Tennessee Foreclosure Trends: November 2009 How
Tennessee Foreclosure Trends: November 2009 How many/where/patterns Hulya Arik, Ph.D. December, 2009
According to the latest data from the RealtyTrac® US Foreclosure Market Report, Tennessee reported 3,725 properties with foreclosure filings1 in November 2009, an eight percent decline from the previous month (October 2009) and an eight percent increase from the same month last year (November 2008). Although this is a large decline from the previous month it might be too soon to call the lower foreclosure filings as a new declining trend for Tennessee. The total number of properties with foreclosure filings in Tennessee accounted for one percent of the 306,627 foreclosure filings in the nation. In Tennessee, properties with foreclosure filings ranged from zero in Hancock, Houston, Lake, Moore, and Pickett Counties to 1,366 in Shelby County. In terms of total number of properties with foreclosure filings, the U.S., as a whole, had an eight percent decline from October 2009, and an 18 percent increase from November 2008. On average, there was one filing for every 417 housing units. According to James J. Saccacio, chief executive officer of RealtyTrac, “November was the fourth straight month that the U.S. foreclosure activity has declined after hitting an all-time high for our report in July2”. Tennessee had one foreclosure filing for every 731 housing units, putting the State in 23rd place in the nation, the same place as the last month. The state with the highest foreclosure rate in November 2009 was Nevada with one foreclosure filing for every 119 housing unit and 9,265 properties with foreclosure filings, followed by Florida and California.
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). 2
RealtyTrac News Release, November 2009, U.S. Foreclosure Activity Decreases 8 Percent In November
Both bank repossessions (REO) and notice of trustee sales (NTS) declined from the previous month. The decline in notice of trustee sales was larger than the decline in REOs, 16 percent and nine 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 Nov-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 the four major counties (Davidson, Hamilton, Knox, and Shelby) accounted for 57 percent of total foreclosure filings in the State in November 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 292 households), and also in terms of total number of properties with foreclosure filings (1,366 properties with foreclosure filings). In Shelby County, total foreclosure filings volume did not change from the previous month and declined by one percent from the same month last year (November 2008). The county with the second highest total number of properties with foreclosure filings was Davidson (292), followed by Knox County (240) and Hamilton County (232). In Davidson County, the total number of properties with foreclosure filings was substantially lower than the previous month (39%), while Hamilton County experienced a large increase from the previous month (46%). Knox County foreclosure filings also increased relative to the previous month by eight percent. 57 counties had declines from last month, while 28 counties had increases. 10 counties did not see any change in the number of properties with foreclosure filings. Bedford and Maury counties experienced large increases from the previous month. In Bedford County, the total number of properties with foreclosure filings increased from 20 to 64, a 220% increase, while in Maury County foreclosure filings increased from 38 to 59, a 55% increase.
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- November 2009 October 2009 November 2008 November 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 Henderson Henry Hickman Houston Humphreys Jackson Jefferson Johnson Knox Lake
Total Number of Properties with 1/every X Ranking Foreclosure Household among all Filings (Rate) counties 41 64 3 1 26 51 25 2 12 10 7 1 5 1 19 24 6 13 292 3 5 31 17 8 2 12 25 15 9 16 6 31 232 0 19 4 23 3 12 9 15 0 6 7 27 1 240 0
832 270 2,995 5,399 2,016 804 763 2,840 1,130 2,725 2,227 6,748 2,983 4,160 871 952 1,059 1,858 955 2,250 1,768 642 1,006 1,758 3,974 1,568 899 915 1,136 1,915 1,095 852 642 NA 597 3,374 1,131 2,838 1,006 1,848 621 NA 1,492 772 821 8,504 807 NA
20 1 77 86 64 16 13 74 39 72 68 87 75 82 24 28 35 62 29 70 60 8 30 59 81 53 25 26 41 63 36 22 8 91 5 80 40 73 31 61 7 91 51 14 18 89 17 91
Total Number of Properties with Foreclosure Filings 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
Total Number of % Change % Change Properties with from from Foreclosure October November Filings '09 '08 20 28 4 3 16 35 16 0 20 6 13 1 8 1 2 16 4 20 351 2 2 14 11 9 2 7 34 10 6 13 3 28 154 0 16 7 16 4 10 7 10 1 5 1 27 5 180 3
21% 220% 0% -80% -57% 4% 92% -60% 0% 0% -72% -86% -44% -58% -4% -25% -70% -39% 50% 150% 24% -15% 33% -71% -29% -17% 50% 350% -27% 0% -14% 46% -100% 90% -20% 109% -75% 100% -18% 50% -100% 50% 133% 0% -75% 8% -100%
105% 129% -25% -67% 63% 46% 56% --40% 67% -46% 0% -38% 0% 850% 50% 50% -35% -17% 50% 150% 121% 55% -11% 0% 71% -26% 50% 50% 23% 100% 11% 51% -19% -43% 44% -25% 20% 29% 50% -100% 20% 600% 0% -80% 33% -100%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- November 2009, continued October 2009 November 2008 November 2009
