Tennessee Foreclosure Trends: May 2010 How many/where/patterns ...
Tennessee Foreclosure Trends: May 2010 How many/where/patterns Hulya Arik, Ph.D. July, 2010
According to the latest data from the RealtyTrac® US Foreclosure Market Report, Tennessee reported 3,892 properties with foreclosure filings1 in May 2010. This volume represents a 19 percent decline from the previous month (April 2010) and a nine percent increase from the same month last year (May 2009). The total number of properties with foreclosure filings in Tennessee accounted for one percent of the 322,920 foreclosure filings in the nation. In Tennessee, the properties with foreclosure filings ranged from zero in Hancock, Pickett, and Wayne Counties to 1,420 in Shelby County. In terms of the total number of properties with foreclosure filings, the U.S. had a three percent decline from April 2010, and no change from May 2009. On average, there was one filing for every 400 housing units in the nation. Nevada ranked number one in the nation with one foreclosure filing for every 79 housing units. Tennessee had one foreclosure filing for every 709 housing units, putting the State in 26th 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.
In May 2010, there were 2,000 properties with Notice of Trustee Sales (NTS), a 20 percent decline from the last month and a four percent decline from the same month last year (May 2009). 1,892 properties were repossessed by the lender (REOs) in May 2010, a 17 percent decline from the last month (April 2010) and a 28 percent increase from May 2009.
Notice of Trustee Sales, REOs, and Total Number of Properties with Foreclosure Filings in Tennessee 2008-2010 6,000 5,000 4,000 3,000 2,000 1,000
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 Mar-10 Apr-10 May-10
0
NTS (Notice of Trustee Sales)
REO
TOTAL
The total foreclosure filings in four counties (Davidson, Hamilton, Knox, and Shelby) accounted for 52 percent of the total foreclosure filings in the State in May 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 283 housing units) and by the number of properties with foreclosure filings (1,420 properties). The total volume of foreclosure filings in Shelby County declined by 12 percent from the previous month and increased by one percent from the same month last year (May 2009). The county with the second highest number of properties with foreclosure filings was Davidson (244), followed by Knox County (205) and Rutherford County (194). Compared to April 2010, the total number of properties with foreclosure filings decreased in April 2010 in Davidson, Knox, and Hamilton Counties by 43 percent, 31 percent, and 27 percent, respectively. Sixty-four counties recorded declines in foreclosure filings from last month, while 20 counties had increases. Eleven counties did not see any change in the number of properties with foreclosure filings.
Total Number of Properties with Foreclosure Filings-Tennessee Counties- May 2010 May 2010 April 2010 May 2009 Percent Changes
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 Unit among all Filings (Rate) counties 28 29 1 1 37 67 14 5 11 8 18 5 15 1 15 22 7 9 244 3 3 33 18 15 7 10 25 10 11 23 5 26 166 0 30 15 18 6
1,224 601 8,999 5,411 1,433 620 1,369 1,139 1,234 3,424 877 1,359 1,001 4,167 1,105 1,058 909 2,706 1,163 2,254 2,959 611 953 979 1,138 1,904 908 1,376 931 1,342 1,317 1,023 906 -380 903 1,452 1,427
47 10 92 90 64 12 59 44 48 86 20 58 33 87 42 38 25 82 46 79 84 11 28 31 43 73 24 60 26 54 51 35 23 93 5 22 65 63
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
35 29 9 4 50 64 24 8 16 11 34 9 17 1 14 26 8 17 429 1 4 34 20 13 13 12 30 12 13 30 5 53 228 0 14 11 19 8
24 25 4 3 30 38 17 8 16 7 25 4 9 0 14 17 6 11 269 2 4 22 24 9 1 12 52 12 4 29 1 26 186 0 13 9 17 8
% Change % Change from April from May '10 '09 -20% 0% -89% -75% -26% 5% -42% -38% -31% -27% -47% -44% -12% 0% 7% -15% -13% -47% -43% 200% -25% -3% -10% 15% -46% -17% -17% -17% -15% -23% 0% -51% -27% -114% 36% -5% -25%
17% 16% -75% -67% 23% 76% -18% -38% -31% 14% -28% 25% 67% -7% 29% 17% -18% -9% 50% -25% 50% -25% 67% 600% -17% -52% -17% 175% -21% 400% 0% -11% -131% 67% 6% -25%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- May 2010, Continued May 2010 April 2010 May 2009 Percent Changes
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 Unit among all Filings (Rate) counties 12 10 26 2 7 1 31 6 205 1 7 18 4 14 31 7 48 10 19 75 17 12 3 18 63 2 4 11 2 2 0 6 20 19 16 43 194 2
