Tennessee Foreclosure Trends: February 2011 How
Tennessee Foreclosure Trends: February 2011 How many/where/patterns Hulya Arik, Ph.D. April, 2011 According to the latest data from the RealtyTrac® US Foreclosure Market Report, number of properties with foreclosure filings in Tennessee declined by two percent compared to the previous month (January). In Tennessee, 3,396 properties had foreclosure filings1 in February 2011. This volume represents an eight percent decline from the same month last year (February 2010). In terms of the total number of properties with foreclosure filings, the U.S. had a 14 percent decline from January 2011, and a 27 percent decline from February 2010. This was the biggest year-over-year decrease since RealtyTrac began reporting foreclosure trends in 2005. On average, there was one filing for every 577 housing units in the nation. Nevada had the nation’s highest foreclosure rate with one foreclosure filing for every 119 housing units. Tennessee had one foreclosure filing for every 819 housing units. The total foreclosure filings in four counties (Davidson, Hamilton, Knox, and Shelby) accounted for 55 percent of the total foreclosure filings in the State in February 2011. Davidson County, with one filing for every 483 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, 793 properties. Davidson County followed Shelby with 591 properties with foreclosure filings. In Shelby County, the total volume of foreclosure filings decreased by one percent from the previous month and declined by 21 percent from the same month last year (February 2010). In Davidson County, the total number of properties with foreclosure filings increased substantially from last month (January) and the same month last year (February 2010), 53 percent and 57 percent, respectively. The county with the third highest number of properties with foreclosure filings was Knox (272), followed by Hamilton County (197). Fifty counties recorded declines in foreclosure filings from last month, while 33 counties had increases. Twelve counties did not see any change in the number of properties with foreclosure filings.
1
For Tennessee, RealtyTrac’s report (http://realtytrac.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 February 2011, there were 1,671 properties with the notice of trustee sales (NTS), a 20 percent decline from the last month and an eight percent decline from the same month last year (February 2010). The number of properties repossessed by the lenders (REOs) in February 2011 was 1,725, a 26 percent increase from the last month (January 2011) and an eight percent decline from the same month last year (February 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
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 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11
0
NTS (Notice of Trustee Sales)
Source: RealtyTrac
REO
TOTAL
Total Number of Properties with Foreclosure Filings-Tennessee Counties- February 2011 February 2011 January 2011 February 2010 Percent Changes Total Number of Properties with 1/every X Foreclosure Housing County Name Filings Unit (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
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
1,566 1,470 1,818 2,734 2,059 892 1,623 1,147 1,519 2,128 886 1,373 1,268 2,106 1,523 1,178 1,607 1,231 483 3,410 1,786 925 689 1,867 1,148 1,282 1,090 1,731 1,727 944 3,323 1,219 767 3,431 1,439 2,275 2,396 1,716
Ranking among all counties*
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
61 54 72 86 76 23 64 35 58 79 22 51 42 78 59 38 63 41 1 90 71 24 7 73 36 45 30 67 66 25 88 40 13 92 53 82 83 65
