Tennessee Foreclosure Trends: February 2010 How
Tennessee Foreclosure Trends: February 2010 How many/where/patterns Hulya Arik, Ph.D. March, 2010
According to the latest data from the RealtyTrac® US Foreclosure Market Report, Tennessee reported 3,692 properties with foreclosure filings1 in February 2010, a six percent decline from the previous month (January 2010). Total number of filings did not change from the same month last year (February 2009). The total number of properties with foreclosure filings in Tennessee accounted for one percent of the 308,524 foreclosure filings in the nation. In Tennessee, the properties with foreclosure filings ranged from zero in Hancock and Pickett Counties to 1,002 in Shelby County. In terms of total number of properties with foreclosure filings, the U.S., as a whole, had a two percent decline from January 2010, and a six percent increase from February 2009. On average, there was one filing for every 418 housing units in the nation. Nevada ranked number one in the nation with one foreclosure filing for every 102 housing units. Tennessee had one foreclosure filing for every 747 housing units, putting the State in 23rd 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) declined from the previous month. The decrease in the notice of trustee sales (NTS) was larger than the decrease in REOs, eight percent and three percent, respectively.
Notice of Trustee Sales, REOs, and Total Number of Properties with Foreclosure Filings in Tennessee 2008-2010
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 Jan-10 Feb-10
5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0
NTS (Notice of Trustee Sales)
REO
TOTAL
The total foreclosure filings in four counties (Davidson, Hamilton, Knox, and Shelby) accounted for 49 percent of the total foreclosure filings in the State in February 2010. Loudon ranked number one among counties in Tennessee, with one filing for every 305 housing units. In Loudon, the number of properties with foreclosure filings increased to 66 in February 2010, a 214 percent from January 2010. Shelby County ranked as number one among all counties in Tennessee by the number of properties with foreclosure filings (1,002 properties). Traditionally, Shelby County ranked number one both in foreclosure rate and in the total number of properties with foreclosure filings. Going back in time to February 2008, only four months Shelby County was second in the foreclosure rate, still being number one in the foreclosure filings. On the positive side, the total volume of foreclosure filings in Shelby County declined by 17 percent from the previous month and by 30 percent from the same month last year (February 2009). The county with the second highest number of properties with foreclosure filings was Davidson (376), followed by Knox County (247) and Hamilton County (181). Compared to January 2010, the total number of properties with foreclosure filings in Davidson and Knox counties declined by 13 percent. Hamilton County foreclosure filings declined by nine percent from January 2010. 42 counties recorded declines in foreclosure filings from the last month, while 49 counties had increases. Four counties did not see any change in the number of properties with foreclosure filings. Maury and Rutherford counties had substantial declines relative to January 2010. The total number of properties with foreclosure filings declined from 107 to 75, a 30 percent decline, in Maury County and from 217 to 156, a 28 percent decline, in Rutherford County.
Total Number of Properties with Foreclosure Filings-Tennessee Counties- January 2010 February 2010 January 2010 February 2009 Total Number of Properties with County Foreclosure Name Filings Anderson 30 Bedford 15 Benton 3 Bledsoe 2 Blount 45 Bradley 54 Campbell 20 Cannon 5 Carroll 19 Carter 12 Cheatham 20 Chester 8 Claiborne 7 Clay 2 Cocke 13 Coffee 22 Crockett 7 Cumberland 15 Davidson 376 Decatur 2 DeKalb 6 Dickson 27 Dyer 16 Fayette 11 Fentress 6 Franklin 9 Gibson 29 Giles 10 Grainger 12 Greene 35 Grundy 5 Hamblen 39 Hamilton 181 Hancock 0 Hardeman 13 Hardin 9 Hawkins 17 Haywood 8
1/every X Ranking Housing among all Unit (Rate) counties 1,143 49 1,163 51 3,000 84 2,706 80 1,178 54 769 20 958 39 1,139 48 714 17 2,283 78 790 24 849 28 2,144 76 2,084 74 1,275 56 1,058 43 909 33 1,624 68 755 19 3,381 87 1,480 65 747 18 1,072 45 1,335 61 1,328 59 2,115 75 783 23 1,376 63 854 29 882 31 1,317 58 682 16 831 27 -94 878 30 1,504 66 1,537 67 1,070 44
