Tennessee Foreclosure Trends: December 2009 How
Tennessee Foreclosure Trends: December 2009 How many/where/patterns Hulya Arik, Ph.D. February, 2010
According to the latest data from the RealtyTrac® US Foreclosure Market Report, Tennessee reported 4,760 properties with foreclosure filings1 in December 2009, a 28 percent increase from the previous month (November 2009) and a 23 percent increase from the same month last year (December 2008). The total number of properties with foreclosure filings in Tennessee accounted for one percent of the 349,519 foreclosure filings in the nation. In Tennessee, properties with foreclosure filings ranged from zero in Clay, Hancock, and Jackson Counties to 1,737 in Shelby County. In terms of total number of properties with foreclosure filings, the U.S., as a whole, had a 14 percent increase from November 2009, and a 13 percent increase from December 2008. On average, there was one filing for every 366 housing units. Tennessee had one foreclosure filing for every 572 housing units, putting the State in 17th place in the nation.
1
For Tennessee, RealtyTrac’s report (http://relatytrac.com/trendcenter/) incorporates documents filed in two phases of foreclosure: Auction — Notice of Trustee Sale (NTS); and Real Estate Owned (REO) properties that have been foreclosed on and repurchased by a bank.
Both bank repossessions (REO) and notice of trustee sales (NTS) increased from the previous month. The increase in notice of trustee sales was substantially larger than the increase in REOs, 50 percent and 23 percent, respectively.
Notice of Sales, REOs, and Total Number of Properties with Foreclosure Filings in Tennessee 2007-09
Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09
5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0
NTS (Notice of Sales)
REO
TOTAL
The total foreclosure filings in four counties (Davidson, Hamilton, Knox, and Shelby) accounted for 56 percent of total foreclosure filings in the state in December 2009. Shelby County ranked as number one among all counties in Tennessee both in terms of the ratio of foreclosure filings to housing units (1 foreclosure filing for every 229 housing units), and also in terms of total number of properties with foreclosure filings (1,737 properties with foreclosure filings). In Shelby County, total foreclosure filings volume increased by 27 percent from the previous month and by 14 percent from the same month last year (December 2008). The county with the second highest total number of properties with foreclosure filings was Davidson (439), followed by Knox County (240) and Hamilton County (226). In Davidson County, the total number of properties with foreclosure filings was substantially higher than the previous month (50%), while Knox County did not have any change. Hamilton County foreclosure filings declined relative to November by three percent. 21 counties had declines from the last month, while 62 counties had increases. 12 counties did not see any change in the number of properties with foreclosure filings. Williamson and Sumner counties experienced large increases from the previous month. In Williamson County, the total number of properties with foreclosure filings increased from 28 to 73, a 161 percent increase, while in Sumner County foreclosure filings increased from 79 to 179, a 127 percent increase.
Total Number of Properties with Foreclosure Filings-Tennessee Counties- December 2009 December 2009 November 2009 December 2008
County Name Anderson Bedford Benton Bledsoe Blount Bradley Campbell Cannon Carroll Carter Cheatham Chester Claiborne Clay Cocke Coffee Crockett Cumberland Davidson Decatur Dekalb Dickson Dyer Fayette Fentress Franklin Gibson Giles Grainger Greene Grundy Hamblen Hamilton Hancock Hardeman Hardin Hawkins Haywood
Total Number of Properties with 1/every X Foreclosure Housing Filings Unit (Rate) 15 25 4 3 58 53 25 2 17 13 21 4 12 0 15 26 8 16 439 6 5 24 19 17 1 16 24 19 12 35 2 39 226 0 10 7 23 6
2,274 690 2,247 1,800 904 774 763 2,840 798 2,096 742 1,687 1,243 1,103 879 794 1,510 635 1,125 1,768 829 900 827 7,948 1,176 937 723 852 876 3,285 677 659 1,134 1,928 1,131 1,419
Ranking among all counties
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
82 17 81 73 41 26 25 85 29 78 24 70 57 93 46 39 28 67 13 47 72 33 40 32 91 53 45 23 36 38 88 16 15 93 49 76 48 62
