Tennessee Foreclosure Trends: January 2010 How
Tennessee Foreclosure Trends: January 2010 How many/where/patterns Hulya Arik, Ph.D. February, 2010
According to the latest data from the RealtyTrac® US Foreclosure Market Report, Tennessee reported 3,911 properties with foreclosure filings1 in January 2010, an 18 percent decline from the previous month (December 2009) and a seven percent increase from the same month last year (January 2009). The total number of properties with foreclosure filings in Tennessee accounted for one percent of the 315,716 foreclosure filings in the nation. In Tennessee, properties with foreclosure filings ranged from zero in Clay, Hancock, Jackson and Moore Counties to 1,203 in Shelby County. In terms of total number of properties with foreclosure filings, the U.S., as a whole, had a 10 percent decline from December 2009, and a 15 percent increase from January 2009. On average, there was one filing for every 409 housing units in the nation. Nevada ranked number one in the nation with one foreclosure filing for every 95 housing units. Tennessee had one foreclosure filing for every 705 housing units, putting the State in 26th place in the nation. This is an improvement from December 2009 as Tennessee ranked 17th highest among all states 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 notice of trustee sales was substantially larger than the decrease in REOs, 22 percent and 14 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
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 54 percent of total foreclosure filings in the State in January 2010. Shelby County ranked as number one among all counties in Tennessee both by the ratio of foreclosure filings to housing units (1 foreclosure filing for every 334 housing units) and by the number of properties with foreclosure filings (1,203 properties). On the positive side, total volume of foreclosure filings in Shelby County declined by 34 percent from the previous month and by 26 percent from the same month last year (January 2009). The county with the second highest number of properties with foreclosure filings was Davidson (430), followed by Knox County (283) and Rutherford County (217). Compared to December 2009, the total number of properties with foreclosure filings in Davidson County declined by two percent, while Knox County recorded an 18 percent increase. Hamilton County foreclosure filings declined by 12 percent from December 2009. 53 counties recorded declines in foreclosure filings from the last month, while 34 counties had increases. Eight counties did not see any change in the number of properties with foreclosure filings. Sumner County had a substantial decline relative to December 2009. Total number of properties with foreclosure filings declined from 179 to 104.
Total Number of Properties with Foreclosure Filings-Tennessee Counties- January 2010 January 2010 December 2009 January 2009
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 Ranking Foreclosure Housing among all Filings Unit (Rate) counties 25 30 5 1 40 36 18 9 8 11 22 1 9 0 12 17 8 9 430 4 5 28 25 10 2 13 21 12 5 34 3 34 198 0 12 7 21 5
1,371 581 1,800 5,411 1,325 1,153 1,065 633 1,697 2,490 718 6,794 1,668 -1,382 1,369 796 2,706 660 1,691 1,775 720 686 1,468 3,984 1,465 1,081 1,146 2,049 908 2,195 783 760 -951 1,934 1,244 1,712
56 6 72 88 50 43 33 8 69 83 15 89 66 92 58 55 22 86 9 68 71 16 10 62 87 61 35 42 75 27 78 21 19 92 30 74 48 70
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
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
23 27 5 1 23 31 15 6 14 9 18 5 5 1 14 15 10 15 252 1 6 26 25 7 9 7 18 7 4 21 0 28 169 1 13 7 18 7
% Change % Change from from December January '09 '09 67% 20% 25% -67% -31% -32% -28% 350% -53% -15% 5% -75% -25% --20% -35% 0% -44% -2% -33% 0% 17% 32% -41% 100% -19% -13% -37% -58% -3% 50% -13% -12% -20% 0% -9% -17%
9% 11% 0% 0% 74% 16% 20% 50% -43% 22% 22% -80% 80% -100% -14% 13% -20% -40% 71% 300% -17% 8% 0% 43% -78% 86% 17% 71% 25% 62% -21% 17% -100% -8% 0% 17% -29%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- January 2010, continued January 2010 December 2009 January 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 1/every X Ranking Foreclosure Housing among all Filings Unit (Rate) counties 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