Total Number of Total Number of Properties with Properties with Foreclosure Foreclosure Filings Filings 25 27 30 26 5 11 1 7 40 16 36 43 18 23 9 4 8 11 11 15 22 28 1 0 9 11 0 2 12 8 17 25 8 10 9 20 430 304 4 4 5 4 28 28 25 9 10 3 2 9 13 4 21 25 12 10 5 12 34 25 3 4 34 27 198 182 0 4 12 6 7 11 21 21 5 9
% Change % Change from from January '10 February '09 20% 11% -50% -42% -40% -73% 100% -71% 13% 181% 50% 26% 11% -13% -44% 25% 138% 73% 9% -20% -9% -29% 700% --22% -36% -0% 8% 63% 29% -12% -13% -30% 67% -25% -13% 24% -50% -50% 20% 50% -4% -4% -36% 78% 10% 267% 200% -33% -31% 125% 38% 16% -17% 0% 140% 0% 3% 40% 67% 25% 15% 44% -9% -1% --100% 8% 117% 29% -18% -19% -19% 60% -11%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- January 2010, Continued February 2010 January 2010 February 2009
County Name 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
Total Number of Properties with Foreclosure Filings 9 5 8 1 5 1 25 2 247 1 17 16 3 8 66 9 56 3 22 75 34 18 6 33 75 1 8 5 4 2 0 9 26 15 26 44 156 2
1/every X Ranking Housing among all Unit (Rate) counties 1,345 3,333 1,166 4,085 1,796 5,413 903 4,259 796 2,769 681 1,088 1,676 1,817 305 1,055 771 4,500 587 481 667 655 956 573 910 -1,013 2,986 2,401 2161 -923 1,182 921 954 579 652 4,667
62 86 52 89 72 93 32 90 26 81 15 46 69 73 1 42 21 91 10 4 14 13 38 8 34 82 41 83 79 77 94 36 55 35 37 9 12 92
Total Number of Total Number of Properties with Properties with Foreclosure Foreclosure Filings Filings 11 7 13 3 8 0 17 12 283 2 10 11 3 13 21 4 58 5 23 107 26 10 4 17 80 0 6 11 5 2 2 9 27 20 20 35 217 1
8 9 17 2 8 2 34 2 182 1 10 15 8 3 21 9 44 6 15 47 30 9 5 28 103 0 7 11 5 2 1 6 26 17 20 29 140 5
% Change % Change from from January '10 February '09 -18% -29% -38% -67% -38% -47% -83% -13% -50% 70% 45% 0% -38% 214% 125% -3% -40% -4% -30% 31% 80% 50% 94% -6% -33% -55% -20% 0% -100% 0% -4% -25% 30% 26% -28% 100%
13% -44% -53% -50% -38% -50% -26% 0% 36% 0% 70% 7% -63% 167% 214% 0% 27% -50% 47% 60% 13% 100% 20% 18% -27% -14% -55% -20% 0% -100% 50% 0% -12% 30% 52% 11% -60%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- January 2010, Continued February 2010 January 2010 February 2009
County Name
Total Number of Properties with Foreclosure Filings
Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee U.S. Total
10 96 1,002 17 8 23 106 30 2 5 8 2 16 38 6 4 8 113 45 3,692 308,524
1/every X Ranking Housing among all Unit (Rate) counties 522 451 401 487 792 3,225 598 780 1,713 1,716 1,153 1,289 1,090 1,409 1,178 3,933 1,334 556 971 747 418
6 3 2 5 25 85 11 22 70 71 50 57 47 64 53 88 60 7 40 23*
Total Number of Total Number of Properties with Properties with Foreclosure Foreclosure Filings Filings 6 98 1,203 6 6 30 104 20 3 4 7 3 7 33 1 7 10 82 48 3,911 315,716
3 100 1,432 4 1 18 79 11 1 6 7 2 22 36 3 5 8 43 35 3,691 290,453
% Change % Change from from January '10 February '09 67% -2% -17% 183% 33% -23% 2% 50% -33% 25% 14% -33% 129% 15% 500% -43% -20% 38% -6% -6% -2%
233% -4% -30% 325% 700% 28% 34% 173% 100% -17% 14% 0% -27% 6% 100% -20% 0% 163% 29% 0% 6%
*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 3,692 properties with foreclosure filings1 in February 2010, a six percent decline from the previous month (January 2010). Total number of filings did not change from the same month last year (February 2009). The total number of properties with foreclosure filings in Tennessee accounted for one percent of the 308,524 foreclosure filings in the nation. In Tennessee, the properties with foreclosure filings ranged from zero in Hancock and Pickett Counties to 1,002 in Shelby County. In terms of total number of properties with foreclosure filings, the U.S., as a whole, had a two percent decline from January 2010, and a six percent increase from February 2009. On average, there was one filing for every 418 housing units in the nation. Nevada ranked number one in the nation with one foreclosure filing for every 102 housing units. Tennessee had one foreclosure filing for every 747 housing units, putting the State in 23rd 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) declined from the previous month. The decrease in the notice of trustee sales (NTS) was larger than the decrease in REOs, eight percent and three percent, respectively.