41 64 3 1 26 51 25 2 12 10 7 1 5 1 19 24 6 13 292 3 5 31 17 8 2 12 25 15 9 16 6 31 232 0 19 4 23 3
25 47 5 2 24 45 17 6 13 6 22 3 11 0 9 21 7 12 321 3 7 16 16 8 5 8 32 8 10 27 3 38 186 0 71 9 19 7
% Change % Change from from November December '09 '08 -63% -61% 33% 200% 123% 4% 0% 0% 42% 30% 200% 300% 140% -100% -21% 8% 33% 23% 50% 100% 0% -23% 12% 113% -50% 33% -4% 27% 33% 119% -67% 26% -3% --47% 75% 0% 100%
-40% -47% -20% 50% 142% 18% 47% -67% 31% 117% -5% 33% 9% -67% 24% 14% 33% 37% 100% -29% 50% 19% 113% -80% 100% -25% 138% 20% 30% -33% 3% 22% --86% -22% 21% -14%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- December 2009, continued December 2009 November 2009 December 2008 Total Number of Total Number of Total Number of % Change % Change Properties with 1/every X Ranking Properties with Properties with from from Foreclosure Housing among all Foreclosure Foreclosure November December County Name Filings Unit (Rate) counties Filings Filings '09 '08 Henderson Henry Hickman Houston Humphreys Jackson Jefferson Johnson Knox Lake Lauderdale Lawrence Lewis Lincoln Loudon Macon Madison Marion Marshall Maury Mcminn Mcnairy Meigs Monroe Montgomery Moore Morgan Obion Overton Perry Pickett Polk Putnam Rhea Roane Robertson Rutherford Scott
10 12 18 5 6 0 31 6 240 4 8 20 6 12 33 5 84 4 18 132 25 15 11 29 112 2 5 10 3 2 1 7 26 12 27 36 213 2
1,208 1,386 517 816 1,492 715 1,417 807 691 1,438 869 837 1,209 600 1,892 509 3,351 710 267 905 783 514 648 594 1,453 1,617 1,493 3,191 2158.5 3,096 1,158 1,165 1,142 912 696 464 4,658
54 60 9 31 65 93 21 61 30 18 63 37 34 55 11 75 7 89 20 2 42 27 8 14 10 64 69 66 87 80 86 51 52 50 44 19 5 90
12 9 15 0 6 7 27 1 240 0 7 17 6 13 24 3 42 6 8 59 32 16 4 15 70 0 4 5 1 1 0 4 20 10 20 34 176 2
13 7 15 2 11 2 23 4 254 0 10 10 2 5 30 7 53 17 12 37 31 12 7 17 75 0 5 9 5 3 1 11 19 15 19 32 139 1
-17% 33% 20% -0% -100% 15% 500% 0% -14% 18% 0% -8% 38% 67% 100% -33% 125% 124% -22% -6% 175% 93% 60% -25% 100% 200% 100% -75% 30% 20% 35% 6% 21% 0%
-23% 71% 20% 150% -45% -100% 35% 50% -6% --20% 100% 200% 140% 10% -29% 58% -76% 50% 257% -19% 25% 57% 71% 49% -0% 11% -40% -33% 0% -36% 37% -20% 42% 13% 53% 100%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- December 2009, continued December 2009 November 2009 December 2008 Total Number of Total Number of Total Number of % Change % Change Properties with 1/every X Ranking Properties with Properties with from from Foreclosure Housing among all Foreclosure Foreclosure November December County Name Filings Unit (Rate) counties Filings Filings '09 '08 Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee Total U.S. Total
12 92 1,737 6 4 39 179 37 2 1 10 1 14 39 3 8 5 73 59 4,760 349,519
433 465 229 1,368 1,577 1,887 346 623 1,690 8,567 912 2,572 1,243 1,356 2,353 1,960 2,130 842 721 572 366
4 6 1 59 68 74 3 12 71 92 43 84 56 58 83 77 79 35 22 17*
4 92 1,366 5 4 23 79 22 3 2 7 1 20 32 1 11 8 28 37 3,725 306,627
11 84 1,524 13 3 18 62 22 2 1 7 0 12 35 4 11 6 41 44 3,884 303,410
200% 0% 27% 20% 0% 70% 127% 68% -33% -50% 43% 0% -30% 22% 200% -27% -38% 161% 59% 28% 14%
9% 10% 14% -54% 33% 117% 189% 68% 0% 0% 43% -17% 11% -25% -27% -17% 78% 34% 23% 15%
*Tennessee ranking in the nation among other states Source: RealtyTrac®
Tennessee Housing Development Agency 404 James Robertson Parkway, Suite 1200 Nashville, Tennessee 37243-0900
www.thda.org 615-815-2200
According to the latest data from the RealtyTrac® US Foreclosure Market Report, Tennessee reported 4,760 properties with foreclosure filings1 in December 2009, a 28 percent increase from the previous month (November 2009) and a 23 percent increase from the same month last year (December 2008). The total number of properties with foreclosure filings in Tennessee accounted for one percent of the 349,519 foreclosure filings in the nation. In Tennessee, properties with foreclosure filings ranged from zero in Clay, Hancock, and Jackson Counties to 1,737 in Shelby County. In terms of total number of properties with foreclosure filings, the U.S., as a whole, had a 14 percent increase from November 2009, and a 13 percent increase from December 2008. On average, there was one filing for every 366 housing units. Tennessee had one foreclosure filing for every 572 housing units, putting the State in 17th place in the nation.
1
For Tennessee, RealtyTrac’s report (http://relatytrac.com/trendcenter/) incorporates documents filed in two phases of foreclosure: Auction — Notice of Trustee Sale (NTS); and Real Estate Owned (REO) properties that have been foreclosed on and repurchased by a bank.
Both bank repossessions (REO) and notice of trustee sales (NTS) increased from the previous month. The increase in notice of trustee sales was substantially larger than the increase in REOs, 50 percent and 23 percent, respectively.
Notice of Sales, REOs, and Total Number of Properties with Foreclosure Filings in Tennessee 2007-09
Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09
5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0
NTS (Notice of Sales)
REO
TOTAL
The total foreclosure filings in four counties (Davidson, Hamilton, Knox, and Shelby) accounted for 56 percent of total foreclosure filings in the state in December 2009. Shelby County ranked as number one among all counties in Tennessee both in terms of the ratio of foreclosure filings to housing units (1 foreclosure filing for every 229 housing units), and also in terms of total number of properties with foreclosure filings (1,737 properties with foreclosure filings). In Shelby County, total foreclosure filings volume increased by 27 percent from the previous month and by 14 percent from the same month last year (December 2008). The county with the second highest total number of properties with foreclosure filings was Davidson (439), followed by Knox County (240) and Hamilton County (226). In Davidson County, the total number of properties with foreclosure filings was substantially higher than the previous month (50%), while Knox County did not have any change. Hamilton County foreclosure filings declined relative to November by three percent. 21 counties had declines from the last month, while 62 counties had increases. 12 counties did not see any change in the number of properties with foreclosure filings. Williamson and Sumner counties experienced large increases from the previous month. In Williamson County, the total number of properties with foreclosure filings increased from 28 to 73, a 161 percent increase, while in Sumner County foreclosure filings increased from 79 to 179, a 127 percent increase.
Total Number of Properties with Foreclosure Filings-Tennessee Counties- December 2009 December 2009 November 2009 December 2008
County Name Anderson Bedford Benton Bledsoe Blount Bradley Campbell Cannon Carroll Carter Cheatham Chester Claiborne Clay Cocke Coffee Crockett Cumberland Davidson Decatur Dekalb Dickson Dyer Fayette Fentress Franklin Gibson Giles Grainger Greene Grundy Hamblen Hamilton Hancock Hardeman Hardin Hawkins Haywood
Total Number of Properties with 1/every X Foreclosure Housing Filings Unit (Rate) 15 25 4 3 58 53 25 2 17 13 21 4 12 0 15 26 8 16 439 6 5 24 19 17 1 16 24 19 12 35 2 39 226 0 10 7 23 6
2,274 690 2,247 1,800 904 774 763 2,840 798 2,096 742 1,687 1,243 1,103 879 794 1,510 635 1,125 1,768 829 900 827 7,948 1,176 937 723 852 876 3,285 677 659 1,134 1,928 1,131 1,419
Ranking among all counties
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
82 17 81 73 41 26 25 85 29 78 24 70 57 93 46 39 28 67 13 47 72 33 40 32 91 53 45 23 36 38 88 16 15 93 49 76 48 62
