Tennessee Foreclosure Trends: March 2011 How many
Tennessee Foreclosure Trends: March 2011 How many/where/patterns Hulya Arik, Ph.D. May, 2011 According to the latest data from the RealtyTrac® US Foreclosure Market Report, the number of properties with foreclosure filings in Tennessee declined by six percent compared to the previous month (February). In Tennessee, 3,207 properties had foreclosure filings1 in March 2011. This volume represents a 33 percent decline from the same month last year (March 2010). In terms of the total number of properties with foreclosure filings, the U.S. had a seven percent increase from February 2011, and a 35 percent decline from March 2010. On average, there was one filing for every 542 housing units in the nation. Nevada had the nation’s highest foreclosure rate with one foreclosure filing for every 88 housing units. Total number of properties with foreclosure filings in Nevada increased by 35 percent compared to the previous month. Tennessee had one foreclosure filing for every 867 housing units. The total foreclosure filings in four counties (Davidson, Hamilton, Knox, and Shelby) accounted for 46 percent of the total foreclosure filings in the State in March 2011. Sequatchie County, with one filing for every 441 housing units, had the highest foreclosure rate in the State. The county with the highest number of properties with foreclosure filings in the State was Shelby, 583 properties. Davidson County followed Shelby with 511 properties with foreclosure filings. In Shelby County, the total volume of foreclosure filings decreased by 26 percent from the previous month and declined by 54 percent from the same month last year (March 2010). In Davidson County, the total number of properties with foreclosure filings declined by 14 percent from last month (February) and by 13 percent from the same month last year (March 2010). The county with the third highest number of properties with foreclosure filings was Knox (217), followed by Hamilton County (172). Hancock and Pickett counties did not have any properties with foreclosure filings. Thirtyeight counties recorded declines in foreclosure filings from last month, while 48 counties had increases. Nine counties did not see any change in the number of properties with foreclosure filings. At the county level, more counties had decline compared to the previous year. The number of properties with foreclosure filings declined from the previous year in 70 counties, while 22 counties had increases. Three counties did not have any change from the previous year.
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.
In March 2011, there were 1,015 properties with a notice of trustee sales (NTS), a 39 percent decline from the last month and a 56 percent decline from the same month last year (March 2010). The number of properties repossessed by the lenders (REOs) in March 2011 was 2,192, a 27 percent increase from the last month (February 2011) and a 12 percent decline from the same month last year (March 2010). REOs are increasing after a big decline in November 2010.
Notice of Trustee Sales, REOs, and Total Number of Properties with Foreclosure Filings in Tennessee 2009-2011 6,000 5,000 4,000 3,000 2,000 1,000
Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11
0
NTS (Notice of Trustee Sales)
Source: RealtyTrac
REO
TOTAL
Total Number of Properties with Foreclosure Filings-Tennessee Counties- March 2011 March 2011 February 2011 March 2010 Percent Changes 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 February March County Name Filings Unit (Rate) counties* Filings Filings 2011 2010 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
25 28 3 2 28 41 19 6 18 17 33 8 6 2 13 27 9 16 511 3 7 23 18 13 11 13 23 11 8 24 4 20 172 0 6 11 17 7
1,378 630 3,030 2,734 1,912 1,022 1,025 956 760 1,627 483 858 2,537 2,106 1,288 872 714 1,538 558 2,273 1,276 885 957 1,149 730 1,479 995 1,259 1,296 1,299 1,662 1,341 879 -1,918 1,241 1,551 1,226
