Tennessee Foreclosure Trends: Q2 2014 How many ...
Tennessee Foreclosure Trends: Q2 2014 How many/where/patterns Hulya Arik, Ph.D. Updated: July 2014
According to the latest data from the RealtyTrac® US Foreclosure Market Report, the number of properties with foreclosure filings in the second quarter of 2014 in Tennessee declined from 3,856 (in the first quarter of 2014) to 2,134. In the second quarter of 2014, the number of properties that received a foreclosure filing in Tennessee was 45 percent lower than the previous quarter and 61 percent lower than the same quarter last year (Q2 2013). Tennessee had one foreclosure filing for every 1,318 households, and ranked 42 in the nation among states in terms of foreclosure rate. Nationwide, foreclosure filings in the second quarter of 2014 declined by eight percent compared to the previous quarter and declined by 22 percent compared to the last year. The following figure shows the total number of properties with foreclosure filings in Tennessee by quarter from the second quarter of 2009 to the second quarter of 2014. As the figure displays, the foreclosures are falling in Tennessee compared to the high levels in early 2010. Currently, foreclosures are at the lowest level since mid-2007 when the housing collapse started in Tennessee. The foreclosure problems have substantially improved compared to the crisis period (2008-2010). Total Number of Properties with Foreclosure Filings Tennessee 12,000 10,000 8,000 6,000 4,000 2,000
Q2_2009 Q3_2009 Q4_2009 Q1_2010 Q2_2010 Q3_2010 Q4_2010 Q1_2011 Q2_2011 Q3_2011 Q4_2011 Q1_2012 Q2_2012 Q3_2012 Q4_2012 Q1_2013 Q2_2013 Q3_2013 Q4_2013 Q1_2014 Q2_2014
0
The total foreclosure filings in the four counties with the highest number of foreclosure filings (Davidson, Hamilton, Knox and Shelby) accounted for 45 percent of the total foreclosure filings in the state in Q2 2014. Tipton County, with one filing for every 663 housing units, had
the highest foreclosure rate in the state. The total number of properties with foreclosure filings in Tipton County decreased from 42 in the first quarter of 2014 to 35 in the second quarter of 2014, a 17 percent decline in one quarter. The foreclosure filings in Tipton County was 51 percent lower than the same quarter year-over-year compared to the second quarter of 2013. Shelby County had the highest number of properties with foreclosure filings in the state, with 531 properties. In Shelby County, the total volume of foreclosure filings decreased by 38 percent from the previous quarter and decreased by 60 percent from the same quarter last year (Q2 2013). Davidson County had the second highest number of foreclosure filings in the state after Shelby County. One in every 1,458 housing units had foreclosure filings in Davidson County. In Davidson County, the total number of properties with foreclosure filings decreased from 396 in the first quarter of 2014 to 195 in the current quarter. The total number of properties with foreclosure filings in the county was 51 percent lower than the previous quarter and 65 percent lower than the second quarter of 2013. The county with the third highest number of properties with foreclosure filings was Knox (127 filings), followed by Hamilton County (111 filings). In Hamilton County the number of properties with foreclosure filings decreased by 46 percent compared to the previous quarter and declined by 60 percent compared to the same quarter last year. Foreclosure filings declined in 77 counties from the last quarter, while only nine counties had increases. The number of properties with foreclosure filings did not change in nine counties. The most substantial quarterly decline among the counties with 50 or more properties with foreclosure filings was in Montgomery County where the foreclosure filings declined from 210 in the first quarter of 2014 to 99 in the second quarter of 2014, a 53 percent decline.
