Tennessee Foreclosure Activity Rises in October

Foreclosure filings up 4 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,665 Tennessee properties in October, a 4 percent increase from the previous month, but still down 34 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Tennessee foreclosure activity rose slightly in October, though it remained well below the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate, though still quite high, recently fell below the national average for the first time in about ten years. Should this trend continue, we could see foreclosure activity starting to decline in the coming months.”

 

One in every 1,035 Tennessee housing units received a foreclosure filing in October, the 36th highest foreclosure rate in the nation.

 

Shelby County posts state’s top foreclosure rate for October

Shelby County posted the highest county foreclosure rate in Tennessee for the month, with one in every 448 housing units receiving a foreclosure filing during October — 2.3 times the state average. Smith County registered the second highest foreclosure rate, with one in every 637 housing units receiving a foreclosure filing during the month — 1.6 times the state average. Maury County was third highest, with one in every 693 housing units receiving a foreclosure filing — 1.5 times the state average.

 

Shelby County dominates state foreclosure activity in October

Shelby County also led Tennessee in foreclosure activity, reporting 898 properties with foreclosure filings. Davidson County tallied the second highest foreclosure level in Tennessee, reporting 311 properties with foreclosure filings. Hamilton County documented the third highest total, where 185 properties with foreclosure filings were reported. Knox County registered the fourth highest foreclosure activity, where 177 properties with foreclosure filings were reported. Rutherford County was in fifth, tallying 101 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

Tennessee accounted for 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Tennessee

0

0

1,097

0

1,568

2,665

1,035

0.38

n/a

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

541

0

357

898

448

0.87

2.31

Smith

0

0

3

0

10

13

637

0.61

1.62

Maury

0

0

17

0

35

52

693

0.56

1.49

Sequatchie

0

0

2

0

5

7

745

0.52

1.39

Sevier

0

0

11

0

47

58

747

0.52

1.39

 

 

Tennessee Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Tennessee

0

0

1,097

0

1,568

2,665

1,035

4.39

-33.87

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

541

0

357

898

448

36.89

-33.97

Davidson

0

0

104

0

207

311

912

27.46

-34.66

Hamilton

0

0

45

0

140

185

813

38.06

16.35

Knox

0

0

31

0

146

177

1,111

-2.75

-20.63

Rutherford

0

0

43

0

58

101

1,007

-14.41

-43.26

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved