received a foreclosure filing. Rutherford County came in fifth, with one in every 487 housing units receiving a foreclosure filing during the month.

 

Shelby County also posts top foreclosure total for August

Shelby County also led Tennessee in total foreclosure activity, reporting 1,283 properties with foreclosure filings. Davidson County documented the second highest foreclosure activity, where 451 properties with foreclosure filings were reported. Hamilton County came in third, tallying 249 properties with foreclosure filings. Fourth highest was Knox County, where 245 properties with foreclosure filings were reported. Rutherford County came in fifth, reporting 209 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

Tennessee accounted for 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month.

 

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: Default Notice 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 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Tennessee

0

0

2,179

0

2,086

4,265

647

0.59

n/a

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

834

0

449

1,283

314

1.21

2.06

Sevier

0

0

41

0

80

121

358

1.06

1.81

Robertson

0

0

20

0

42

62

411

0.93

1.57

Cheatham

0

0

20

0

13

33

478

0.80

1.35

Rutherford

0

0

111

0

98

209

487

0.78

1.33

 

 

Tennessee Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Tennessee

0

0

2,179

0

2,086

4,265

647

7.84

1.55

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

834

0

449

1,283

314

3.72

-9.65

Davidson

0

0

235

0

216

451

629

16.54

-4.85

Hamilton

0

0

80

0

169

249

604

23.88

4.18

Knox

0

0

97

0

148

245

803

-14.04

-4.30

Rutherford

0

0

111

0

98

209

487

21.51

33.97

 

 

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