32 23 7 3 36 42 26 3 11 16 20 4 11 2 11 22 7 22 386 5 6 20 13 13 7 9 31 6 6 30 5 23 190 1 8 11 12 12
30 15 3 2 45 54 20 5 19 12 20 8 7 2 13 22 7 15 376 2 6 27 16 11 6 9 29 10 12 35 5 39 181 0 13 9 17 8
% Change % Change from from January February 2011 2010 -31% -48% -29% -33% -28% 12% -54% 67% -18% -19% -10% 25% 9% 0% 0% -9% -43% -9% 53% -60% -17% 10% 92% -38% 0% 67% -32% 33% 0% 10% -60% -4% 4% 0% 0% -45% -8% -58%
-27% -20% 67% 0% -42% -13% -40% 0% -53% 8% -10% -38% 71% 0% -15% -9% -43% 33% 57% 0% -17% -19% 56% -27% 17% 67% -28% -20% -50% -6% -60% -44% 9% --38% -33% -35% -38%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- February 2011, Continued February 2011 January 2011 February 2010 Percent Changes Total Number of Properties with 1/every X Foreclosure Housing County Name Filings Unit (Rate) 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 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
1,746 1,529 856 2,063 1,294 5,463 1,755 2,148 727 2,781 972 1,096 1,270 977 1,272 2,412 805 3,413 873 569 1,143 1,318 1,946 1,063 1,308 1,494 1,169 1,501 2,423 1,092 -1,201 1,955 1,400 1,314 612 763 4,714
Ranking among all counties*
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
68 60 18 77 46 94 69 80 11 87 26 32 43 27 44 84 15 91 20 5 34 50 74 29 48 56 37 57 85 31 95 39 75 52 49 6 12 93
4 10 15 5 4 3 36 1 177 2 6 14 7 22 43 2 65 10 19 50 23 12 3 24 64 2 3 8 2 5 0 4 28 14 23 42 288 4
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
% Change % Change from from January February 2011 2010 75% 10% -27% -60% 75% -67% -64% 300% 54% -50% 100% 14% -43% -32% -63% 100% -17% -60% -21% 28% -13% -25% 0% -25% -17% 0% 133% 25% 100% -20% -75% -43% -29% -17% 0% -53% -50%
-22% 120% 38% 100% 40% 0% -48% 100% 10% 0% -29% 0% 33% 88% -76% -56% -4% 33% -32% -15% -41% -50% -50% -45% -29% 100% -13% 100% 0% 100% --22% -38% -33% -27% -5% -13% 0%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- February 2011, Continued February 2011 January 2011 February 2010 Percent Changes Total Number of Properties with 1/every X Foreclosure Housing County Name Filings Unit (Rate) 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 88 793 10 4 22 82 27 5 4 13 2 21 37 4 16 15 56 52 3,396 225,101
529 498 508 838 1,599 3,393 782 874 693 2,158 719 1,301 840 1,470 1,784 990 718 1,131 861 819 577
Ranking among all counties* 4 2 3 16 62 89 14 21 8 81 10 47 17 55 70 28 9 33 19 21
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
7 97 798 4 3 61 101 23 7 4 12 6 7 38 2 11 9 72 52 3,450 261,333
10 96 1,002 17 8 23 106 30 2 5 8 2 16 38 6 4 8 113 45 3,692 308,524
% Change % Change from from January February 2011 2010
*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®
43% -9% -1% 150% 33% -64% -19% 17% -29% 0% 8% -67% 200% -3% 100% 45% 67% -22% 0% -2% -14%
0% -8% -21% -41% -50% -4% -23% -10% 150% -20% 63% 0% 31% -3% -33% 300% 88% -50% 16% -8% -27%
Map: February 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://realtytrac.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 February 2011, there were 1,671 properties with the notice of trustee sales (NTS), a 20 percent decline from the last month and an eight percent decline from the same month last year (February 2010). The number of properties repossessed by the lenders (REOs) in February 2011 was 1,725, a 26 percent increase from the last month (January 2011) and an eight percent decline from the same month last year (February 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
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 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11
0
NTS (Notice of Trustee Sales)
Source: RealtyTrac
REO
TOTAL
