Tennessee Foreclosure Trends: October 2009 How many/where ...
Tennessee Foreclosure Trends: October 2009 How many/where/patterns Hulya Arik, Ph.D. November, 2009
According to the latest data from the RealtyTrac® US Foreclosure Market Report, Tennessee reported 4,030 properties with foreclosure filings1 in October 2009, a 14 percent increase from the previous month (September 2009) and no change from the same month last year (October 2008). The total number of properties with foreclosure filings in Tennessee accounted for one percent of the 332,292 foreclosure filings in the nation. In Tennessee, properties with foreclosure filings ranged from zero in Clay and Perry Counties to 1,360 in Shelby County. In terms of total number of properties with foreclosure filings, the U.S., as a whole, had a three percent decline from September 2009, and a 19 percent increase from October 2008. Tennessee had one foreclosure filing for every 676 housing units, putting the State in 23rd place in the nation (the national average was 1 filing for 385 housing units), down from number 28 in the previous month. The state with the highest foreclosure rate in October 2009 was Nevada with one foreclosure filing for every 80 housing unit and 13,842 properties with foreclosure filings, followed by California and Florida.
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, or 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. However, the increase in notice of trustee sales was larger than the increase in REOs, 19 percent and 10 percent, respectively.
Notice of Sales, REOs, and Total Number of Properties with Foreclosure Filings in Tennessee 2007-09
Mar-07 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
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 major counties (Davidson, Hamilton, Knox, and Shelby) accounted for 55 percent of total foreclosure filings in the State in October 2009. Shelby County ranked as number one among all counties in Tennessee both in terms of the ratio of foreclosure filings to households (1 foreclosure filing for every 293 households), and also in terms of total number of properties with foreclosure filings (1,360 properties with foreclosure filings). In Shelby County, total foreclosure filings were 12 percent higher than the number of filings last month and 27 percent lower than the same month last year (October 2008). The county with the second highest total number of properties with foreclosure filings was Davidson (476), followed by Knox County (223) and Rutherford County (178). 50 counties had increases from last month, while 36 counties had declines. Nine Tennessee counties did not see any change in the number of properties with foreclosure filings.
Tennessee Housing Development Agency 404 James Robertson Parkway, Suite 1200 Nashville, Tennessee 37243-0900
www.thda.org 615-815-2200
Total Number of Properties with Foreclosure Filings-Tennessee Counties- October 2009 September 2009 October 2008 October 2009 Total Number of 1/every X Properties with Household County Name Foreclosure Filings (Rate) 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 Henderson Henry Hickman Houston Humphreys Jackson Jefferson Johnson Knox Lake
34 20 3 5 60 49 13 5 12 10 25 7 9 0 12 25 8 44 476 2 2 25 20 6 7 17 30 10 2 22 6 36 159 1 10 5 11 12 6 11 10 1 4 3 27 4 223 1
1,003 863 2,995 1,080 874 837 1,468 1,136 1,130 2,725 624 964 1,657 -1,379 914 794 549 586 3,376 4,421 796 855 2,344 1,135 1,107 749 1,373 5,113 1,393 1,095 734 937 3,402 1,134 2,699 2,366 709 2,013 1,512 931 4,080 2,239 1,800 821 2,126 868 2,762
Ranking among all counties
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
37 29 84 42 31 26 61 52 49 81 11 36 64 94 59 32 21 7 9 88 92 22 28 76 51 45 19 58 93 60 44 18 35 89 50 80 78 15 69 62 34 90 74 66 25 72 30 82
17 22 2 6 33 40 17 8 15 7 18 6 9 0 18 22 5 19 347 5 8 25 23 13 3 20 17 10 8 23 2 26 169 0 14 13 13 7 3 13 18 4 9 2 28 1 230 2
21 32 5 4 20 47 28 3 13 9 22 4 12 1 6 18 5 9 306 6 4 16 18 7 8 14 37 7 11 25 6 25 177 0 13 14 17 15 11 7 11 1 2 2 23 2 166 0
% Change % Change from from September October '09 '08 100% -9% 50% -17% 82% 23% -24% -38% -20% 43% 39% 17% 0% --33% 14% 60% 132% 37% -60% -75% 0% -13% -54% 133% -15% 76% 0% -75% -4% 200% 38% -6% --29% -62% -15% 71% 100% -15% -44% -75% -56% 50% -4% 300% -3% -50%
62% -38% -40% 25% 200% 4% -54% 67% -8% 11% 14% 75% -25% -100% 100% 39% 60% 389% 56% -67% -50% 56% 11% -14% -13% 21% -19% 43% -82% -12% 0% 44% -10% --23% -64% -35% -20% -45% 57% -9% 0% 100% 50% 17% 100% 34% --