56 10 89 86 73 39 40 35 20 66 2 23 83 77 49 26 17 62 6 80 48 29 36 43 18 60 37 47 50 52 67 54 28 94 74 46 63 45
22 12 5 2 26 47 12 5 9 13 18 5 12 2 11 20 4 20 591 2 5 22 25 8 7 15 21 8 6 33 2 22 197 1 8 6 11 5
38 34 4 5 52 62 27 14 14 16 24 8 13 1 19 32 7 18 590 3 6 50 40 11 12 22 34 14 16 46 6 39 237 0 11 13 30 2
14% 133% -40% 0% 8% -13% 58% 20% 100% 31% 83% 60% -50% 0% 18% 35% 125% -20% -14% 50% 40% 5% -28% 63% 57% -13% 10% 38% 33% -27% 100% -9% -13% -100% -25% 83% 55% 40%
-34% -18% -25% -60% -46% -34% -30% -57% 29% 6% 38% 0% -54% 100% -32% -16% 29% -11% -13% 0% 17% -54% -55% 18% -8% -41% -32% -21% -50% -48% -33% -49% -27% --45% -15% -43% 250%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- March 2011, Continued March 2011 February 2011 March 2010 Percent Changes 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 February March County Name Filings Unit (Rate) counties* Filings Filings 2011 2010 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
7 8 14 2 6 4 22 6 217 4 9 12 6 26 30 4 80 4 23 62 19 9 11 11 65 1 3 5 1 2 0 9 31 15 29 34 158 5
1,746 2,102 672 2,063 1,510 1,366 1,037 1,432 911 695 1,296 1,462 847 563 679 2,412 544 3,413 569 588 1,203 1,318 531 1,740 1,067 2,988 2,727 3,001 9,690 2,185 -934 1,009 933 861 756 657 1,885
70 76 13 75 61 55 41 58 31 16 51 59 22 7 14 82 5 91 8 9 44 53 4 69 42 87 85 88 93 78 94 34 38 33 24 19 12 72
7 11 11 2 7 1 13 4 272 1 12 16 4 15 16 4 54 4 15 64 20 9 3 18 53 2 7 10 4 4 0 7 16 10 19 42 136 2
14 11 19 4 14 2 42 4 314 1 25 15 5 17 27 8 66 15 42 94 44 16 7 28 77 0 11 15 8 3 1 8 29 23 25 55 252 6
0% -27% 27% 0% -14% 300% 69% 50% -20% 300% -25% -25% 50% 73% 88% 0% 48% 0% 53% -3% -5% 0% 267% -39% 23% -50% -57% -50% -75% -50% -29% 94% 50% 53% -19% 16% 150%
-50% -27% -26% -50% -57% 100% -48% 50% -31% 300% -64% -20% 20% 53% 11% -50% 21% -73% -45% -34% -57% -44% 57% -61% -16% --73% -67% -88% -33% -100% 13% 7% -35% 16% -38% -37% -17%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- March 2011, Continued March 2011 February 2011 March 2010 Percent Changes 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 February March County Name Filings Unit (Rate) counties* Filings Filings 2011 2010 Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee** U.S. Total
12 86 583 9 1 32 100 27 4 5 6 1 8 34 5 5 6 76 50 3,207 239,795
441 510 691 931 6,397 2,332 641 874 866 1,727 1,558 2,601 2,206 1,600 1,427 3,168 1,795 833 895 867 542
1 3 15 32 92 81 11 27 25 68 64 84 79 65 57 90 71 21 30 21
10 88 793 10 4 22 82 27 5 4 13 2 21 37 4 16 15 56 52 3,396 225,101
13 134 1,276 14 5 38 106 30 6 7 11 0 18 45 4 6 10 91 59 4,790 367,056
*County ranking is based on the rate of foreclosure filings, a rank of one means the county had the highest ratio of foreclosure to housing units. **Tennessee ranking in the nation among other states, a rank of one means the state had the highest ratio of foreclosure to housing units. Source: RealtyTrac®
20% -2% -26% -10% -75% 45% 22% 0% -20% 25% -54% -50% -62% -8% 25% -69% -60% 36% -4% -6% 7%
-8% -36% -54% -36% -80% -16% -6% -10% -33% -29% -45% --56% -24% 25% -17% -40% -16% -15% -33% -35%
March 2011 Total Number of Foreclosure Filings by County
Source: RealtyTrac©
Tennessee Housing Development Agency 404 James Robertson Parkway, Suite 1200 Nashville, Tennessee 37243-0900
www.thda.org 615-815-2200
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.
In March 2011, there were 1,015 properties with a notice of trustee sales (NTS), a 39 percent decline from the last month and a 56 percent decline from the same month last year (March 2010). The number of properties repossessed by the lenders (REOs) in March 2011 was 2,192, a 27 percent increase from the last month (February 2011) and a 12 percent decline from the same month last year (March 2010). REOs are increasing after a big decline in November 2010.
Notice of Trustee Sales, REOs, and Total Number of Properties with Foreclosure Filings in Tennessee 2009-2011 6,000 5,000 4,000 3,000 2,000 1,000
Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11
0
NTS (Notice of Trustee Sales)
Source: RealtyTrac
REO
TOTAL
Total Number of Properties with Foreclosure Filings-Tennessee Counties- March 2011 March 2011 February 2011 March 2010 Percent Changes 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 February March County Name Filings Unit (Rate) counties* Filings Filings 2011 2010 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
25 28 3 2 28 41 19 6 18 17 33 8 6 2 13 27 9 16 511 3 7 23 18 13 11 13 23 11 8 24 4 20 172 0 6 11 17 7
1,378 630 3,030 2,734 1,912 1,022 1,025 956 760 1,627 483 858 2,537 2,106 1,288 872 714 1,538 558 2,273 1,276 885 957 1,149 730 1,479 995 1,259 1,296 1,299 1,662 1,341 879 -1,918 1,241 1,551 1,226
56 10 89 86 73 39 40 35 20 66 2 23 83 77 49 26 17 62 6 80 48 29 36 43 18 60 37 47 50 52 67 54 28 94 74 46 63 45
22 12 5 2 26 47 12 5 9 13 18 5 12 2 11 20 4 20 591 2 5 22 25 8 7 15 21 8 6 33 2 22 197 1 8 6 11 5
38 34 4 5 52 62 27 14 14 16 24 8 13 1 19 32 7 18 590 3 6 50 40 11 12 22 34 14 16 46 6 39 237 0 11 13 30 2
14% 133% -40% 0% 8% -13% 58% 20% 100% 31% 83% 60% -50% 0% 18% 35% 125% -20% -14% 50% 40% 5% -28% 63% 57% -13% 10% 38% 33% -27% 100% -9% -13% -100% -25% 83% 55% 40%
-34% -18% -25% -60% -46% -34% -30% -57% 29% 6% 38% 0% -54% 100% -32% -16% 29% -11% -13% 0% 17% -54% -55% 18% -8% -41% -32% -21% -50% -48% -33% -49% -27% --45% -15% -43% 250%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- March 2011, Continued March 2011 February 2011 March 2010 Percent Changes 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 February March County Name Filings Unit (Rate) counties* Filings Filings 2011 2010 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
7 8 14 2 6 4 22 6 217 4 9 12 6 26 30 4 80 4 23 62 19 9 11 11 65 1 3 5 1 2 0 9 31 15 29 34 158 5
1,746 2,102 672 2,063 1,510 1,366 1,037 1,432 911 695 1,296 1,462 847 563 679 2,412 544 3,413 569 588 1,203 1,318 531 1,740 1,067 2,988 2,727 3,001 9,690 2,185 -934 1,009 933 861 756 657 1,885
70 76 13 75 61 55 41 58 31 16 51 59 22 7 14 82 5 91 8 9 44 53 4 69 42 87 85 88 93 78 94 34 38 33 24 19 12 72
7 11 11 2 7 1 13 4 272 1 12 16 4 15 16 4 54 4 15 64 20 9 3 18 53 2 7 10 4 4 0 7 16 10 19 42 136 2
14 11 19 4 14 2 42 4 314 1 25 15 5 17 27 8 66 15 42 94 44 16 7 28 77 0 11 15 8 3 1 8 29 23 25 55 252 6
0% -27% 27% 0% -14% 300% 69% 50% -20% 300% -25% -25% 50% 73% 88% 0% 48% 0% 53% -3% -5% 0% 267% -39% 23% -50% -57% -50% -75% -50% -29% 94% 50% 53% -19% 16% 150%
-50% -27% -26% -50% -57% 100% -48% 50% -31% 300% -64% -20% 20% 53% 11% -50% 21% -73% -45% -34% -57% -44% 57% -61% -16% --73% -67% -88% -33% -100% 13% 7% -35% 16% -38% -37% -17%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- March 2011, Continued March 2011 February 2011 March 2010 Percent Changes 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 February March County Name Filings Unit (Rate) counties* Filings Filings 2011 2010 Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee** U.S. Total
12 86 583 9 1 32 100 27 4 5 6 1 8 34 5 5 6 76 50 3,207 239,795
441 510 691 931 6,397 2,332 641 874 866 1,727 1,558 2,601 2,206 1,600 1,427 3,168 1,795 833 895 867 542
1 3 15 32 92 81 11 27 25 68 64 84 79 65 57 90 71 21 30 21
10 88 793 10 4 22 82 27 5 4 13 2 21 37 4 16 15 56 52 3,396 225,101
13 134 1,276 14 5 38 106 30 6 7 11 0 18 45 4 6 10 91 59 4,790 367,056
*County ranking is based on the rate of foreclosure filings, a rank of one means the county had the highest ratio of foreclosure to housing units. **Tennessee ranking in the nation among other states, a rank of one means the state had the highest ratio of foreclosure to housing units. Source: RealtyTrac®
20% -2% -26% -10% -75% 45% 22% 0% -20% 25% -54% -50% -62% -8% 25% -69% -60% 36% -4% -6% 7%
-8% -36% -54% -36% -80% -16% -6% -10% -33% -29% -45% --56% -24% 25% -17% -40% -16% -15% -33% -35%
March 2011 Total Number of Foreclosure Filings by County
Source: RealtyTrac©
Tennessee Housing Development Agency 404 James Robertson Parkway, Suite 1200 Nashville, Tennessee 37243-0900
www.thda.org 615-815-2200