County 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-Tennessee Counties - Q2_2014 Q2_2014 Q1_2014 Q2_2013 Percent Changes Total Number Total Number Total Number of Properties 1/every X of Properties of Properties with Housing Ranking with with % Change % Change Foreclosure Unit among all Foreclosure Foreclosure from Q1 from Q2 Filings (Rate) counties* Filings Filings 2014 2013 17 17 2 1 36 33 19 4 6 6 12 1 4 0 14 10 7 11 195 2 3 14 10 9 2 3 24 12 5 17 3 24 111 3 8 4 18 3
2,042 1,077 4,490 5,698 1,531 1,258 1,049 1,507 2,201 4,622 1,303 6,979 3,719 -1,244 2,339 915 2,544 1,458 3,430 3,129 1,485 1,673 1,740 4,454 6,238 919 1,154 2,169 1,881 2,129 1,122 1,362 1,205 1,361 3,481 1,490 2,772
58 12 84 87 38 22 9 35 63 86 25 89 82 92 21 64 5 68 32 78 75 33 42 46 83 88 6 17 62 53 61 14 29 19 28 79 34 71
41 28 7 1 42 51 32 10 14 16 37 10 19 0 30 25 8 43 396 2 6 29 18 26 9 15 33 16 3 46 2 41 205 1 15 6 24 6
83 84 5 1 48 86 43 6 25 34 47 9 6 0 23 23 6 41 552 3 4 46 23 24 15 24 21 17 6 53 3 63 278 0 23 14 40 15
-59% -39% -71% 0% -14% -35% -41% -60% -57% -63% -68% -90% -79% --53% -60% -13% -74% -51% 0% -50% -52% -44% -65% -78% -80% -27% -25% 67% -63% 50% -41% -46% 200% -47% -33% -25% -50%
-80% -80% -60% 0% -25% -62% -56% -33% -76% -82% -74% -89% -33% --39% -57% 17% -73% -65% -33% -25% -70% -57% -63% -87% -88% 14% -29% -17% -68% 0% -62% -60% --65% -71% -55% -80%
Total Number of Properties with Foreclosure Filings-Tennessee Counties - Q2_2014, Continued Q2_2014 Q1_2014 Q2_2013 Percent Changes Total Number Total Number Total Number of Properties 1/every X of Properties of Properties with Housing Ranking with with % Change % Change Foreclosure Unit among all Foreclosure Foreclosure from Q1 from Q2 County Filings (Rate) counties* Filings Filings 2014 2013 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
6 5 8 2 3 3 10 1 127 1 6 12 3 10 13 4 31 10 12 33 13 7 5 17 99 0 3 8 1 1 2 4 12 11 13 34 89 0
2,128 3,408 1,283 2,092 2,961 1,941 2,345 8,931 1,537 2,615 1,876 1,511 1,814 1,523 1,669 2,463 1,354 1,299 1,090 1,069 1,790 1,707 1,128 1,217 714 -2,953 1,833 10,256 4,573 1,700 2,014 2,653 1,303 1,972 767 1,157 --
60 77 23 59 74 54 65 90 39 69 52 36 50 37 41 66 27 24 13 11 48 44 16 20 2 92 73 51 91 85 43 56 70 26 55 4 18 92
8 8 14 4 9 3 35 8 201 1 7 18 5 21 28 8 69 10 25 53 30 11 10 21 210 0 6 10 1 0 1 3 31 16 42 55 161 2
13 21 23 3 15 1 53 10 211 1 6 25 11 26 103 10 102 19 25 98 45 23 18 57 180 0 4 22 1 0 0 14 46 23 55 65 252 4
-25% -38% -43% -50% -67% 0% -71% -88% -37% 0% -14% -33% -40% -52% -54% -50% -55% 0% -52% -38% -57% -36% -50% -19% -53% --50% -20% 0% -100% 33% -61% -31% -69% -38% -45% -100%
-54% -76% -65% -33% -80% 200% -81% -90% -40% 0% 0% -52% -73% -62% -87% -60% -70% -47% -52% -66% -71% -70% -72% -70% -45% --25% -64% 0% ---71% -74% -52% -76% -48% -65% -100%
Total Number of Properties with Foreclosure Filings-Tennessee Counties - Q2_2014, Continued Q2_2014 Q1_2014 Q2_2013 Percent Changes Total Number Total Number Total Number of Properties 1/every X of Properties of Properties with Housing Ranking with with % Change % Change Foreclosure Unit among all Foreclosure Foreclosure from Q1 from Q2 County Filings (Rate) counties* Filings Filings 2014 2013 Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee** U.S. Total
4 55 531 6 2 41 62 35 3 3 9 0 10 28 2 9 8 19 18 2,134 315,831
1,579 1,004 751 1,420 3,380 1,799 1,063 663 1,123 2,942 1,000 -1,778 2,041 3,637 1,721 1,433 3,606 2,539 1,318 417
40 8 3 30 76 49 10 1 15 72 7 92 47 57 81 45 31 80 67 42
16 66 854 13 1 76 92 42 4 3 10 1 3 70 10 17 6 54 60 3,856 341,670
12 112 1,317 11 4 98 148 71 5 11 11 1 8 77 4 23 15 64 84 5,455 404,842
-75% -17% -38% -54% 100% -46% -33% -17% -25% 0% -10% -100% 233% -60% -80% -47% 33% -65% -70% -45% -8%
-67% -51% -60% -45% -50% -58% -58% -51% -40% -73% -18% -100% 25% -64% -50% -61% -47% -70% -79% -61% -22%
*County ranking in the state among other counties, 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®
