TENNESSEE FORECLOSURES DECREASE 23 PERCENT IN APRIL

Market Activity Up 50.5 Percent From Last Year

Shelby County Posts State’s Highest Foreclosure Rate

 

IRVINE, Calif. – May 31, 2006 – Tennessee reported 2,613 properties entering some stage of foreclosure in April, a 23 percent decline from the previous month but a 50.5 percent increase from the 1,736 foreclosures reported in April 2005, according to RealtyTrac’s April 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

“With an unemployment rate well above the national average, it’s not surprising that Tennessee’s foreclosure rate is also above the national average because higher unemployment usually translates into more out-of-work homeowners who don’t have the income to make their monthly mortgage payment,” said James J. Saccacio, chief executive officer at RealtyTrac. “In addition, the home price appreciation in Tennessee is below the national average, making it harder for homeowners to sell or refinance their homes to avoid foreclosure.”

 

With one foreclosure filing for every 938 households (1.4 times the national average), Tennessee‘s foreclosure rate ranked 10th highest in the country. Overall, the state total accounted for 2.9 percent of the nation’s foreclosures, with only 10 states reporting more foreclosures for the month.

 

Reporting 1,314 properties entering some stage of foreclosure, Shelby County accounted for about half of the state’s foreclosure filings in April. The county’s foreclosure rate of one foreclosure filing for every 276 households was the highest in the state and 4.6 times the state average.

 

Nationwide a total of 91,168 properties entered some stage of foreclosure in April, a 10 percent decrease from the previous month but a 33 percent year-over-year increase from April 2005. This marked the second straight month of decreasing U.S. foreclosure activity. At one foreclosure filing for every 1,268 households, the national foreclosure rate for April was higher than for any month in 2005.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

                         Tennessee Foreclosure Market By County — April 2006

 

County Name

NODs

NTSs

NFSs

LISs

REOs

Total

1 in every #households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

U.S.

21,244

38,238

2,833

9,071

19,782

91,168

1,268

Tennessee

16

1,315

0

0

1,282

2,613

938

1.35

 

 

 

 

 

 

 

 

 

 