1,100 2,381 717 1,362 1,123 -1,327 710 695 1,385 1,158 1,582 1,676 1,118 959 2,375 744 2,700 561 337 873 1,179 1,433 1,113 853 -1,351 1,357 1,921 2161 1,552 923 1,139 691 1,240 728 469 9,333
36 81 14 54 39 92 51 13 12 59 44 64 67 38 31 80 18 85 5 2 26 46 60 37 23 92 52 53 73 77 63 29 40 11 47 17 4 91
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
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
7 11 9 2 7 3 13 5 176 1 19 10 6 8 24 5 63 5 12 58 25 7 5 27 65 0 3 8 3 3 0 5 19 12 19 28 109 0
% Change % Change from from December January '09 '09 10% -42% -28% -40% 33% --45% 100% 18% -50% 25% -45% -50% 8% -36% -20% -31% 25% 28% -19% 4% -33% -64% -41% -29% -100% 20% 10% 67% 0% 100% 29% 4% 67% -26% -3% 2% -50%
57% -36% 44% 50% 14% -100% 31% 140% 61% 100% -47% 10% -50% 63% -13% -20% -8% 0% 92% 84% 4% 43% -20% -37% 23% -100% 38% 67% -33% -80% 42% 67% 5% 25% 99% --
Total Number of Properties with Foreclosure Filings-Tennessee Counties- January 2010, continued January 2010 December 2009 January 2009
County Name
Total Number of Properties with 1/every X Ranking Foreclosure Housing among all Filings Unit (Rate) counties
Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee U.S. Total
6 98 1,203 6 6 30 104 20 3 4 7 3 7 33 1 7 10 82 48 3,911 315,716
870 442 334 1,381 1,055 2,472 610 1,170 1,142 2,145 1,317 859 2,492 1,622 7,068 2,247 1,068 767 911 705 409
25 3 1 57 32 82 7 45 41 76 49 24 84 65 90 79 34 20 28 26*
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
12 92 1,737 6 4 39 179 37 2 1 10 1 14 39 3 8 5 73 59 4,760 349,519
13 84 1,628 9 4 24 57 23 2 6 6 1 17 32 2 6 8 47 48 3,662 274,399
% Change % Change from from December January '09 '09 -50% 7% -31% 0% 50% -23% -42% -46% 50% 300% -30% 200% -50% -15% -67% -13% 100% 12% -19% -18% -10%
-54% 17% -26% -33% 50% 25% 82% -13% 50% -33% 17% 200% -59% 3% -50% 17% 25% 74% 0% 7% 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 3,911 properties with foreclosure filings1 in January 2010, an 18 percent decline from the previous month (December 2009) and a seven percent increase from the same month last year (January 2009). The total number of properties with foreclosure filings in Tennessee accounted for one percent of the 315,716 foreclosure filings in the nation. In Tennessee, properties with foreclosure filings ranged from zero in Clay, Hancock, Jackson and Moore Counties to 1,203 in Shelby County. In terms of total number of properties with foreclosure filings, the U.S., as a whole, had a 10 percent decline from December 2009, and a 15 percent increase from January 2009. On average, there was one filing for every 409 housing units in the nation. Nevada ranked number one in the nation with one foreclosure filing for every 95 housing units. Tennessee had one foreclosure filing for every 705 housing units, putting the State in 26th place in the nation. This is an improvement from December 2009 as Tennessee ranked 17th highest among all states 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 notice of trustee sales was substantially larger than the decrease in REOs, 22 percent and 14 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
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 54 percent of total foreclosure filings in the State in January 2010. Shelby County ranked as number one among all counties in Tennessee both by the ratio of foreclosure filings to housing units (1 foreclosure filing for every 334 housing units) and by the number of properties with foreclosure filings (1,203 properties). On the positive side, total volume of foreclosure filings in Shelby County declined by 34 percent from the previous month and by 26 percent from the same month last year (January 2009). The county with the second highest number of properties with foreclosure filings was Davidson (430), followed by Knox County (283) and Rutherford County (217). Compared to December 2009, the total number of properties with foreclosure filings in Davidson County declined by two percent, while Knox County recorded an 18 percent increase. Hamilton County foreclosure filings declined by 12 percent from December 2009. 53 counties recorded declines in foreclosure filings from the last month, while 34 counties had increases. Eight counties did not see any change in the number of properties with foreclosure filings. Sumner County had a substantial decline relative to December 2009. Total number of properties with foreclosure filings declined from 179 to 104.
