TENNESSEE FORECLOSURES INCREASE 33 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State Activity Level Soars 99 Percent From a Year Ago

 

IRVINE, Calif. – Nov. 10, 2006 – Tennessee reported 3,671 properties entering some stage of the foreclosure process in October, a 33 percent increase from the 2,757 properties reported in September, and soaring 99 percent above the 1,846 properties reported for the same month last year, according to the RealtyTrac™ October 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

Tennessee foreclosures are up significantly both in October and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that employment growth throughout the state remains below the national average. This is very likely contributing to the overall rise we’re seeing in foreclosures.”

 

Tennessee ranked 11th in the country in total foreclosures reported for October. The state’s foreclosure rate of one new foreclosure filing for every 668 households — 1.5 times the national average — ranks it among the nation’s top 10 states.

 

Memphis real estate broker Tommie Criswell-Jones cites a number of reasons for the current surge in foreclosure activity in her area including high-ratio loans, a high number of bankruptcies, poor underwriting and mortgage fraud (Memphis has the 8th highest level of mortgage fraud in the nation, she noted).

 

“Sections of our MLS area have higher inventory than demand, but in those areas sales are still considered strong,” Jones explained. “We expect to see the local housing market adjust somewhat in line with the national trends with a gentle slowdown in new home starts. We expect a more balanced market with sellers and buyers, and sales are expected to be at or slightly above 2006.”

 

Working in a housing market that has not seen dramatic increases in home prices in recent years, Criswell-Jones believes that strong consumer confidence and recent corporate relocations will contribute to creating a more balanced market in the near future.

 

Four counties account for largest share of state total

Four counties accounted for 64 percent of all foreclosure activity in Tennessee for October.  Shelby County led the state, reporting 1,717 properties entering some stage of the foreclosure process during the month. Davidson County registered the second highest total, reporting 325 properties in some stage of the foreclosure process for the month, followed by Knox County with 154 properties entering some stage of the foreclosure process. Rutherford County completed the top four with 153 properties in the foreclosure pipeline.

 

Shelby County posts state’s top foreclosure rate

Shelby County posted the top foreclosure rate in the state for October, reporting one new foreclosure filing for every 211 households — 3.2 times the state average and 4.7 times the national average. Next highest was Gibson County reporting one new foreclosure filing for every 458 households — 1.5 times the state average and 2.2 times the national average. The third highest foreclosure rate in the state was found in Rutherford County, which reported one new foreclosure filing for every 462 households — 1.5 times the state average and 2.2 times the national average — followed by Tipton County with one new foreclosure filing for ever 477 households — 1.4 times the state average and 2.1 times the national average.

 

State makes significant contribution to national total

Tennessee’s foreclosure activity accounted for 3 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents a 3 percent increase from the 112,210 foreclosures reported in September. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,001 households during the month.

 

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 – October 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,731

42,375

5,799

18,895

20,768

115,568

1,001

n/a

n/a

Tennessee

909

1,576

0

0

1,186

3,671

668

1.49

n/a

 

 

 

 

 

 

 

 

 

 