Total Number of Properties with Foreclosure Filings-Tennessee Counties- October 2009, continued September 2009 October 2008 October 2009 Total Number of 1/every X Properties with Household County Name Foreclosure Filings (Rate) 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 Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee U.S. Total
9 17 7 13 53 5 82 4 18 38 33 20 7 22 59 1 7 7 6 0 1 8 24 18 22 46 178 3 12 100 1,360 4 3 32 98 34 2 2 7 2 16 29 3 6 10 59 53 4,030 332,292
*Tennessee Ranking in the Nation among Other States Source: RealtyTrac®
1,278 1,022 718 1,116 374 1,892 521 3,351 710 928 685 588 808 854 1,127 2,906 1,155 2,132 1,596 -3,096 1,014 1,262 762 1,119 545 555 3,105 433 428 293 2,052 2,102 2,300 633 678 1,690 4,284 1,302 1,286 1,087 1,824 2,353 2,613 1,065 1,041 803 676 385
Ranking among all counties
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
55 39 17 46 2 68 5 87 16 33 14 10 24 27 48 83 53 73 63 94 85 38 54 20 47 6 8 86 4 3 1 70 71 75 12 13 65 91 57 56 43 67 77 79 41 40 23 23*
15 14 3 4 23 4 41 4 11 49 39 7 4 27 51 1 5 7 5 3 0 10 14 15 29 42 133 1 14 123 1,217 3 5 30 94 19 5 0 6 2 12 30 1 5 10 36 35 3,528 343,638
17 16 0 7 23 7 56 4 24 45 29 16 5 17 44 2 9 8 1 3 0 6 29 15 25 48 121 1 10 83 1,855 11 6 22 74 31 3 6 4 0 13 26 3 10 14 47 24 4,030 279,561
% Change % Change from from September October '09 '08 -40% 21% 133% 225% 130% 25% 100% 0% 64% -22% -15% 186% 75% -19% 16% 0% 40% 0% 20% -100% --20% 71% 20% -24% 10% 34% 200%
-14% -19% 12% 33% -40% 7% 4% 79% -60% -17% 0% 33% -3% 200% 20% 0% 64% 51% 14% -3%
-47% 6% -86% 130% -29% 46% 0% -25% -16% 14% 25% 40% 29% 34% -50% -22% -13% 500% -100% -33% -17% 20% -12% -4% 47% 200% 20% 20% -27% -64% -50% 45% 32% 10% -33% -67% 75% -23% 12% 0% -40% -29% 26% 121% 0% 19%
According to the latest data from the RealtyTrac® US Foreclosure Market Report, Tennessee reported 4,030 properties with foreclosure filings1 in October 2009, a 14 percent increase from the previous month (September 2009) and no change from the same month last year (October 2008). The total number of properties with foreclosure filings in Tennessee accounted for one percent of the 332,292 foreclosure filings in the nation. In Tennessee, properties with foreclosure filings ranged from zero in Clay and Perry Counties to 1,360 in Shelby County. In terms of total number of properties with foreclosure filings, the U.S., as a whole, had a three percent decline from September 2009, and a 19 percent increase from October 2008. Tennessee had one foreclosure filing for every 676 housing units, putting the State in 23rd place in the nation (the national average was 1 filing for 385 housing units), down from number 28 in the previous month. The state with the highest foreclosure rate in October 2009 was Nevada with one foreclosure filing for every 80 housing unit and 13,842 properties with foreclosure filings, followed by California and Florida.
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, or 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. However, the increase in notice of trustee sales was larger than the increase in REOs, 19 percent and 10 percent, respectively.
Notice of Sales, REOs, and Total Number of Properties with Foreclosure Filings in Tennessee 2007-09
Mar-07 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
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 major counties (Davidson, Hamilton, Knox, and Shelby) accounted for 55 percent of total foreclosure filings in the State in October 2009. Shelby County ranked as number one among all counties in Tennessee both in terms of the ratio of foreclosure filings to households (1 foreclosure filing for every 293 households), and also in terms of total number of properties with foreclosure filings (1,360 properties with foreclosure filings). In Shelby County, total foreclosure filings were 12 percent higher than the number of filings last month and 27 percent lower than the same month last year (October 2008). The county with the second highest total number of properties with foreclosure filings was Davidson (476), followed by Knox County (223) and Rutherford County (178). 50 counties had increases from last month, while 36 counties had declines. Nine Tennessee counties did not see any change in the number of properties with foreclosure filings.
