Tennessee Foreclosures Down in 2010

Foreclosure filings dropped 4 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 39,206 Tennessee properties for 2010, down 4 percent from a year ago and 11 percent below the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 2,602 Tennessee properties in December 2010, a slight increase from November, but still 45 percent below the level reported in December 2009. One in every 1,060 Tennessee housing units received a foreclosure filing during the month.

 

“Tennessee foreclosure activity declined in 2010 to a level below what was reported for both 2009 and 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “That said, with unemployment stuck at 9.4 percent for several months now, it is likely the state’s number of foreclosure filings will begin to tick up again going into 2011 unless some improvements are realized in its job market.” 

 

One in every 70 Tennessee housing units received a foreclosure filing in 2010, the 23rd highest state foreclosure rate in the nation for the year.

 

Shelby County posts state’s top foreclosure rate and total in 2010

Shelby County posted the highest foreclosure rate in Tennessee in 2010, with one in every 38 housing units receiving a foreclosure filing — 1.8 times the state average. Sevier County had the second highest foreclosure rate, with one in every 41 housing units receiving a foreclosure filing in 2010 — 1.7 times the state average. The next highest was Maury County, where one in every 46 housing units received a foreclosure filings during the year — 1.5 times the state average.

 

Shelby County also led the state in foreclosure activity in 2010

Shelby County also led Tennessee in foreclosure activity, reporting 10,522 properties with a fore closure filing. Davidson County had the second highest foreclosure total, with 4,221 properties with foreclosure filings. Knox County was third highest, reporting 2,595 properties with foreclosure filings for the year. Hamilton County came in fourth, tallying 2,070 properties with foreclosure filings. Fifth highest total for the year was in Rutherford County, where 1,962 properties with foreclosure filings were reported.

 

State a minor contributor to total foreclosure activity in 2010

Tennessee accounted for 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Tennessee

0

0

16,501

0

22,705

39,206

70

0.64

n/a

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

6,084

0

4,438

10,522

38

1.18

1.84

Sevier

0

0

373

0

677

1,050

41

1.09

1.70

Maury

0

0

288

0

488

776

46

0.97

1.51

Sequatchie

0

0

38

0

74

112

47

0.96

1.51

Rutherford

0

0

797

0

1,165

1,962

52

0.87

1.36

 

 

Tennessee Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Tennessee

0

0

16,501

0

22,705

39,206

70

-3.75

-11.20

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

6,084

0

4,438

10,522

38

-21.18

-32.19

Davidson

0

0

1,668

0

2,553

4,221

67

4.25

0.43

Knox

0

0

815

0

1,780

2,595

76

6.22

-0.15

Hamilton

0

0

754

0

1,316

2,070

73

-5.31

-8.00

Rutherford

0

0

797

0

1,165

1,962

52

12.69

7.51

 

 

 

Tennessee Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Tennessee

0

0

1,268

0

1,334

2,602

1,060

0.47

n/a

 

 

 

 

 

 

 

 

 

 

Williamson

0

0

21

0

183

204

308

1.62

3.44

Cheatham

0

0

14

0

15

29

544

0.92

1.95

Rutherford

0

0

53

0

129

182

559

0.90

1.90

Shelby

0

0

604

0

109

713

564

0.89

1.88

Hawkins

0

0

3

0

37

40

653

0.77

1.62

 

 

Tennessee Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Tennessee

0

0

1,268

0

1,334

2,602

1,060

0.31

-45.34

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

604

0

109

713

564

-6.68

-58.95

Williamson

0

0

21

0

183

204

308

218.75

179.45

Davidson

0

0

99

0

94

193

1,470

-42.22

-56.04

Rutherford

0

0

53

0

129

182

559

34.81

-14.55

Knox

0

0

55

0

104

159

1,237

48.60

-33.75

 

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