41 64 3 1 26 51 25 2 12 10 7 1 5 1 19 24 6 13 292 3 5 31 17 8 2 12 25 15 9 16 6 31 232 0 19 4 23 3
25 47 5 2 24 45 17 6 13 6 22 3 11 0 9 21 7 12 321 3 7 16 16 8 5 8 32 8 10 27 3 38 186 0 71 9 19 7
% Change % Change from from November December '09 '08 -63% -61% 33% 200% 123% 4% 0% 0% 42% 30% 200% 300% 140% -100% -21% 8% 33% 23% 50% 100% 0% -23% 12% 113% -50% 33% -4% 27% 33% 119% -67% 26% -3% --47% 75% 0% 100%
-40% -47% -20% 50% 142% 18% 47% -67% 31% 117% -5% 33% 9% -67% 24% 14% 33% 37% 100% -29% 50% 19% 113% -80% 100% -25% 138% 20% 30% -33% 3% 22% --86% -22% 21% -14%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- December 2009, continued December 2009 November 2009 December 2008 Total Number of Total Number of Total Number of % Change % Change Properties with 1/every X Ranking Properties with Properties with from from Foreclosure Housing among all Foreclosure Foreclosure November December County Name Filings Unit (Rate) counties Filings Filings '09 '08 Henderson Henry Hickman Houston Humphreys Jackson Jefferson Johnson Knox Lake Lauderdale Lawrence Lewis Lincoln Loudon Macon Madison Marion Marshall Maury Mcminn Mcnairy Meigs Monroe Montgomery Moore Morgan Obion Overton Perry Pickett Polk Putnam Rhea Roane Robertson Rutherford Scott
10 12 18 5 6 0 31 6 240 4 8 20 6 12 33 5 84 4 18 132 25 15 11 29 112 2 5 10 3 2 1 7 26 12 27 36 213 2
1,208 1,386 517 816 1,492 715 1,417 807 691 1,438 869 837 1,209 600 1,892 509 3,351 710 267 905 783 514 648 594 1,453 1,617 1,493 3,191 2158.5 3,096 1,158 1,165 1,142 912 696 464 4,658
54 60 9 31 65 93 21 61 30 18 63 37 34 55 11 75 7 89 20 2 42 27 8 14 10 64 69 66 87 80 86 51 52 50 44 19 5 90
12 9 15 0 6 7 27 1 240 0 7 17 6 13 24 3 42 6 8 59 32 16 4 15 70 0 4 5 1 1 0 4 20 10 20 34 176 2
13 7 15 2 11 2 23 4 254 0 10 10 2 5 30 7 53 17 12 37 31 12 7 17 75 0 5 9 5 3 1 11 19 15 19 32 139 1
-17% 33% 20% -0% -100% 15% 500% 0% -14% 18% 0% -8% 38% 67% 100% -33% 125% 124% -22% -6% 175% 93% 60% -25% 100% 200% 100% -75% 30% 20% 35% 6% 21% 0%
-23% 71% 20% 150% -45% -100% 35% 50% -6% --20% 100% 200% 140% 10% -29% 58% -76% 50% 257% -19% 25% 57% 71% 49% -0% 11% -40% -33% 0% -36% 37% -20% 42% 13% 53% 100%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- December 2009, continued December 2009 November 2009 December 2008 Total Number of Total Number of Total Number of % Change % Change Properties with 1/every X Ranking Properties with Properties with from from Foreclosure Housing among all Foreclosure Foreclosure November December County Name Filings Unit (Rate) counties Filings Filings '09 '08 Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee Total U.S. Total
12 92 1,737 6 4 39 179 37 2 1 10 1 14 39 3 8 5 73 59 4,760 349,519
433 465 229 1,368 1,577 1,887 346 623 1,690 8,567 912 2,572 1,243 1,356 2,353 1,960 2,130 842 721 572 366
4 6 1 59 68 74 3 12 71 92 43 84 56 58 83 77 79 35 22 17*
4 92 1,366 5 4 23 79 22 3 2 7 1 20 32 1 11 8 28 37 3,725 306,627
11 84 1,524 13 3 18 62 22 2 1 7 0 12 35 4 11 6 41 44 3,884 303,410
200% 0% 27% 20% 0% 70% 127% 68% -33% -50% 43% 0% -30% 22% 200% -27% -38% 161% 59% 28% 14%
9% 10% 14% -54% 33% 117% 189% 68% 0% 0% 43% -17% 11% -25% -27% -17% 78% 34% 23% 15%
*Tennessee ranking in the nation among other states Source: RealtyTrac®
Tennessee Housing Development Agency 404 James Robertson Parkway, Suite 1200 Nashville, Tennessee 37243-0900
www.thda.org 615-815-2200