Anderson

6

4

0

0

12

22

1,475

0.68

0.45

Bedford

4

5

0

0

17

26

577

1.74

1.16

Benton

1

1

0

0

1

3

2,865

0.35

0.23

Bledsoe

1

0

0

0

0

1

5,142

0.19

0.13

Blount

0

11

0

0

0

11

4,278

0.23

0.16

Bradley

5

5

0

0

10

20

1,841

0.54

0.36

Campbell

2

7

0

0

9

18

1,029

0.97

0.65

Cannon

1

0

0

0

3

4

1,355

0.74

0.49

Carroll

1

2

0

0

7

10

1,306

0.77

0.51

Carter

3

3

0

0

3

9

2,880

0.35

0.23

Cheatham

3

5

0

0

10

18

750

1.33

0.89

Chester

1

0

0

0

3

4

1,545

0.65

0.43

Claiborne

2

6

0

0

7

15

884

1.13

0.76

Clay

0

0

0

0

1

1

3,959

0.25

0.17

Cocke

5

4

0

0

2

11

1,440

0.69

0.46

Coffee

5

4

0

0

11

20

1,037

0.96

0.64

Crockett

2

0

0

0

4

6

1,023

0.98

0.65

Cumberland

4

5

0

0

8

17

1,320

0.76

0.51

Davidson

144

98

0

0

83

325

778

1.29

0.86

Decatur

1

0

0

0

3

4

1,612

0.62

0.41

Dickson

6

7

0

0

14

27

652

1.53

1.02

Dyer

5

6

0

0

9

20

806

1.24

0.83

Fayette

5

3

0

0

2

10

1,121

0.89

0.60

Fentress

3

1

0

0

1

5

1,520

0.66

0.44

Franklin

5

7

0

0

5

17

989

1.01

0.68

Gibson

13

14

0

0

19

46

458

2.19

1.46

Giles

2

3

0

0

2

7

1,873

0.53

0.36

Grainger

1

4

0

0

1

6

1,622

0.62

0.41

Greene

3

7

0

0

8

18

1,562

0.64

0.43

Grundy

1

0

0

0

0

1

6,282

0.16

0.11

Hamblen

1

4

0

0

9

14

1,764

0.57

0.38

Hamilton

6

41

0

0

34

81

1,663

0.60

0.40

Hardeman

3

3

0

0

8

14

764

1.31

0.87

Hardin

7

2

0

0

3

12

1,067

0.94

0.63

Hawkins

2

7

0

0

10

19

1,285

0.78

0.52

Haywood

2

3

0

0

7

12

674

1.48

0.99

Henderson

7

1

0

0

7

15

763

1.31

0.88

Henry

1

1

0

0

5

7

2,255

0.44

0.30

Hickman

5

4

0

0

3

12

742

1.35

0.90

Houston

1

0

0

0

1

2

1,951

0.51

0.34

Humphreys

1

1

0

0

3

5

1,696

0.59

0.39

Jackson

2

1

0

0

1

4

1,291

0.78

0.52

Jefferson

1

5

0

0

7

13

1,486

0.67

0.45

Johnson

1

0

0

0

0

1

7,879

0.13

0.08

Knox

35

47

0

0

72

154

1,113

0.90

0.60

Lake

1

0

0

0

1

2

1,358

0.74

0.49

Lauderdale

3

3

0

0

8

14

755

1.33

0.89

Lawrence

2

2

0

0

6

10

1,682

0.59

0.40

Lewis

3

2

0

0

5

10

482

2.08

1.39

Lincoln

3

1

0

0

4

8

1,750

0.57

0.38

Loudon

1

7

0

0

9

17

1,016

0.98

0.66

Macon

1

2

0

0

3

6

1,482

0.67

0.45

Madison

14

20

0

0

29

63

606

1.65

1.10

Marion

2

3

0

0

5

10

1,214

0.82

0.55

Marshall

3

5

0

0

6

14

799

1.25

0.84

Maury

7

7

0

0

11

25

1,147

0.87

0.58

Mcminn

2

11

0

0

19

32

676

1.48

0.99

Mcnairy

3

0

0

0

8

11

1,020

0.98

0.65

Meigs

1

1

0

0

5

7

741

1.35

0.90

Monroe

6

5

0

0

11

22

786

1.27

0.85

Montgomery

21

25

0

0

40

86

607

1.65

1.10

Moore

0

0

0

0

1

1

2,515

0.40

0.27

Morgan

1

1

0

0

2

4

1,929

0.52

0.35

Obion

0

5

0

0

0

5

2,898

0.35

0.23

Overton

1

1

0

0

2

4

2,292

0.44

0.29

Polk

2

1

0

0

1

4

1,842

0.54

0.36

Putnam

4

2

0

0

4

10

2,992

0.33

0.22

Rhea

1

1

0

0

7

9

1,396

0.72

0.48

Roane

6

7

0

0

9

22

1,062

0.94

0.63

Robertson

4

8

0

0

12

24

875

1.14

0.76

Rutherford

47

46

0

0

60

153

462

2.17

1.45

Scott

0

1

0

0

0

1

8,909

0.11

0.07

Sequatchie

0

0

0

0

1

1

4,916

0.20

0.14

Sevier

6

10

0

0

10

26

1,433

0.70

0.47

Shelby

365

964

0

0

388

1,717

211

4.74

3.16

Smith

1

1

0

0

5

7

1,095

0.91

0.61

Stewart

0

1

0

0

1

2

2,989

0.33

0.22

Sullivan

0

15

0

0

0

15

4,603

0.22

0.15

Sumner

29

25

0

0

26

80

771

1.30

0.87

Tipton

11

17

0

0

12

40

477

2.10

1.40

Trousdale

0

1

0

0

3

4

774

1.29

0.86

Unicoi

2

2

0

0

0

4

2,054

0.49

0.33

Union

3

2

0

0

3

8

990

1.01

0.68

Van Buren

0

0

0

0

1

1

2,453

0.41

0.27

Warren

1

0

0

0

4

5

3,338

0.30

0.20

Washington

7

12

0

0

8

27

1,770

0.57

0.38

Wayne

0

0

0

0

2

2

3,351

0.30

0.20

Weakley

2

3

0

0

11

16

933

1.07

0.72

White

2

3

0

0

2

7

1,456

0.69

0.46

Williamson

15

8

0

0

9

32

1,469

0.68

0.45

Wilson

16

13

0

0

7

36

970

1.03

0.69

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, 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 MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. 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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