Tennessee Foreclosure Trends: Q1-2010
Tennessee Foreclosure Trends: Q1-2010 How many/where/patterns Hulya Arik, Ph.D. April, 2010 According to the latest data from the RealtyTrac® US Foreclosure Market Report, Tennessee reported 11,970 foreclosure filings1 in the first quarter of 2010, a seven percent increase from the previous quarter (Q4_09), and a 16 percent increase from the same quarter last year (Q1_09). The total number of properties with foreclosure filings in Tennessee accounted for 1.28 percent of 932,234 foreclosure filings in the nation. In Tennessee, the properties with foreclosure filings ranged from zero in Hancock County to 3,292 in Shelby County. In terms of the total number of properties with foreclosure filings the U.S., as whole, had a seven percent increase from Q4_09, and a 16 percent increase from the first quarter of 2009. Nevada ranked number one in the nation with one foreclosure filing for every 33 housing units. There was one foreclosure filing for every 230 housing units, which puts Tennessee in 23rd place in the nation (national average was one filing for 138 housing units).
1
RealtyTrac’s report (http://relatytrac.com/trendcenter/) incorporates documents filed in two phases of foreclosure: Notice of Trustee Sale (NTS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).
In the first quarter of 2010, there were 5,517 properties with Notice of Trustee Sales (NTS), an 11 percent increase from the last quarter and a four percent decline from the same quarter last year (Q1_09). 6,453 properties were repossessed by the lender (REOs) in Q1_10. This was the highest recorded REOs since the first quarter of 2008, the earliest quarter for which we have the data with NTS and REO breakdown. There was a steady increase in the number of REOs since the second quarter of 2009. The number of REOs increased by five percent from the last quarter of 2009 and by 40 percent from the same quarter last year (Q1_09).
Notice of Trustee Sales, REOs, and Total Number of Properties with Foreclosure Filings in Tennessee 2008-2010
NTS (Notice of Trustee Sales)
REO
Q1-10
Q4_09
Q3_09
Q2_09
Q1-09
Q4_08
Q3_08
Q2_08
Q1-08
12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000
TOTAL
The total foreclosure filings in four counties (Davidson, Hamilton, Knox and Shelby) accounted for 51 percent of the total foreclosure filings in the State in Q1_10. Shelby County ranked as number one among all counties in Tennessee both in terms of ratio (one foreclosure filings for every 122 housing units) and the total number of foreclosure filings (3,292 foreclosure filings). In Shelby County, the total foreclosure filings declined by six percent from the last quarter and declined by 20 percent from the same quarter last year (Q1_09). The county with the second highest foreclosure total was Davidson (1,354), followed by Knox County (826) and Rutherford County (603). Compared to the fourth quarter of 2009, the total number of properties with foreclosure filings increased in the first quarter of 2010 in Davidson, Knox, and Hamilton counties by 17 percent, 24 percent, and three percent, respectively. Davidson, Knox, and Hamilton counties all had substantial increases from the same quarter last year (the first quarter of 2009) – 46 percent, 48 percent and 16 percent, respectively. In 28 counties, the total number of properties with foreclosure filings declined from the previous quarter, while in 65 counties, the number increased. Two counties did not have any change.
Total Number of Properties with Foreclosure Filings-Tennessee Counties- Q1 2010 Q1 2010 Q4 2009 Q1 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 Foreclosure Filings 89 79 12 8 134 146 64 27 41 39 65 17 28 3 46 69 21 42 1,354 9 17 102 81 31 18 43 83 36 33 114 14 107 601 0 35 29 67 15
1/every X Ranking Housing among all Unit (Rate) counties 385 221 750 676 396 284 299 211 331 702 243 400 536 1,389 360 337 303 580 210 751 522 198 212 474 443 443 274 382 310 271 470 249 250 -326 467 390 571
53 15 86 82 56 30 33 12 41 84 20 57 73 91 49 44 35 78 10 87 72 9 13 67 61 62 28 51 37 27 64 22 25 95 40 63 54 76
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
86 107 10 9 141 148 61 8 38 31 49 11 25 1 40 74 22 70 1,155 11 10 75 56 29 10 41 74 40 21 67 13 100 581 1 38 14 53 21
70 76 20 12 61 108 42 16 33 34 65 13 24 5 31 56 23 45 925 9 14 59 48 12 20 19 55 24 23 64 5 68 519 5 25 18 58 16
% % Change Change from from Q4-09 Q1-09 3% -26% 20% -11% -5% -1% 5% 238% 8% 26% 33% 55% 12% 200% 15% -7% -5% -40% 17% -18% 70% 36% 45% 7% 80% 5% 12% -10% 57% 70% 8% 7% 3% -100% -8% 107% 26% -29%