County Name
Total Number of Properties with 1/every X Ranking Foreclosure Household among all Filings (Rate) counties
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
7 17 6 13 24 3 42 6 8 59 32 16 4 15 70 0 4 5 1 1 0 4 20 10 20 34 176 2 4 92 1,366 5 4 23 79 22 3 2 7 1 20 32 1 11 8 28 37 3,725 306,627
1,643 1,022 837 1,116 825 3,153 1,018 2,234 1,599 598 707 735 1,414 1,253 950 NA 2,022 2,985 9,573 4317 NA 2,027 1,515 1,371 1,231 737 562 4,658 1,300 465 292 1,642 1,577 3,199 785 1,048 1,126 4,284 1,302 2,572 870 1,653 7,059 1,425 1,331 2,194 1,150 731 417
*Tennessee Ranking in the Nation among Other States Source: RealtyTrac®
57 33 21 37 19 78 32 69 55 6 10 11 49 44 27 91 65 76 90 84 91 66 52 48 43 12 4 85 45 3 2 56 54 79 15 34 38 83 46 71 23 58 88 50 47 67 42 23*
Total Number of Properties with Foreclosure Filings 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
Total Number of % Change % Change Properties with from from Foreclosure October November Filings '09 '08 12 7 2 4 33 8 75 4 11 34 28 8 3 16 76 0 5 8 2 1 0 3 21 14 43 24 142 0 5 60 1,382 8 3 10 106 15 2 3 2 1 15 22 2 5 9 42 35 3,462 259,085
-22% 0% -14% 0% -55% -40% -49% 50% -56% 55% -3% -20% -43% -32% 19% -100% -43% -29% -83% --100% -50% -17% -44% -9% -26% -1% -33%
-67% -8% 0% 25% 33% -28% -19% -35% 50% 0% 0% -50% 25% 10% -67% 83% -20% -53% -30% -8% -8%
-42% 143% 200% 225% -27% -63% -44% 50% -27% 74% 14% 100% 33% -6% -8% --20% -38% -50% 0% -33% -5% -29% -53% 42% 24% --20% 53% -1% -38% 33% 130% -25% 47% 50% -33% 250% 0% 33% 45% -50% 120% -11% -33% 6% 8% 18%
According to the latest data from the RealtyTrac® US Foreclosure Market Report, Tennessee reported 3,725 properties with foreclosure filings1 in November 2009, an eight percent decline from the previous month (October 2009) and an eight percent increase from the same month last year (November 2008). Although this is a large decline from the previous month it might be too soon to call the lower foreclosure filings as a new declining trend for Tennessee. The total number of properties with foreclosure filings in Tennessee accounted for one percent of the 306,627 foreclosure filings in the nation. In Tennessee, properties with foreclosure filings ranged from zero in Hancock, Houston, Lake, Moore, and Pickett Counties to 1,366 in Shelby County. In terms of total number of properties with foreclosure filings, the U.S., as a whole, had an eight percent decline from October 2009, and an 18 percent increase from November 2008. On average, there was one filing for every 417 housing units. According to James J. Saccacio, chief executive officer of RealtyTrac, “November was the fourth straight month that the U.S. foreclosure activity has declined after hitting an all-time high for our report in July2”. Tennessee had one foreclosure filing for every 731 housing units, putting the State in 23rd place in the nation, the same place as the last month. The state with the highest foreclosure rate in November 2009 was Nevada with one foreclosure filing for every 119 housing unit and 9,265 properties with foreclosure filings, followed by Florida and California.
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). 2
RealtyTrac News Release, November 2009, U.S. Foreclosure Activity Decreases 8 Percent In November
Both bank repossessions (REO) and notice of trustee sales (NTS) declined from the previous month. The decline in notice of trustee sales was larger than the decline in REOs, 16 percent and nine 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 Nov-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 the four major counties (Davidson, Hamilton, Knox, and Shelby) accounted for 57 percent of total foreclosure filings in the State in November 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 292 households), and also in terms of total number of properties with foreclosure filings (1,366 properties with foreclosure filings). In Shelby County, total foreclosure filings volume did not change from the previous month and declined by one percent from the same month last year (November 2008). The county with the second highest total number of properties with foreclosure filings was Davidson (292), followed by Knox County (240) and Hamilton County (232). In Davidson County, the total number of properties with foreclosure filings was substantially lower than the previous month (39%), while Hamilton County experienced a large increase from the previous month (46%). Knox County foreclosure filings also increased relative to the previous month by eight percent. 57 counties had declines from last month, while 28 counties had increases. 10 counties did not see any change in the number of properties with foreclosure filings. Bedford and Maury counties experienced large increases from the previous month. In Bedford County, the total number of properties with foreclosure filings increased from 20 to 64, a 220% increase, while in Maury County foreclosure filings increased from 38 to 59, a 55% increase.
