Tennessee Foreclosure Trends: Q2 2011 How many
Tennessee Foreclosure Trends: Q2 2011 How many/where/patterns Hulya Arik, Ph.D. September, 2011 According to the latest data from the RealtyTrac® US Foreclosure Market Report, the number of properties with foreclosure filings in Tennessee decreased by 20 percent compared to the previous quarter (Q1 2011), and declined by 35 percent from the same quarter last year (Q2 2010). In Tennessee, 7,788 properties had foreclosure filings1 in Q2 2011. In the first half of 2011, Tennessee had 17,271 properties with foreclosure filings. The total number of properties with foreclosure filings declined by 1.4 percent from the second half of 2010 and by 25 percent compared to the same period last year. In terms of the total number of properties with foreclosure filings, the U.S. had an 11 percent decline from the first quarter of 2011, and a 32 percent decline from the second quarter of 2010. On average, there was one filing for every 214 housing units in the nation. Tennessee had one foreclosure filing for every 357 housing units. Nevada had the nation’s highest foreclosure rate with one foreclosure filing for every 39 housing units. The total number of properties with foreclosure filings in Nevada was 29,110, nine percent decline compared to the previous quarter. The total foreclosure filings in the four counties with the highest number of foreclosure filings (Davidson, Hamilton, Knox, and Shelby) accounted for 40 percent of the total foreclosure filings in the State in Q2 2011. In the previous quarter, the foreclosure filings in those four counties made up 48 percent of the State’s foreclosures. Anderson County, with one filing for every 143 housing units, had the highest foreclosure rate in the State. The total number of properties with foreclosure filings in Anderson County increased to 241, a 217 percent increase from the previous quarter. The county with the highest number of properties with foreclosure filings in the State was Shelby, with 1,056 properties. In Shelby County, the total volume of foreclosure filings decreased by 49 percent from the previous quarter and declined by 72 percent from the same quarter last year (Q2 2010). Davidson County followed Shelby with 944 properties with foreclosure filings. In Davidson County, the total number of properties with foreclosure filings decreased by 35 percent from last quarter (Q1 2011) and by 19 percent from the same quarter last year (Q2 2010). The county with the third highest number of properties with foreclosure filings was Knox (655), followed by Hamilton County (421). Fifty-nine counties recorded declines in foreclosure filings from last quarter, while 29 counties had increases. Seven counties did not see any change in the number of properties with foreclosure filings. Compared to the same quarter last year, the number of properties with
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.
foreclosure filings declined in 67 counties, while 20 counties had increases. Eight counties did not have any change from the previous year. In the second quarter of 2011, 2,869 properties had a notice of trustee sales (NTS), a 36 percent decline from the last quarter and a 48 percent decline from the same quarter last year (Q2 2010). The number of properties repossessed by the lenders (REOs) in Q2 2011 was 4,919, a seven percent decline from the last quarter (Q1 2011) and a 23 percent decline from the same quarter last year (Q2 2010). The next figure shows the trend of the total number of foreclosure filings, REOs, and Notice of Trustee Sales (NTS) in Tennessee from 2008 to 2011. The tables in the following pages give detailed information about the distribution of foreclosure filings and percentage changes from the previous quarter and year by counties. The total number of foreclosure filings in Q2 2011 can also be found in the foreclosure filings map. In addition to the State map, we include the foreclosure filings by zip code in the four counties with the highest total number of properties with foreclosure filings.
Notice of Trustee Sales, REOs, and Total Number of Properties with Foreclosure Filings in Tennessee 2008-2011
NTS (Notice of Trustee Sales)
REO
TOTAL
Q2-11
Q1-11
Q4-10
Q3-10
Q2-10
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 3,000
Total Number of Properties with Foreclosure Filings-Tennessee Counties- Q2 2011 Q2 2011 Q1 2011 Q2 2010 Percent Changes Total Number of 1/every X Properties with Housing Ranking Foreclosure Unit among all County Name Filings (Rate) counties** 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
241 55 14 7 84 95 56 12 27 20 47 16 34 3 35 52 11 52 944 4 14 68 36 45 13 46 55 48 20 81 15 61 421 1 52 16 43 14
143 321 649 781 637 441 348 478 506 1,383 339 429 448 1,404 479 453 584 473 302 1,705 638 299 479 332 618 418 416 288 518 385 443 440 359 3,431 221 853 613 613
1 23 73 80 69 46 26 53 56 91 25 40 49 92 54 51 63 52 21 94 70 17 55 24 68 39 38 15 57 32 47 45 28 95 7 83 66 65
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
76 62 15 7 88 129 56 14 35 45 70 17 28 6 33 67 20 56 1,463 10 18 64 55 34 24 36 72 25 19 85 11 63 550 2 22 27 40 24
91 76 14 8 126 182 57 16 43 33 71 25 43 3 43 67 19 43 1,159 7 10 86 49 33 27 36 76 33 33 78 19 117 595 4 58 34 57 18
% Change % Change from Q1-11 from Q2-10 217% -11% -7% 0% -5% -26% 0% -14% -23% -56% -33% -6% 21% -50% 6% -22% -45% -7% -35% -60% -22% 6% -35% 32% -46% 28% -24% 92% 5% -5% 36% -3% -23% -50% 136% -41% 8% -42%
165% -28% 0% -13% -33% -48% -2% -25% -37% -39% -34% -36% -21% 0% -19% -22% -42% 21% -19% -43% 40% -21% -27% 36% -52% 28% -28% 45% -39% 4% -21% -48% -29% -75% -10% -53% -25% -22%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- Q2 2011, Continued Q2 2011 Q1 2011 Q2 2010 Percent Changes Total Number of 1/every X Total Number of Total Number of Properties with Housing Ranking Properties with Properties with Foreclosure Unit among all Foreclosure Foreclosure % Change % Change County Name Filings (Rate) counties** Filings Filings from Q1-11 from Q2-10 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
14 31 45 6 17 6 58 14 655 3 30 40 13 37 83 14 145 17 67 145 55 49 23 73 154 4 15 17 11 6 2 44 60 32 65 90 377 8
873 542 209 688 533 911 393 614 302 927 389 438 391 396 245 689 300 803 195 251 416 242 254 262 450 747 545 883 881 728 1,565 191 521 437 384 286 275 1,178
85 60 6 74 59 88 35 67 20 89 33 44 34 36 9 75 19 82 5 10 37 8 11 12 50 78 61 87 86 77 93 4 58 43 31 14 13 90
18 29 39 9 17 7 71 10 656 6 27 42 17 58 89 10 192 18 57 171 59 30 17 51 171 5 13 22 7 11 0 20 73 38 69 118 565 11
32 30 59 6 17 8 81 13 731 4 67 50 14 39 123 28 173 29 72 210 83 41 26 70 202 4 17 37 8 5 2 26 69 45 56 145 524 3
-22% 7% 15% -33% 0% -14% -18% 40% 0% -50% 11% -5% -24% -36% -7% 40% -24% -6% 18% -15% -7% 63% 35% 43% -10% -20% 15% -23% 57% -45% -120% -18% -16% -6% -24% -33% -27%
-56% 3% -24% 0% 0% -25% -28% 8% -10% -25% -55% -20% -7% -5% -33% -50% -16% -41% -7% -31% -34% 20% -12% 4% -24% 0% -12% -54% 38% 20% 0% 69% -13% -29% 16% -38% -28% 167%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- Q2 2011, Continued Q2 2011 Q1 2011 Q2 2010 Percent Changes Total Number of 1/every X Total Number of Total Number of Properties with Housing Ranking Properties with Properties with Foreclosure Unit among all Foreclosure Foreclosure % Change % Change County Name Filings (Rate) counties** Filings Filings from Q1-11 from Q2-10 Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee** United States
29 266 1,056 13 9 208 214 43 8 11 21 3 41 92 11 21 36 204 119 7,788 608,235
182 165 381 644 711 359 300 549 433 785 445 867 430 591 649 754 299 310 376 357 214
3 2 30 71 76 27 18 62 42 81 48 84 41 64 72 79 16 22 29 27
29 267 2,063 23 7 115 276 75 15 13 31 8 36 109 11 32 29 200 147 9,777 681,153
33 324 3,708 21 9 108 279 82 7 21 28 5 47 124 4 21 30 274 181 11,944 895,521
0% 0% -49% -43% 29% 81% -22% -43% -47% -15% -32% -63% 14% -16% 0% -34% 24% 2% -19% -20% -11%
*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®
-12% -18% -72% -38% 0% 93% -23% -48% 14% -48% -25% -40% -13% -26% 175% 0% 20% -26% -34% -35% -32%
Q2 2011 Total Number of Foreclosure Filings by County
Source: RealtyTrac©
Total Number of Properties with Foreclosure Filings by Zip Code, Q2_2011, Davidson County
Source: RealtyTrac®
Total Number of Properties with Foreclosure Filings by Zip Code, Q2_2011, Hamilton County
Source: RealtyTrac®
Total Number of Properties with Foreclosure Filings by Zip Code, Q2_2011, Knox County
Source: RealtyTrac®
Total Number of Properties with Foreclosure Filings by Zip Code, Q1_2011, Shelby 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.