27% 4% -40% -33% 120% 35% 52% 69% 24% 15% 0% 31% 17% -40% 48% 23% -9% -7% 46% 0% 21% 73% 69% 158% -10% 126% 51% 50% 43% 78% 180% 57% 16% -100% 40% 61% 16% -6%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- Q1 2010, Continued Q1 2010 Q4 2009 Q1 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 34 23 40 8 25 3 80 18 826 4 53 42 9 37 113 20 173 23 83 270 99 41 17 76 226 1 25 31 17 7 2 25 80 54 70 130 603 8
1/every X Ranking Housing among all Unit (Rate) counties 356 725 233 511 359 1,804 282 473 238 692 218 414 559 393 178 475 250 587 156 134 229 288 337 249 302 2,950 324 482 565 617 1,552 332 384 256 354 196 169 1,167
47 85 18 70 48 93 29 65 19 83 14 59 74 55 7 68 24 79 4 2 17 31 43 23 34 94 39 69 75 80 92 42 52 26 46 8 5 90
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
27 28 41 5 15 10 81 11 664 4 22 51 16 35 105 12 189 14 37 216 85 47 21 62 224 3 16 20 9 3 2 18 70 35 67 113 538 7
18 28 33 7 18 7 73 11 557 4 37 38 17 15 55 25 156 17 44 143 71 23 14 71 208 0 11 27 9 6 1 19 61 35 60 74 367 8
% % Change Change from from Q4-09 Q1-09 26% -18% -2% 60% 67% -70% -1% 64% 24% 0% 141% -18% -44% 6% 8% 67% -8% 64% 124% 25% 16% -13% -19% 23% 1% -67% 56% 55% 89% 133% 0% 39% 14% 54% 4% 15% 12% 14%
89% -18% 21% 14% 39% -57% 10% 64% 48% 0% 43% 11% -47% 147% 105% -20% 11% 35% 89% 89% 39% 78% 21% 7% 9% -127% 15% 89% 17% 100% 32% 31% 54% 17% 76% 64% 0%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- Q1 2010, Continued Q1 2010 Q4 2009 Q1 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 United States
30 320 3,292 34 20 88 301 80 10 15 25 5 40 113 11 17 26 284 144 11,970 932,234
1/every X Ranking Housing among all Unit (Rate) counties 174 135 122 244 317 843 211 293 343 572 369 515 436 474 643 925 411 221 304 230 138
6 3 1 21 38 88 11 32 45 77 50 71 60 66 81 89 58 16 36 23*
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
28 273 3,504 15 11 90 348 82 6 5 22 3 49 95 7 23 22 150 138 11,135 869,346
23 285 4,117 21 12 54 209 46 4 13 19 6 56 105 5 16 24 134 125 10,362 803,489
% % Change Change from from Q4-09 Q1-09
*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
7% 17% -6% 127% 82% -2% -14% -2% 67% 200% 14% 67% -18% 19% 57% -26% 18% 89% 4% 7% 7%
30% 12% -20% 62% 67% 63% 44% 74% 150% 15% 32% -17% -29% 8% 120% 6% 8% 112% 15% 16% 16%
1
RealtyTrac’s report (http://relatytrac.com/trendcenter/) incorporates documents filed in two phases of foreclosure: Notice of Trustee Sale (NTS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).
In the first quarter of 2010, there were 5,517 properties with Notice of Trustee Sales (NTS), an 11 percent increase from the last quarter and a four percent decline from the same quarter last year (Q1_09). 6,453 properties were repossessed by the lender (REOs) in Q1_10. This was the highest recorded REOs since the first quarter of 2008, the earliest quarter for which we have the data with NTS and REO breakdown. There was a steady increase in the number of REOs since the second quarter of 2009. The number of REOs increased by five percent from the last quarter of 2009 and by 40 percent from the same quarter last year (Q1_09).
Notice of Trustee Sales, REOs, and Total Number of Properties with Foreclosure Filings in Tennessee 2008-2010
NTS (Notice of Trustee Sales)
REO
Q1-10
Q4_09
Q3_09
Q2_09
Q1-09
Q4_08
Q3_08
Q2_08
Q1-08
12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000
TOTAL
The total foreclosure filings in four counties (Davidson, Hamilton, Knox and Shelby) accounted for 51 percent of the total foreclosure filings in the State in Q1_10. Shelby County ranked as number one among all counties in Tennessee both in terms of ratio (one foreclosure filings for every 122 housing units) and the total number of foreclosure filings (3,292 foreclosure filings). In Shelby County, the total foreclosure filings declined by six percent from the last quarter and declined by 20 percent from the same quarter last year (Q1_09). The county with the second highest foreclosure total was Davidson (1,354), followed by Knox County (826) and Rutherford County (603). Compared to the fourth quarter of 2009, the total number of properties with foreclosure filings increased in the first quarter of 2010 in Davidson, Knox, and Hamilton counties by 17 percent, 24 percent, and three percent, respectively. Davidson, Knox, and Hamilton counties all had substantial increases from the same quarter last year (the first quarter of 2009) – 46 percent, 48 percent and 16 percent, respectively. In 28 counties, the total number of properties with foreclosure filings declined from the previous quarter, while in 65 counties, the number increased. Two counties did not have any change.