Total Number of Properties with Foreclosure Filings-Tennessee Counties- January 2010 January 2010 December 2009 January 2009
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 Ranking Foreclosure Housing among all Filings Unit (Rate) counties 25 30 5 1 40 36 18 9 8 11 22 1 9 0 12 17 8 9 430 4 5 28 25 10 2 13 21 12 5 34 3 34 198 0 12 7 21 5
1,371 581 1,800 5,411 1,325 1,153 1,065 633 1,697 2,490 718 6,794 1,668 -1,382 1,369 796 2,706 660 1,691 1,775 720 686 1,468 3,984 1,465 1,081 1,146 2,049 908 2,195 783 760 -951 1,934 1,244 1,712
56 6 72 88 50 43 33 8 69 83 15 89 66 92 58 55 22 86 9 68 71 16 10 62 87 61 35 42 75 27 78 21 19 92 30 74 48 70
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
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
23 27 5 1 23 31 15 6 14 9 18 5 5 1 14 15 10 15 252 1 6 26 25 7 9 7 18 7 4 21 0 28 169 1 13 7 18 7
% Change % Change from from December January '09 '09 67% 20% 25% -67% -31% -32% -28% 350% -53% -15% 5% -75% -25% --20% -35% 0% -44% -2% -33% 0% 17% 32% -41% 100% -19% -13% -37% -58% -3% 50% -13% -12% -20% 0% -9% -17%
9% 11% 0% 0% 74% 16% 20% 50% -43% 22% 22% -80% 80% -100% -14% 13% -20% -40% 71% 300% -17% 8% 0% 43% -78% 86% 17% 71% 25% 62% -21% 17% -100% -8% 0% 17% -29%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- January 2010, continued January 2010 December 2009 January 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 1/every X Ranking Foreclosure Housing among all Filings Unit (Rate) counties 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
1,100 2,381 717 1,362 1,123 -1,327 710 695 1,385 1,158 1,582 1,676 1,118 959 2,375 744 2,700 561 337 873 1,179 1,433 1,113 853 -1,351 1,357 1,921 2161 1,552 923 1,139 691 1,240 728 469 9,333
36 81 14 54 39 92 51 13 12 59 44 64 67 38 31 80 18 85 5 2 26 46 60 37 23 92 52 53 73 77 63 29 40 11 47 17 4 91
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
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
7 11 9 2 7 3 13 5 176 1 19 10 6 8 24 5 63 5 12 58 25 7 5 27 65 0 3 8 3 3 0 5 19 12 19 28 109 0
% Change % Change from from December January '09 '09 10% -42% -28% -40% 33% --45% 100% 18% -50% 25% -45% -50% 8% -36% -20% -31% 25% 28% -19% 4% -33% -64% -41% -29% -100% 20% 10% 67% 0% 100% 29% 4% 67% -26% -3% 2% -50%
57% -36% 44% 50% 14% -100% 31% 140% 61% 100% -47% 10% -50% 63% -13% -20% -8% 0% 92% 84% 4% 43% -20% -37% 23% -100% 38% 67% -33% -80% 42% 67% 5% 25% 99% --
Total Number of Properties with Foreclosure Filings-Tennessee Counties- January 2010, continued January 2010 December 2009 January 2009
County Name
Total Number of Properties with 1/every X Ranking Foreclosure Housing among all Filings Unit (Rate) counties
Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee U.S. Total
6 98 1,203 6 6 30 104 20 3 4 7 3 7 33 1 7 10 82 48 3,911 315,716
870 442 334 1,381 1,055 2,472 610 1,170 1,142 2,145 1,317 859 2,492 1,622 7,068 2,247 1,068 767 911 705 409
25 3 1 57 32 82 7 45 41 76 49 24 84 65 90 79 34 20 28 26*
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
12 92 1,737 6 4 39 179 37 2 1 10 1 14 39 3 8 5 73 59 4,760 349,519
13 84 1,628 9 4 24 57 23 2 6 6 1 17 32 2 6 8 47 48 3,662 274,399
% Change % Change from from December January '09 '09 -50% 7% -31% 0% 50% -23% -42% -46% 50% 300% -30% 200% -50% -15% -67% -13% 100% 12% -19% -18% -10%
-54% 17% -26% -33% 50% 25% 82% -13% 50% -33% 17% 200% -59% 3% -50% 17% 25% 74% 0% 7% 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