Notice of Trustee Sales, REOs, and Total Number of Properties with Foreclosure Filings in Tennessee 2008-2010
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 Jan-10 Feb-10
5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0
NTS (Notice of Trustee Sales)
REO
TOTAL
The total foreclosure filings in four counties (Davidson, Hamilton, Knox, and Shelby) accounted for 49 percent of the total foreclosure filings in the State in February 2010. Loudon ranked number one among counties in Tennessee, with one filing for every 305 housing units. In Loudon, the number of properties with foreclosure filings increased to 66 in February 2010, a 214 percent from January 2010. Shelby County ranked as number one among all counties in Tennessee by the number of properties with foreclosure filings (1,002 properties). Traditionally, Shelby County ranked number one both in foreclosure rate and in the total number of properties with foreclosure filings. Going back in time to February 2008, only four months Shelby County was second in the foreclosure rate, still being number one in the foreclosure filings. On the positive side, the total volume of foreclosure filings in Shelby County declined by 17 percent from the previous month and by 30 percent from the same month last year (February 2009). The county with the second highest number of properties with foreclosure filings was Davidson (376), followed by Knox County (247) and Hamilton County (181). Compared to January 2010, the total number of properties with foreclosure filings in Davidson and Knox counties declined by 13 percent. Hamilton County foreclosure filings declined by nine percent from January 2010. 42 counties recorded declines in foreclosure filings from the last month, while 49 counties had increases. Four counties did not see any change in the number of properties with foreclosure filings. Maury and Rutherford counties had substantial declines relative to January 2010. The total number of properties with foreclosure filings declined from 107 to 75, a 30 percent decline, in Maury County and from 217 to 156, a 28 percent decline, in Rutherford County.
Total Number of Properties with Foreclosure Filings-Tennessee Counties- January 2010 February 2010 January 2010 February 2009 Total Number of Properties with County Foreclosure Name Filings Anderson 30 Bedford 15 Benton 3 Bledsoe 2 Blount 45 Bradley 54 Campbell 20 Cannon 5 Carroll 19 Carter 12 Cheatham 20 Chester 8 Claiborne 7 Clay 2 Cocke 13 Coffee 22 Crockett 7 Cumberland 15 Davidson 376 Decatur 2 DeKalb 6 Dickson 27 Dyer 16 Fayette 11 Fentress 6 Franklin 9 Gibson 29 Giles 10 Grainger 12 Greene 35 Grundy 5 Hamblen 39 Hamilton 181 Hancock 0 Hardeman 13 Hardin 9 Hawkins 17 Haywood 8
1/every X Ranking Housing among all Unit (Rate) counties 1,143 49 1,163 51 3,000 84 2,706 80 1,178 54 769 20 958 39 1,139 48 714 17 2,283 78 790 24 849 28 2,144 76 2,084 74 1,275 56 1,058 43 909 33 1,624 68 755 19 3,381 87 1,480 65 747 18 1,072 45 1,335 61 1,328 59 2,115 75 783 23 1,376 63 854 29 882 31 1,317 58 682 16 831 27 -94 878 30 1,504 66 1,537 67 1,070 44