1,009 1,667 359 2,043 1,283 5,413 728 1,420 959 2,769 1,654 967 1,257 1,038 649 1,357 899 1,350 679 481 1,335 982 1,911 1,051 1,084 1,475 2,027 1,357 4,802 2,161 -1,384 1,537 727 1,550 592 524 4667
34 71 3 76 50 91 17 62 29 83 69 30 49 36 13 56 21 55 14 6 52 32 74 37 40 66 75 57 89 78 93 61 67 16 68 9 7 88
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
12 13 18 2 6 5 29 3 298 1 40 21 6 12 35 10 75 12 28 82 45 18 11 26 81 2 8 16 4 2 1 9 29 12 22 46 186 0
3 12 12 1 6 1 19 4 153 0 16 15 3 5 23 8 58 6 18 39 34 10 3 24 61 1 6 7 3 1 1 6 23 10 22 28 114 3
% Change % Change from April from May '10 '09 0% -23% 44% 0% 17% -80% 7% 100% -31% 0% -83% -14% -33% 17% -11% -30% -36% -17% -32% -9% -62% -33% -73% -31% -22% 0% -50% -31% -50% 0% -100% -33% -31% 58% -27% -7% 4% --
300% -17% 117% 100% 17% 0% 63% 50% 34% --56% 20% 33% 180% 35% -13% -17% 67% 6% 92% -50% 20% 0% -25% 3% 100% -33% 57% -33% 100% -100% 0% -13% 90% -27% 54% 70% -33%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- May 2010, Continued May 2010 April 2010 May 2009 Percent Changes
County Name
Total Number of Properties with 1/every X Ranking Foreclosure Housing Unit among all Filings (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
14 130 1,420 5 2 39 115 25 5 4 8 1 21 40 0 6 10 78 40 3,892 322,920
373 333 283 1,657 3,166 1,902 551 936 685 2,145 1,153 2,577 831 1,338 -2,622 1,068 806 1,093 709 400
4 2 1 70 85 72 8 27 15 77 45 80 19 53 93 81 39 18 41 26 --
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
6 120 1,613 9 2 37 91 28 2 8 11 2 15 43 2 11 10 148 80 4,789 333,837
8 91 1,412 4 3 24 111 25 2 0 3 1 16 31 2 6 15 43 55 3,569 321,480
% Change % Change from April from May '10 '09 133% 8% -12% -44% 0% 5% 26% -11% 150% -50% -27% -50% 40% -7% -100% -45% 0% -47% -50% -19% -3%
75% 43% 1% 25% -33% 63% 4% 0% 150% -167% 0% 31% 29% -100% 0% -33% 81% -27% 9% 0%
*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 3,892 properties with foreclosure filings1 in May 2010. This volume represents a 19 percent decline from the previous month (April 2010) and a nine percent increase from the same month last year (May 2009). The total number of properties with foreclosure filings in Tennessee accounted for one percent of the 322,920 foreclosure filings in the nation. In Tennessee, the properties with foreclosure filings ranged from zero in Hancock, Pickett, and Wayne Counties to 1,420 in Shelby County. In terms of the total number of properties with foreclosure filings, the U.S. had a three percent decline from April 2010, and no change from May 2009. On average, there was one filing for every 400 housing units in the nation. Nevada ranked number one in the nation with one foreclosure filing for every 79 housing units. Tennessee had one foreclosure filing for every 709 housing units, putting the State in 26th 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.
In May 2010, there were 2,000 properties with Notice of Trustee Sales (NTS), a 20 percent decline from the last month and a four percent decline from the same month last year (May 2009). 1,892 properties were repossessed by the lender (REOs) in May 2010, a 17 percent decline from the last month (April 2010) and a 28 percent increase from May 2009.
Notice of Trustee Sales, REOs, and Total Number of Properties with Foreclosure Filings in Tennessee 2008-2010 6,000 5,000 4,000 3,000 2,000 1,000
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 Mar-10 Apr-10 May-10
0
NTS (Notice of Trustee Sales)
REO
TOTAL
The total foreclosure filings in four counties (Davidson, Hamilton, Knox, and Shelby) accounted for 52 percent of the total foreclosure filings in the State in May 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 283 housing units) and by the number of properties with foreclosure filings (1,420 properties). The total volume of foreclosure filings in Shelby County declined by 12 percent from the previous month and increased by one percent from the same month last year (May 2009). The county with the second highest number of properties with foreclosure filings was Davidson (244), followed by Knox County (205) and Rutherford County (194). Compared to April 2010, the total number of properties with foreclosure filings decreased in April 2010 in Davidson, Knox, and Hamilton Counties by 43 percent, 31 percent, and 27 percent, respectively. Sixty-four counties recorded declines in foreclosure filings from last month, while 20 counties had increases. Eleven counties did not see any change in the number of properties with foreclosure filings.