Total Number of Properties with Foreclosure Filings-Tennessee Counties- Q1 2010 Q1 2010 Q4 2009 Q1 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 Foreclosure Filings 89 79 12 8 134 146 64 27 41 39 65 17 28 3 46 69 21 42 1,354 9 17 102 81 31 18 43 83 36 33 114 14 107 601 0 35 29 67 15
1/every X Ranking Housing among all Unit (Rate) counties 385 221 750 676 396 284 299 211 331 702 243 400 536 1,389 360 337 303 580 210 751 522 198 212 474 443 443 274 382 310 271 470 249 250 -326 467 390 571
53 15 86 82 56 30 33 12 41 84 20 57 73 91 49 44 35 78 10 87 72 9 13 67 61 62 28 51 37 27 64 22 25 95 40 63 54 76
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
86 107 10 9 141 148 61 8 38 31 49 11 25 1 40 74 22 70 1,155 11 10 75 56 29 10 41 74 40 21 67 13 100 581 1 38 14 53 21
70 76 20 12 61 108 42 16 33 34 65 13 24 5 31 56 23 45 925 9 14 59 48 12 20 19 55 24 23 64 5 68 519 5 25 18 58 16
% % Change Change from from Q4-09 Q1-09 3% -26% 20% -11% -5% -1% 5% 238% 8% 26% 33% 55% 12% 200% 15% -7% -5% -40% 17% -18% 70% 36% 45% 7% 80% 5% 12% -10% 57% 70% 8% 7% 3% -100% -8% 107% 26% -29%
27% 4% -40% -33% 120% 35% 52% 69% 24% 15% 0% 31% 17% -40% 48% 23% -9% -7% 46% 0% 21% 73% 69% 158% -10% 126% 51% 50% 43% 78% 180% 57% 16% -100% 40% 61% 16% -6%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- Q1 2010, Continued Q1 2010 Q4 2009 Q1 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 34 23 40 8 25 3 80 18 826 4 53 42 9 37 113 20 173 23 83 270 99 41 17 76 226 1 25 31 17 7 2 25 80 54 70 130 603 8
1/every X Ranking Housing among all Unit (Rate) counties 356 725 233 511 359 1,804 282 473 238 692 218 414 559 393 178 475 250 587 156 134 229 288 337 249 302 2,950 324 482 565 617 1,552 332 384 256 354 196 169 1,167
47 85 18 70 48 93 29 65 19 83 14 59 74 55 7 68 24 79 4 2 17 31 43 23 34 94 39 69 75 80 92 42 52 26 46 8 5 90
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
27 28 41 5 15 10 81 11 664 4 22 51 16 35 105 12 189 14 37 216 85 47 21 62 224 3 16 20 9 3 2 18 70 35 67 113 538 7
18 28 33 7 18 7 73 11 557 4 37 38 17 15 55 25 156 17 44 143 71 23 14 71 208 0 11 27 9 6 1 19 61 35 60 74 367 8
% % Change Change from from Q4-09 Q1-09 26% -18% -2% 60% 67% -70% -1% 64% 24% 0% 141% -18% -44% 6% 8% 67% -8% 64% 124% 25% 16% -13% -19% 23% 1% -67% 56% 55% 89% 133% 0% 39% 14% 54% 4% 15% 12% 14%
89% -18% 21% 14% 39% -57% 10% 64% 48% 0% 43% 11% -47% 147% 105% -20% 11% 35% 89% 89% 39% 78% 21% 7% 9% -127% 15% 89% 17% 100% 32% 31% 54% 17% 76% 64% 0%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- Q1 2010, Continued Q1 2010 Q4 2009 Q1 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 United States
30 320 3,292 34 20 88 301 80 10 15 25 5 40 113 11 17 26 284 144 11,970 932,234
1/every X Ranking Housing among all Unit (Rate) counties 174 135 122 244 317 843 211 293 343 572 369 515 436 474 643 925 411 221 304 230 138
6 3 1 21 38 88 11 32 45 77 50 71 60 66 81 89 58 16 36 23*
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
28 273 3,504 15 11 90 348 82 6 5 22 3 49 95 7 23 22 150 138 11,135 869,346
23 285 4,117 21 12 54 209 46 4 13 19 6 56 105 5 16 24 134 125 10,362 803,489
% % Change Change from from Q4-09 Q1-09
*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
7% 17% -6% 127% 82% -2% -14% -2% 67% 200% 14% 67% -18% 19% 57% -26% 18% 89% 4% 7% 7%
30% 12% -20% 62% 67% 63% 44% 74% 150% 15% 32% -17% -29% 8% 120% 6% 8% 112% 15% 16% 16%