Anderson

0

6

0

0

7

13

2496

0.51

0.38

Bedford

0

10

0

0

9

19

789

1.61

1.19

Benton

0

0

0

0

2

2

4298

0.30

0.22

Bledsoe

0

1

0

0

0

1

5142

0.25

0.18

Blount

0

10

0

0

1

11

4278

0.30

0.22

Bradley

0

8

0

0

12

20

1841

0.69

0.51

Campbell

1

3

0

0

10

14

1323

0.96

0.71

Cannon

0

1

0

0

4

5

1084

1.17

0.87

Carroll

0

2

0

0

2

4

3264

0.39

0.29

Carter

0

2

0

0

4

6

4320

0.29

0.22

Cheatham

0

8

0

0

7

15

901

1.41

1.04

Chester

0

2

0

0

2

4

1545

0.82

0.61

Claiborne

0

2

0

0

2

4

3316

0.38

0.28

Cocke

0

3

0

0

3

6

2641

0.48

0.36

Coffee

0

7

0

0

3

10

2075

0.61

0.45

Crockett

0

1

0

0

5

6

1023

1.24

0.92

Cumberland

0

4

0

0

6

10

2244

0.57

0.42

Davidson

1

61

0

0

82

144

1757

0.72

0.53

Decatur

0

0

0

0

1

1

6448

0.20

0.15

Dekalb

0

2

0

0

0

2

4205

0.30

0.22

Dickson

0

7

0

0

22

29

607

2.09

1.55

Dyer

0

0

0

0

9

9

1791

0.71

0.52

Fayette

0

2

0

0

3

5

2243

0.57

0.42

Fentress

0

1

0

0

1

2

3799

0.33

0.25

Franklin

0

5

0

0

5

10

1681

0.75

0.56

Gibson

0

9

0

0

5

14

1504

0.84

0.62

Giles

1

3

0

0

7

11

1192

1.06

0.79

Grainger

1

2

0

0

1

4

2433

0.52

0.39

Greene

0

2

0

0

8

10

2812

0.45

0.33

Grundy

0

0

0

0

1

1

6282

0.20

0.15

Hamblen

0

9

0

0

8

17

1453

0.87

0.65

Hamilton

0

50

0

0

63

113

1192

1.06

0.79

Hardeman

1

3

0

0

2

6

1782

0.71

0.53

Hardin

0

1

0

0

5

6

2135

0.59

0.44

Hawkins

0

5

0

0

8

13

1878

0.68

0.50

Haywood

0

0

0

0

2

2

4043

0.31

0.23

Henderson

0

3

0

0

0

3

3815

0.33

0.25

Henry

0

1

0

0

7

8

1973

0.64

0.48

Hickman

0

5

0

0

12

17

524

2.42

1.79

Houston

0

0

0

0

2

2

1951

0.65

0.48

Humphreys

0

2

0

0

5

7

1212

1.05

0.77

Jefferson

0

2

0

0

9

11

1756

0.72

0.53

Johnson

0

1

0

0

0

1

7879

0.16

0.12

Knox

0

37

0

0

64

101

1697

0.75

0.55

Lake

0

0

0

0

1

1

2716

0.47

0.35

Lauderdale

0

5

0

0

9

14

755

1.68

1.24

Lawrence

0

5

0

0

11

16

1051

1.21

0.89

Lewis

0

1

0

0

0

1

4821

0.26

0.19

Lincoln

0

3

0

0

4

7

2000

0.63

0.47

Loudon

1

4

0

0

7

12

1440

0.88

0.65

Macon

0

0

0

0

3

3

2965

0.43

0.32

Madison

0

17

0

0

23

40

955

1.33

0.98

Marion

0

3

0

0

6

9

1349

0.94

0.70

Marshall

0

5

0

0

7

12

932

1.36

1.01

Maury

0

6

0

0

23

29

989

1.28

0.95

Mcminn

0

5

0

0

17

22

983

1.29

0.95

Mcnairy

0

2

0

0

4

6

1870

0.68

0.50

Meigs

0

0

0

0

1

1

5188

0.24

0.18

Monroe

0

2

0

0

3

5

3457

0.37

0.27

Montgomery

1

17

0

0

25

43

1213

1.05

0.77

Moore

0

1

0

0

0

1

2515

0.50

0.37

Morgan

0

2

0

0

2

4

1929

0.66

0.49

Obion

0

2

0

0

6

8

1811

0.70

0.52

Overton

0

0

0

0

1

1

9168

0.14

0.10

Polk

0

2

0

0

3

5

1474

0.86

0.64

Putnam

0

1

0

0

5

6

4986

0.25

0.19

Rhea

0

3

0

0

6

9

1396

0.91

0.67

Roane

1

5

0

0

10

16

1461

0.87

0.64

Robertson

0

9

0

0

14

23

913

1.39

1.03

Rutherford

1

26

0

0

51

78

905

1.40

1.04

Scott

0

0

0

0

1

1

8909

0.14

0.11

Sequatchie

0

0

0

0

1

1

4916

0.26

0.19

Sevier

1

11

0

0

10

22

1693

0.75

0.55

Shelby

2

797

0

0

515

1,314

276

4.60

3.40

Smith

0

1

0

0

1

2

3833

0.33

0.24

Sullivan

0

15

0

0

4

19

3634

0.35

0.26

Sumner

1

24

0

0

34

59

1045

1.21

0.90

Tipton

0

8

0

0

19

27

706

1.80

1.33

Trousdale

0

1

0

0

1

2

1548

0.82

0.61

Unicoi

0

2

0

0

0

2

4107

0.31

0.23

Union

0

2

0

0

2

4

1979

0.64

0.47

Warren

0

4

0

0

3

7

2384

0.53

0.39

Washington

0

9

0

0

11

20

2389

0.53

0.39

Wayne

0

1

0

0

1

2

3351

0.38

0.28

Weakley

0

5

0

0

5

10

1493

0.85

0.63

White

0

3

0

0

4

7

1456

0.87

0.64

Williamson

2

15

0

0

7

24

1959

0.65

0.48

Wilson

1

8

0

0

10

19

1838

0.69

0.51

 

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value. Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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