Total Number of Properties with Foreclosure Filings-Tennessee Counties- February 2011 February 2011 January 2011 February 2010 Percent Changes Total Number of Properties with 1/every X Foreclosure Housing County Name Filings Unit (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
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
1,566 1,470 1,818 2,734 2,059 892 1,623 1,147 1,519 2,128 886 1,373 1,268 2,106 1,523 1,178 1,607 1,231 483 3,410 1,786 925 689 1,867 1,148 1,282 1,090 1,731 1,727 944 3,323 1,219 767 3,431 1,439 2,275 2,396 1,716
Ranking among all counties*
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
61 54 72 86 76 23 64 35 58 79 22 51 42 78 59 38 63 41 1 90 71 24 7 73 36 45 30 67 66 25 88 40 13 92 53 82 83 65
32 23 7 3 36 42 26 3 11 16 20 4 11 2 11 22 7 22 386 5 6 20 13 13 7 9 31 6 6 30 5 23 190 1 8 11 12 12
30 15 3 2 45 54 20 5 19 12 20 8 7 2 13 22 7 15 376 2 6 27 16 11 6 9 29 10 12 35 5 39 181 0 13 9 17 8
% Change % Change from from January February 2011 2010 -31% -48% -29% -33% -28% 12% -54% 67% -18% -19% -10% 25% 9% 0% 0% -9% -43% -9% 53% -60% -17% 10% 92% -38% 0% 67% -32% 33% 0% 10% -60% -4% 4% 0% 0% -45% -8% -58%
-27% -20% 67% 0% -42% -13% -40% 0% -53% 8% -10% -38% 71% 0% -15% -9% -43% 33% 57% 0% -17% -19% 56% -27% 17% 67% -28% -20% -50% -6% -60% -44% 9% --38% -33% -35% -38%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- February 2011, Continued February 2011 January 2011 February 2010 Percent Changes Total Number of Properties with 1/every X Foreclosure Housing County Name Filings Unit (Rate) 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 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
1,746 1,529 856 2,063 1,294 5,463 1,755 2,148 727 2,781 972 1,096 1,270 977 1,272 2,412 805 3,413 873 569 1,143 1,318 1,946 1,063 1,308 1,494 1,169 1,501 2,423 1,092 -1,201 1,955 1,400 1,314 612 763 4,714
Ranking among all counties*
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
68 60 18 77 46 94 69 80 11 87 26 32 43 27 44 84 15 91 20 5 34 50 74 29 48 56 37 57 85 31 95 39 75 52 49 6 12 93
4 10 15 5 4 3 36 1 177 2 6 14 7 22 43 2 65 10 19 50 23 12 3 24 64 2 3 8 2 5 0 4 28 14 23 42 288 4
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
% Change % Change from from January February 2011 2010 75% 10% -27% -60% 75% -67% -64% 300% 54% -50% 100% 14% -43% -32% -63% 100% -17% -60% -21% 28% -13% -25% 0% -25% -17% 0% 133% 25% 100% -20% -75% -43% -29% -17% 0% -53% -50%
-22% 120% 38% 100% 40% 0% -48% 100% 10% 0% -29% 0% 33% 88% -76% -56% -4% 33% -32% -15% -41% -50% -50% -45% -29% 100% -13% 100% 0% 100% --22% -38% -33% -27% -5% -13% 0%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- February 2011, Continued February 2011 January 2011 February 2010 Percent Changes Total Number of Properties with 1/every X Foreclosure Housing County Name Filings Unit (Rate) 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 88 793 10 4 22 82 27 5 4 13 2 21 37 4 16 15 56 52 3,396 225,101
529 498 508 838 1,599 3,393 782 874 693 2,158 719 1,301 840 1,470 1,784 990 718 1,131 861 819 577
Ranking among all counties* 4 2 3 16 62 89 14 21 8 81 10 47 17 55 70 28 9 33 19 21
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
7 97 798 4 3 61 101 23 7 4 12 6 7 38 2 11 9 72 52 3,450 261,333
10 96 1,002 17 8 23 106 30 2 5 8 2 16 38 6 4 8 113 45 3,692 308,524
% Change % Change from from January February 2011 2010
*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®
43% -9% -1% 150% 33% -64% -19% 17% -29% 0% 8% -67% 200% -3% 100% 45% 67% -22% 0% -2% -14%
0% -8% -21% -41% -50% -4% -23% -10% 150% -20% 63% 0% 31% -3% -33% 300% 88% -50% 16% -8% -27%
Map: February 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