Tennessee Housing Development Agency Andrew Jackson Building 502 Deadrick St., Third Floor Nashville, Tennessee 37243
www.thda.org 615-815-2200
According to the latest data from the RealtyTrac® US Foreclosure Market Report, the number of properties with foreclosure filings in the second quarter of 2014 in Tennessee declined from 3,856 (in the first quarter of 2014) to 2,134. In the second quarter of 2014, the number of properties that received a foreclosure filing in Tennessee was 45 percent lower than the previous quarter and 61 percent lower than the same quarter last year (Q2 2013). Tennessee had one foreclosure filing for every 1,318 households, and ranked 42 in the nation among states in terms of foreclosure rate. Nationwide, foreclosure filings in the second quarter of 2014 declined by eight percent compared to the previous quarter and declined by 22 percent compared to the last year. The following figure shows the total number of properties with foreclosure filings in Tennessee by quarter from the second quarter of 2009 to the second quarter of 2014. As the figure displays, the foreclosures are falling in Tennessee compared to the high levels in early 2010. Currently, foreclosures are at the lowest level since mid-2007 when the housing collapse started in Tennessee. The foreclosure problems have substantially improved compared to the crisis period (2008-2010). Total Number of Properties with Foreclosure Filings Tennessee 12,000 10,000 8,000 6,000 4,000 2,000
Q2_2009 Q3_2009 Q4_2009 Q1_2010 Q2_2010 Q3_2010 Q4_2010 Q1_2011 Q2_2011 Q3_2011 Q4_2011 Q1_2012 Q2_2012 Q3_2012 Q4_2012 Q1_2013 Q2_2013 Q3_2013 Q4_2013 Q1_2014 Q2_2014
0
The total foreclosure filings in the four counties with the highest number of foreclosure filings (Davidson, Hamilton, Knox and Shelby) accounted for 45 percent of the total foreclosure filings in the state in Q2 2014. Tipton County, with one filing for every 663 housing units, had
the highest foreclosure rate in the state. The total number of properties with foreclosure filings in Tipton County decreased from 42 in the first quarter of 2014 to 35 in the second quarter of 2014, a 17 percent decline in one quarter. The foreclosure filings in Tipton County was 51 percent lower than the same quarter year-over-year compared to the second quarter of 2013. Shelby County had the highest number of properties with foreclosure filings in the state, with 531 properties. In Shelby County, the total volume of foreclosure filings decreased by 38 percent from the previous quarter and decreased by 60 percent from the same quarter last year (Q2 2013). Davidson County had the second highest number of foreclosure filings in the state after Shelby County. One in every 1,458 housing units had foreclosure filings in Davidson County. In Davidson County, the total number of properties with foreclosure filings decreased from 396 in the first quarter of 2014 to 195 in the current quarter. The total number of properties with foreclosure filings in the county was 51 percent lower than the previous quarter and 65 percent lower than the second quarter of 2013. The county with the third highest number of properties with foreclosure filings was Knox (127 filings), followed by Hamilton County (111 filings). In Hamilton County the number of properties with foreclosure filings decreased by 46 percent compared to the previous quarter and declined by 60 percent compared to the same quarter last year. Foreclosure filings declined in 77 counties from the last quarter, while only nine counties had increases. The number of properties with foreclosure filings did not change in nine counties. The most substantial quarterly decline among the counties with 50 or more properties with foreclosure filings was in Montgomery County where the foreclosure filings declined from 210 in the first quarter of 2014 to 99 in the second quarter of 2014, a 53 percent decline.