foreclosure filings declined in 67 counties, while 20 counties had increases. Eight counties did not have any change from the previous year. In the second quarter of 2011, 2,869 properties had a notice of trustee sales (NTS), a 36 percent decline from the last quarter and a 48 percent decline from the same quarter last year (Q2 2010). The number of properties repossessed by the lenders (REOs) in Q2 2011 was 4,919, a seven percent decline from the last quarter (Q1 2011) and a 23 percent decline from the same quarter last year (Q2 2010). The next figure shows the trend of the total number of foreclosure filings, REOs, and Notice of Trustee Sales (NTS) in Tennessee from 2008 to 2011. The tables in the following pages give detailed information about the distribution of foreclosure filings and percentage changes from the previous quarter and year by counties. The total number of foreclosure filings in Q2 2011 can also be found in the foreclosure filings map. In addition to the State map, we include the foreclosure filings by zip code in the four counties with the highest total number of properties with foreclosure filings.
Notice of Trustee Sales, REOs, and Total Number of Properties with Foreclosure Filings in Tennessee 2008-2011
NTS (Notice of Trustee Sales)
REO
TOTAL
Q2-11
Q1-11
Q4-10
Q3-10
Q2-10
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 3,000
Total Number of Properties with Foreclosure Filings-Tennessee Counties- Q2 2011 Q2 2011 Q1 2011 Q2 2010 Percent Changes Total Number of 1/every X Properties with Housing Ranking Foreclosure Unit among all County Name Filings (Rate) counties** 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
241 55 14 7 84 95 56 12 27 20 47 16 34 3 35 52 11 52 944 4 14 68 36 45 13 46 55 48 20 81 15 61 421 1 52 16 43 14
143 321 649 781 637 441 348 478 506 1,383 339 429 448 1,404 479 453 584 473 302 1,705 638 299 479 332 618 418 416 288 518 385 443 440 359 3,431 221 853 613 613
1 23 73 80 69 46 26 53 56 91 25 40 49 92 54 51 63 52 21 94 70 17 55 24 68 39 38 15 57 32 47 45 28 95 7 83 66 65
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
76 62 15 7 88 129 56 14 35 45 70 17 28 6 33 67 20 56 1,463 10 18 64 55 34 24 36 72 25 19 85 11 63 550 2 22 27 40 24
91 76 14 8 126 182 57 16 43 33 71 25 43 3 43 67 19 43 1,159 7 10 86 49 33 27 36 76 33 33 78 19 117 595 4 58 34 57 18
% Change % Change from Q1-11 from Q2-10 217% -11% -7% 0% -5% -26% 0% -14% -23% -56% -33% -6% 21% -50% 6% -22% -45% -7% -35% -60% -22% 6% -35% 32% -46% 28% -24% 92% 5% -5% 36% -3% -23% -50% 136% -41% 8% -42%
165% -28% 0% -13% -33% -48% -2% -25% -37% -39% -34% -36% -21% 0% -19% -22% -42% 21% -19% -43% 40% -21% -27% 36% -52% 28% -28% 45% -39% 4% -21% -48% -29% -75% -10% -53% -25% -22%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- Q2 2011, Continued Q2 2011 Q1 2011 Q2 2010 Percent Changes Total Number of 1/every X Total Number of Total Number of Properties with Housing Ranking Properties with Properties with Foreclosure Unit among all Foreclosure Foreclosure % Change % Change County Name Filings (Rate) counties** Filings Filings from Q1-11 from Q2-10 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