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- November 2009 October 2009 November 2008 November 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 Henderson Henry Hickman Houston Humphreys Jackson Jefferson Johnson Knox Lake
Total Number of Properties with 1/every X Ranking Foreclosure Household among all Filings (Rate) counties 41 64 3 1 26 51 25 2 12 10 7 1 5 1 19 24 6 13 292 3 5 31 17 8 2 12 25 15 9 16 6 31 232 0 19 4 23 3 12 9 15 0 6 7 27 1 240 0
832 270 2,995 5,399 2,016 804 763 2,840 1,130 2,725 2,227 6,748 2,983 4,160 871 952 1,059 1,858 955 2,250 1,768 642 1,006 1,758 3,974 1,568 899 915 1,136 1,915 1,095 852 642 NA 597 3,374 1,131 2,838 1,006 1,848 621 NA 1,492 772 821 8,504 807 NA
20 1 77 86 64 16 13 74 39 72 68 87 75 82 24 28 35 62 29 70 60 8 30 59 81 53 25 26 41 63 36 22 8 91 5 80 40 73 31 61 7 91 51 14 18 89 17 91
Total Number of Properties with Foreclosure Filings 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
Total Number of % Change % Change Properties with from from Foreclosure October November Filings '09 '08 20 28 4 3 16 35 16 0 20 6 13 1 8 1 2 16 4 20 351 2 2 14 11 9 2 7 34 10 6 13 3 28 154 0 16 7 16 4 10 7 10 1 5 1 27 5 180 3
21% 220% 0% -80% -57% 4% 92% -60% 0% 0% -72% -86% -44% -58% -4% -25% -70% -39% 50% 150% 24% -15% 33% -71% -29% -17% 50% 350% -27% 0% -14% 46% -100% 90% -20% 109% -75% 100% -18% 50% -100% 50% 133% 0% -75% 8% -100%
105% 129% -25% -67% 63% 46% 56% --40% 67% -46% 0% -38% 0% 850% 50% 50% -35% -17% 50% 150% 121% 55% -11% 0% 71% -26% 50% 50% 23% 100% 11% 51% -19% -43% 44% -25% 20% 29% 50% -100% 20% 600% 0% -80% 33% -100%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- November 2009, continued October 2009 November 2008 November 2009
County Name
Total Number of Properties with 1/every X Ranking Foreclosure Household among all Filings (Rate) counties
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
7 17 6 13 24 3 42 6 8 59 32 16 4 15 70 0 4 5 1 1 0 4 20 10 20 34 176 2 4 92 1,366 5 4 23 79 22 3 2 7 1 20 32 1 11 8 28 37 3,725 306,627
1,643 1,022 837 1,116 825 3,153 1,018 2,234 1,599 598 707 735 1,414 1,253 950 NA 2,022 2,985 9,573 4317 NA 2,027 1,515 1,371 1,231 737 562 4,658 1,300 465 292 1,642 1,577 3,199 785 1,048 1,126 4,284 1,302 2,572 870 1,653 7,059 1,425 1,331 2,194 1,150 731 417
*Tennessee Ranking in the Nation among Other States Source: RealtyTrac®
57 33 21 37 19 78 32 69 55 6 10 11 49 44 27 91 65 76 90 84 91 66 52 48 43 12 4 85 45 3 2 56 54 79 15 34 38 83 46 71 23 58 88 50 47 67 42 23*
Total Number of Properties with Foreclosure Filings 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
Total Number of % Change % Change Properties with from from Foreclosure October November Filings '09 '08 12 7 2 4 33 8 75 4 11 34 28 8 3 16 76 0 5 8 2 1 0 3 21 14 43 24 142 0 5 60 1,382 8 3 10 106 15 2 3 2 1 15 22 2 5 9 42 35 3,462 259,085
-22% 0% -14% 0% -55% -40% -49% 50% -56% 55% -3% -20% -43% -32% 19% -100% -43% -29% -83% --100% -50% -17% -44% -9% -26% -1% -33%
-67% -8% 0% 25% 33% -28% -19% -35% 50% 0% 0% -50% 25% 10% -67% 83% -20% -53% -30% -8% -8%
-42% 143% 200% 225% -27% -63% -44% 50% -27% 74% 14% 100% 33% -6% -8% --20% -38% -50% 0% -33% -5% -29% -53% 42% 24% --20% 53% -1% -38% 33% 130% -25% 47% 50% -33% 250% 0% 33% 45% -50% 120% -11% -33% 6% 8% 18%