County 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-Tennessee Counties - Q2_2014 Q2_2014 Q1_2014 Q2_2013 Percent Changes Total Number Total Number Total Number of Properties 1/every X of Properties of Properties with Housing Ranking with with % Change % Change Foreclosure Unit among all Foreclosure Foreclosure from Q1 from Q2 Filings (Rate) counties* Filings Filings 2014 2013 17 17 2 1 36 33 19 4 6 6 12 1 4 0 14 10 7 11 195 2 3 14 10 9 2 3 24 12 5 17 3 24 111 3 8 4 18 3
2,042 1,077 4,490 5,698 1,531 1,258 1,049 1,507 2,201 4,622 1,303 6,979 3,719 -1,244 2,339 915 2,544 1,458 3,430 3,129 1,485 1,673 1,740 4,454 6,238 919 1,154 2,169 1,881 2,129 1,122 1,362 1,205 1,361 3,481 1,490 2,772
58 12 84 87 38 22 9 35 63 86 25 89 82 92 21 64 5 68 32 78 75 33 42 46 83 88 6 17 62 53 61 14 29 19 28 79 34 71
41 28 7 1 42 51 32 10 14 16 37 10 19 0 30 25 8 43 396 2 6 29 18 26 9 15 33 16 3 46 2 41 205 1 15 6 24 6
83 84 5 1 48 86 43 6 25 34 47 9 6 0 23 23 6 41 552 3 4 46 23 24 15 24 21 17 6 53 3 63 278 0 23 14 40 15
-59% -39% -71% 0% -14% -35% -41% -60% -57% -63% -68% -90% -79% --53% -60% -13% -74% -51% 0% -50% -52% -44% -65% -78% -80% -27% -25% 67% -63% 50% -41% -46% 200% -47% -33% -25% -50%
-80% -80% -60% 0% -25% -62% -56% -33% -76% -82% -74% -89% -33% --39% -57% 17% -73% -65% -33% -25% -70% -57% -63% -87% -88% 14% -29% -17% -68% 0% -62% -60% --65% -71% -55% -80%
Total Number of Properties with Foreclosure Filings-Tennessee Counties - Q2_2014, Continued Q2_2014 Q1_2014 Q2_2013 Percent Changes Total Number Total Number Total Number of Properties 1/every X of Properties of Properties with Housing Ranking with with % Change % Change Foreclosure Unit among all Foreclosure Foreclosure from Q1 from Q2 County Filings (Rate) counties* Filings Filings 2014 2013 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
6 5 8 2 3 3 10 1 127 1 6 12 3 10 13 4 31 10 12 33 13 7 5 17 99 0 3 8 1 1 2 4 12 11 13 34 89 0
2,128 3,408 1,283 2,092 2,961 1,941 2,345 8,931 1,537 2,615 1,876 1,511 1,814 1,523 1,669 2,463 1,354 1,299 1,090 1,069 1,790 1,707 1,128 1,217 714 -2,953 1,833 10,256 4,573 1,700 2,014 2,653 1,303 1,972 767 1,157 --
60 77 23 59 74 54 65 90 39 69 52 36 50 37 41 66 27 24 13 11 48 44 16 20 2 92 73 51 91 85 43 56 70 26 55 4 18 92
8 8 14 4 9 3 35 8 201 1 7 18 5 21 28 8 69 10 25 53 30 11 10 21 210 0 6 10 1 0 1 3 31 16 42 55 161 2
13 21 23 3 15 1 53 10 211 1 6 25 11 26 103 10 102 19 25 98 45 23 18 57 180 0 4 22 1 0 0 14 46 23 55 65 252 4
-25% -38% -43% -50% -67% 0% -71% -88% -37% 0% -14% -33% -40% -52% -54% -50% -55% 0% -52% -38% -57% -36% -50% -19% -53% --50% -20% 0% -100% 33% -61% -31% -69% -38% -45% -100%
-54% -76% -65% -33% -80% 200% -81% -90% -40% 0% 0% -52% -73% -62% -87% -60% -70% -47% -52% -66% -71% -70% -72% -70% -45% --25% -64% 0% ---71% -74% -52% -76% -48% -65% -100%
Total Number of Properties with Foreclosure Filings-Tennessee Counties - Q2_2014, Continued Q2_2014 Q1_2014 Q2_2013 Percent Changes Total Number Total Number Total Number of Properties 1/every X of Properties of Properties with Housing Ranking with with % Change % Change Foreclosure Unit among all Foreclosure Foreclosure from Q1 from Q2 County Filings (Rate) counties* Filings Filings 2014 2013 Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee** U.S. Total
4 55 531 6 2 41 62 35 3 3 9 0 10 28 2 9 8 19 18 2,134 315,831
1,579 1,004 751 1,420 3,380 1,799 1,063 663 1,123 2,942 1,000 -1,778 2,041 3,637 1,721 1,433 3,606 2,539 1,318 417
40 8 3 30 76 49 10 1 15 72 7 92 47 57 81 45 31 80 67 42
16 66 854 13 1 76 92 42 4 3 10 1 3 70 10 17 6 54 60 3,856 341,670
12 112 1,317 11 4 98 148 71 5 11 11 1 8 77 4 23 15 64 84 5,455 404,842
-75% -17% -38% -54% 100% -46% -33% -17% -25% 0% -10% -100% 233% -60% -80% -47% 33% -65% -70% -45% -8%
-67% -51% -60% -45% -50% -58% -58% -51% -40% -73% -18% -100% 25% -64% -50% -61% -47% -70% -79% -61% -22%
*County ranking in the state among other counties, 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®
Tennessee Housing Development Agency Andrew Jackson Building 502 Deadrick St., Third Floor Nashville, Tennessee 37243
www.thda.org 615-815-2200