Total Number of Properties with Foreclosure Filings-Tennessee Counties- May 2010 May 2010 April 2010 May 2009 Percent Changes
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 Unit among all Filings (Rate) counties 28 29 1 1 37 67 14 5 11 8 18 5 15 1 15 22 7 9 244 3 3 33 18 15 7 10 25 10 11 23 5 26 166 0 30 15 18 6
1,224 601 8,999 5,411 1,433 620 1,369 1,139 1,234 3,424 877 1,359 1,001 4,167 1,105 1,058 909 2,706 1,163 2,254 2,959 611 953 979 1,138 1,904 908 1,376 931 1,342 1,317 1,023 906 -380 903 1,452 1,427
47 10 92 90 64 12 59 44 48 86 20 58 33 87 42 38 25 82 46 79 84 11 28 31 43 73 24 60 26 54 51 35 23 93 5 22 65 63
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
35 29 9 4 50 64 24 8 16 11 34 9 17 1 14 26 8 17 429 1 4 34 20 13 13 12 30 12 13 30 5 53 228 0 14 11 19 8
24 25 4 3 30 38 17 8 16 7 25 4 9 0 14 17 6 11 269 2 4 22 24 9 1 12 52 12 4 29 1 26 186 0 13 9 17 8
% Change % Change from April from May '10 '09 -20% 0% -89% -75% -26% 5% -42% -38% -31% -27% -47% -44% -12% 0% 7% -15% -13% -47% -43% 200% -25% -3% -10% 15% -46% -17% -17% -17% -15% -23% 0% -51% -27% -114% 36% -5% -25%
17% 16% -75% -67% 23% 76% -18% -38% -31% 14% -28% 25% 67% -7% 29% 17% -18% -9% 50% -25% 50% -25% 67% 600% -17% -52% -17% 175% -21% 400% 0% -11% -131% 67% 6% -25%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- May 2010, Continued May 2010 April 2010 May 2009 Percent Changes
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 Unit among all Filings (Rate) counties 12 10 26 2 7 1 31 6 205 1 7 18 4 14 31 7 48 10 19 75 17 12 3 18 63 2 4 11 2 2 0 6 20 19 16 43 194 2
1,009 1,667 359 2,043 1,283 5,413 728 1,420 959 2,769 1,654 967 1,257 1,038 649 1,357 899 1,350 679 481 1,335 982 1,911 1,051 1,084 1,475 2,027 1,357 4,802 2,161 -1,384 1,537 727 1,550 592 524 4667
34 71 3 76 50 91 17 62 29 83 69 30 49 36 13 56 21 55 14 6 52 32 74 37 40 66 75 57 89 78 93 61 67 16 68 9 7 88
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
12 13 18 2 6 5 29 3 298 1 40 21 6 12 35 10 75 12 28 82 45 18 11 26 81 2 8 16 4 2 1 9 29 12 22 46 186 0
3 12 12 1 6 1 19 4 153 0 16 15 3 5 23 8 58 6 18 39 34 10 3 24 61 1 6 7 3 1 1 6 23 10 22 28 114 3
% Change % Change from April from May '10 '09 0% -23% 44% 0% 17% -80% 7% 100% -31% 0% -83% -14% -33% 17% -11% -30% -36% -17% -32% -9% -62% -33% -73% -31% -22% 0% -50% -31% -50% 0% -100% -33% -31% 58% -27% -7% 4% --
300% -17% 117% 100% 17% 0% 63% 50% 34% --56% 20% 33% 180% 35% -13% -17% 67% 6% 92% -50% 20% 0% -25% 3% 100% -33% 57% -33% 100% -100% 0% -13% 90% -27% 54% 70% -33%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- May 2010, Continued May 2010 April 2010 May 2009 Percent Changes
County Name
Total Number of Properties with 1/every X Ranking Foreclosure Housing Unit among all Filings (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
14 130 1,420 5 2 39 115 25 5 4 8 1 21 40 0 6 10 78 40 3,892 322,920
373 333 283 1,657 3,166 1,902 551 936 685 2,145 1,153 2,577 831 1,338 -2,622 1,068 806 1,093 709 400
4 2 1 70 85 72 8 27 15 77 45 80 19 53 93 81 39 18 41 26 --
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
6 120 1,613 9 2 37 91 28 2 8 11 2 15 43 2 11 10 148 80 4,789 333,837
8 91 1,412 4 3 24 111 25 2 0 3 1 16 31 2 6 15 43 55 3,569 321,480
% Change % Change from April from May '10 '09 133% 8% -12% -44% 0% 5% 26% -11% 150% -50% -27% -50% 40% -7% -100% -45% 0% -47% -50% -19% -3%
75% 43% 1% 25% -33% 63% 4% 0% 150% -167% 0% 31% 29% -100% 0% -33% 81% -27% 9% 0%
*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