Tennessee Housing Development Agency 404 James Robertson Parkway, Suite 1200 Nashville, Tennessee 37243-0900
www.thda.org 615-815-2200
Total Number of Properties with Foreclosure Filings-Tennessee Counties- October 2009 September 2009 October 2008 October 2009 Total Number of 1/every X Properties with Household County Name Foreclosure Filings (Rate) 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 Henderson Henry Hickman Houston Humphreys Jackson Jefferson Johnson Knox Lake
34 20 3 5 60 49 13 5 12 10 25 7 9 0 12 25 8 44 476 2 2 25 20 6 7 17 30 10 2 22 6 36 159 1 10 5 11 12 6 11 10 1 4 3 27 4 223 1
1,003 863 2,995 1,080 874 837 1,468 1,136 1,130 2,725 624 964 1,657 -1,379 914 794 549 586 3,376 4,421 796 855 2,344 1,135 1,107 749 1,373 5,113 1,393 1,095 734 937 3,402 1,134 2,699 2,366 709 2,013 1,512 931 4,080 2,239 1,800 821 2,126 868 2,762
Ranking among all counties
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
37 29 84 42 31 26 61 52 49 81 11 36 64 94 59 32 21 7 9 88 92 22 28 76 51 45 19 58 93 60 44 18 35 89 50 80 78 15 69 62 34 90 74 66 25 72 30 82
17 22 2 6 33 40 17 8 15 7 18 6 9 0 18 22 5 19 347 5 8 25 23 13 3 20 17 10 8 23 2 26 169 0 14 13 13 7 3 13 18 4 9 2 28 1 230 2
21 32 5 4 20 47 28 3 13 9 22 4 12 1 6 18 5 9 306 6 4 16 18 7 8 14 37 7 11 25 6 25 177 0 13 14 17 15 11 7 11 1 2 2 23 2 166 0
% Change % Change from from September October '09 '08 100% -9% 50% -17% 82% 23% -24% -38% -20% 43% 39% 17% 0% --33% 14% 60% 132% 37% -60% -75% 0% -13% -54% 133% -15% 76% 0% -75% -4% 200% 38% -6% --29% -62% -15% 71% 100% -15% -44% -75% -56% 50% -4% 300% -3% -50%
62% -38% -40% 25% 200% 4% -54% 67% -8% 11% 14% 75% -25% -100% 100% 39% 60% 389% 56% -67% -50% 56% 11% -14% -13% 21% -19% 43% -82% -12% 0% 44% -10% --23% -64% -35% -20% -45% 57% -9% 0% 100% 50% 17% 100% 34% --
Total Number of Properties with Foreclosure Filings-Tennessee Counties- October 2009, continued September 2009 October 2008 October 2009 Total Number of 1/every X Properties with Household County Name Foreclosure Filings (Rate) 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 Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee U.S. Total
9 17 7 13 53 5 82 4 18 38 33 20 7 22 59 1 7 7 6 0 1 8 24 18 22 46 178 3 12 100 1,360 4 3 32 98 34 2 2 7 2 16 29 3 6 10 59 53 4,030 332,292
*Tennessee Ranking in the Nation among Other States Source: RealtyTrac®
1,278 1,022 718 1,116 374 1,892 521 3,351 710 928 685 588 808 854 1,127 2,906 1,155 2,132 1,596 -3,096 1,014 1,262 762 1,119 545 555 3,105 433 428 293 2,052 2,102 2,300 633 678 1,690 4,284 1,302 1,286 1,087 1,824 2,353 2,613 1,065 1,041 803 676 385
Ranking among all counties
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
55 39 17 46 2 68 5 87 16 33 14 10 24 27 48 83 53 73 63 94 85 38 54 20 47 6 8 86 4 3 1 70 71 75 12 13 65 91 57 56 43 67 77 79 41 40 23 23*
15 14 3 4 23 4 41 4 11 49 39 7 4 27 51 1 5 7 5 3 0 10 14 15 29 42 133 1 14 123 1,217 3 5 30 94 19 5 0 6 2 12 30 1 5 10 36 35 3,528 343,638
17 16 0 7 23 7 56 4 24 45 29 16 5 17 44 2 9 8 1 3 0 6 29 15 25 48 121 1 10 83 1,855 11 6 22 74 31 3 6 4 0 13 26 3 10 14 47 24 4,030 279,561
% Change % Change from from September October '09 '08 -40% 21% 133% 225% 130% 25% 100% 0% 64% -22% -15% 186% 75% -19% 16% 0% 40% 0% 20% -100% --20% 71% 20% -24% 10% 34% 200%
-14% -19% 12% 33% -40% 7% 4% 79% -60% -17% 0% 33% -3% 200% 20% 0% 64% 51% 14% -3%
-47% 6% -86% 130% -29% 46% 0% -25% -16% 14% 25% 40% 29% 34% -50% -22% -13% 500% -100% -33% -17% 20% -12% -4% 47% 200% 20% 20% -27% -64% -50% 45% 32% 10% -33% -67% 75% -23% 12% 0% -40% -29% 26% 121% 0% 19%