Total Number of Total Number of Properties with Properties with Foreclosure Foreclosure Filings Filings 25 27 30 26 5 11 1 7 40 16 36 43 18 23 9 4 8 11 11 15 22 28 1 0 9 11 0 2 12 8 17 25 8 10 9 20 430 304 4 4 5 4 28 28 25 9 10 3 2 9 13 4 21 25 12 10 5 12 34 25 3 4 34 27 198 182 0 4 12 6 7 11 21 21 5 9
% Change % Change from from January '10 February '09 20% 11% -50% -42% -40% -73% 100% -71% 13% 181% 50% 26% 11% -13% -44% 25% 138% 73% 9% -20% -9% -29% 700% --22% -36% -0% 8% 63% 29% -12% -13% -30% 67% -25% -13% 24% -50% -50% 20% 50% -4% -4% -36% 78% 10% 267% 200% -33% -31% 125% 38% 16% -17% 0% 140% 0% 3% 40% 67% 25% 15% 44% -9% -1% --100% 8% 117% 29% -18% -19% -19% 60% -11%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- January 2010, Continued February 2010 January 2010 February 2009
County Name 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
Total Number of Properties with Foreclosure Filings 9 5 8 1 5 1 25 2 247 1 17 16 3 8 66 9 56 3 22 75 34 18 6 33 75 1 8 5 4 2 0 9 26 15 26 44 156 2
1/every X Ranking Housing among all Unit (Rate) counties 1,345 3,333 1,166 4,085 1,796 5,413 903 4,259 796 2,769 681 1,088 1,676 1,817 305 1,055 771 4,500 587 481 667 655 956 573 910 -1,013 2,986 2,401 2161 -923 1,182 921 954 579 652 4,667
62 86 52 89 72 93 32 90 26 81 15 46 69 73 1 42 21 91 10 4 14 13 38 8 34 82 41 83 79 77 94 36 55 35 37 9 12 92
Total Number of Total Number of Properties with Properties with Foreclosure Foreclosure Filings Filings 11 7 13 3 8 0 17 12 283 2 10 11 3 13 21 4 58 5 23 107 26 10 4 17 80 0 6 11 5 2 2 9 27 20 20 35 217 1
8 9 17 2 8 2 34 2 182 1 10 15 8 3 21 9 44 6 15 47 30 9 5 28 103 0 7 11 5 2 1 6 26 17 20 29 140 5
% Change % Change from from January '10 February '09 -18% -29% -38% -67% -38% -47% -83% -13% -50% 70% 45% 0% -38% 214% 125% -3% -40% -4% -30% 31% 80% 50% 94% -6% -33% -55% -20% 0% -100% 0% -4% -25% 30% 26% -28% 100%
13% -44% -53% -50% -38% -50% -26% 0% 36% 0% 70% 7% -63% 167% 214% 0% 27% -50% 47% 60% 13% 100% 20% 18% -27% -14% -55% -20% 0% -100% 50% 0% -12% 30% 52% 11% -60%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- January 2010, Continued February 2010 January 2010 February 2009
County Name
Total Number of Properties with Foreclosure Filings
Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee U.S. Total
10 96 1,002 17 8 23 106 30 2 5 8 2 16 38 6 4 8 113 45 3,692 308,524
1/every X Ranking Housing among all Unit (Rate) counties 522 451 401 487 792 3,225 598 780 1,713 1,716 1,153 1,289 1,090 1,409 1,178 3,933 1,334 556 971 747 418
6 3 2 5 25 85 11 22 70 71 50 57 47 64 53 88 60 7 40 23*
Total Number of Total Number of Properties with Properties with Foreclosure Foreclosure Filings Filings 6 98 1,203 6 6 30 104 20 3 4 7 3 7 33 1 7 10 82 48 3,911 315,716
3 100 1,432 4 1 18 79 11 1 6 7 2 22 36 3 5 8 43 35 3,691 290,453
% Change % Change from from January '10 February '09 67% -2% -17% 183% 33% -23% 2% 50% -33% 25% 14% -33% 129% 15% 500% -43% -20% 38% -6% -6% -2%
233% -4% -30% 325% 700% 28% 34% 173% 100% -17% 14% 0% -27% 6% 100% -20% 0% 163% 29% 0% 6%
*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