14 31 45 6 17 6 58 14 655 3 30 40 13 37 83 14 145 17 67 145 55 49 23 73 154 4 15 17 11 6 2 44 60 32 65 90 377 8
873 542 209 688 533 911 393 614 302 927 389 438 391 396 245 689 300 803 195 251 416 242 254 262 450 747 545 883 881 728 1,565 191 521 437 384 286 275 1,178
85 60 6 74 59 88 35 67 20 89 33 44 34 36 9 75 19 82 5 10 37 8 11 12 50 78 61 87 86 77 93 4 58 43 31 14 13 90
18 29 39 9 17 7 71 10 656 6 27 42 17 58 89 10 192 18 57 171 59 30 17 51 171 5 13 22 7 11 0 20 73 38 69 118 565 11
32 30 59 6 17 8 81 13 731 4 67 50 14 39 123 28 173 29 72 210 83 41 26 70 202 4 17 37 8 5 2 26 69 45 56 145 524 3
-22% 7% 15% -33% 0% -14% -18% 40% 0% -50% 11% -5% -24% -36% -7% 40% -24% -6% 18% -15% -7% 63% 35% 43% -10% -20% 15% -23% 57% -45% -120% -18% -16% -6% -24% -33% -27%
-56% 3% -24% 0% 0% -25% -28% 8% -10% -25% -55% -20% -7% -5% -33% -50% -16% -41% -7% -31% -34% 20% -12% 4% -24% 0% -12% -54% 38% 20% 0% 69% -13% -29% 16% -38% -28% 167%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- Q2 2011, Continued Q2 2011 Q1 2011 Q2 2010 Percent Changes Total Number of 1/every X Total Number of Total Number of Properties with Housing Ranking Properties with Properties with Foreclosure Unit among all Foreclosure Foreclosure % Change % Change County Name Filings (Rate) counties** Filings Filings from Q1-11 from Q2-10 Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee** United States
29 266 1,056 13 9 208 214 43 8 11 21 3 41 92 11 21 36 204 119 7,788 608,235
182 165 381 644 711 359 300 549 433 785 445 867 430 591 649 754 299 310 376 357 214
3 2 30 71 76 27 18 62 42 81 48 84 41 64 72 79 16 22 29 27
29 267 2,063 23 7 115 276 75 15 13 31 8 36 109 11 32 29 200 147 9,777 681,153
33 324 3,708 21 9 108 279 82 7 21 28 5 47 124 4 21 30 274 181 11,944 895,521
0% 0% -49% -43% 29% 81% -22% -43% -47% -15% -32% -63% 14% -16% 0% -34% 24% 2% -19% -20% -11%
*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®
-12% -18% -72% -38% 0% 93% -23% -48% 14% -48% -25% -40% -13% -26% 175% 0% 20% -26% -34% -35% -32%
Q2 2011 Total Number of Foreclosure Filings by County
Source: RealtyTrac©
Total Number of Properties with Foreclosure Filings by Zip Code, Q2_2011, Davidson County
Source: RealtyTrac®
Total Number of Properties with Foreclosure Filings by Zip Code, Q2_2011, Hamilton County
Source: RealtyTrac®
Total Number of Properties with Foreclosure Filings by Zip Code, Q2_2011, Knox County
Source: RealtyTrac®
Total Number of Properties with Foreclosure Filings by Zip Code, Q1_2011, Shelby County
Source: RealtyTrac®
Tennessee Housing Development Agency 404 James Robertson Parkway, Suite 1200 Nashville, Tennessee 37243-0900
www.thda.org 615-815-2200
