Tennessee Foreclosure Trends: Q4 2013 How many
Tennessee Foreclosure Trends: Q4 2013 How many/where/patterns Hulya Arik, Ph.D. Updated: January 2014
According to the latest data from the RealtyTrac® US Foreclosure Market Report, the number of properties with foreclosure filings in Tennessee declined from 4,132 in the third quarter of 2013 to 3,837 in the fourth quarter. The total number of properties that received a foreclosure filing in Tennessee was seven percent lower than the previous quarter and 33 percent lower than the same quarter last year. Tennessee had one foreclosure filing for every 728 households. The following figure shows the total number of properties with foreclosure filings in Tennessee by quarter from the fourth quarter of 2008 to the fourth quarter of 2013 (the last five years). The foreclosure filings are declining in Tennessee compared to the high levels during the crisis. The foreclosure problems have substantially improved from the crisis period (2008-2010), and currently, foreclosures are at the lowest level since mid-2007 when the housing collapse started in Tennessee. Total Number of Properties with Foreclosure Filings Tennessee
Q4_2013
Q3_2013
Q2_2013
Q1_2013
Q4_2012
Q3_2012
Q2_2012
Q1_2012
Q4_2011
Q3_2011
Q2_2011
Q1_2011
Q4_2010
Q3_2010
Q2_2010
Q1_2010
Q4_2009
Q3_2009
Q2_2009
Q1_2009
Q4_2008
12,500 11,500 10,500 9,500 8,500 7,500 6,500 5,500 4,500 3,500 2,500
The total foreclosure filings in the four counties with the highest number of foreclosure filings (Davidson, Hamilton, Knox and Shelby) accounted for 44 percent of the total foreclosure filings in the state in Q4 2013. Haywood County, with one filing for every 333 housing units, had the highest foreclosure rate in the state. The total number of properties with foreclosure filings in Haywood County increased from 14 in the third quarter of 2013 to 25 in the fourth quarter, a 79 percent increase in one quarter. Shelby County had the highest number of properties
with foreclosure filings in the state, with 835 properties. In Shelby County, the total volume of foreclosure filings decreased by nine percent from the previous quarter and decreased by 35 percent from the same quarter last year (Q4 2012). Davidson County had the second highest number of properties with foreclosure filings in the state. One in every 807 housing units in Davidson County had a foreclosure filing, while the total number of properties with foreclosure filings decreased from 367 in the third quarter of 2013 to 350 in the current quarter. The total number of properties with foreclosure filings in the county was five percent lower than the previous quarter and 39 percent lower than the same quarter last year. Knox County had the third highest number of properties with foreclosure filings with 292 properties, followed by Hamilton County with 198 properties. In Knox County, the number of properties with foreclosure filings increased by 16 percent compared to the previous quarter and declined by 21 percent compared to the same quarter last year. In Hamilton County the number of properties with foreclosure filings declined by 23 percent compared to the previous quarter and by 29 percent compared to the same quarter last year. DeKalb, Hancock, Houston, Lauderdale, Moore, Perry and Pickett Counties did not have any foreclosure filings in the fourth quarter of 2013. Foreclosure filings declined in 78 counties from the previous year, while 11 counties had increases. The number of properties with foreclosure filings did not change from the previous year in six counties (Stewart, Sequatchie, Clay, Lincoln, Chester and Wayne Counties). The most substantial year over year decline among the counties with 50 or more properties with foreclosure filings was in Maury County where the foreclosure filings declined from 113 in the fourth quarter of 2012 to 54 in the fourth quarter of 2013, a 52 percent decline. The largest foreclosure filings increase among the counties with 50 or more filings was in Montgomery County where the total number of properties with foreclosure filings increased to 188 in the current quarter from 130 in the fourth quarter of 2012, a 45 percent annual increase. The foreclosure filings in Montgomery County increased by seven percent compared to the previous quarter.
Total Number of Properties with Foreclosure Filings-Tennessee Counties - Q4_2013 Q4_2013 Q3_2013 Q4_2012 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 Q3 from Q4 County Filings (Rate) counties* Filings Filings 2013 2012 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
42 26 1 2 41 50 29 7 11 23 28 8 18 1 17 25 7 36 350 1 0 28 14 23 8 16 30 12 7 28 2 38 198 0 11 22 36 25
824 700 8,987 2,846 1,338 824 684 857 1,201 1,203 556 868 824 4,481 1,023 931 916 771 807 6,874 -738 1,194 669 1,112 1,165 732 1,151 1,550 1,138 3,214 707 759 -988 632 744 333
40 21 88 82 69 39 17 43 64 65 7 44 38 84 55 47 46 33 37 87 89 27 63 15 57 62 26 60 74 59 83 22 31 89 51 10 28 1
47 28 4 6 56 53 28 13 18 25 31 6 13 1 24 30 6 33 367 3 7 27 16 26 11 14 28 16 12 52 5 52 256 0 18 10 29 14
89 49 6 6 89 82 50 14 29 28 33 8 21 1 32 35 10 39 572 4 13 52 17 26 13 27 36 26 9 47 8 61 279 1 17 16 43 21
-11% -7% -75% -67% -27% -6% 4% -46% -39% -8% -10% 33% 38% 0% -29% -17% 17% 9% -5% -67% -100% 4% -13% -12% -27% 14% 7% -25% -42% -46% -60% -27% -23% --39% 120% 24% 79%
-53% -47% -83% -67% -54% -39% -42% -50% -62% -18% -15% 0% -14% 0% -47% -29% -30% -8% -39% -75% -100% -46% -18% -12% -38% -41% -17% -54% -22% -40% -75% -38% -29% -100% -35% 38% -16% 19%
Total Number of Properties with Foreclosure Filings-Tennessee Counties - Q4_2013, Continued Q4_2013 Q3_2013 Q4_2012 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 Q3 from Q4 County Filings (Rate) counties* Filings Filings 2013 2012 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
19 15 23 0 14 1 31 6 292 2 0 26 7 21 55 8 59 13 15 54 20 18 6 21 188 0 4 21 2 0 0 8 24 14 30 56 169 6
669 1,135 445 -634 5,812 752 1,489 664 1,308 -696 777 723 390 1,226 709 997 868 649 1,164 662 934 980 368 -2,215 699 5,117 --995 1,314 1,019 853 462 601 1,644
16 58 4 89 11 86 30 73 14 67 89 19 35 24 3 66 23 53 45 12 61 13 49 50 2 89 78 20 85 89 89 52 68 54 42 5 9 75
15 13 17 2 6 1 45 11 252 2 16 27 3 19 41 6 78 9 24 55 29 15 15 21 175 2 6 24 7 1 2 5 53 13 40 58 159 3
21 27 22 4 10 2 57 5 369 3 11 30 10 21 52 3 91 15 29 113 48 24 8 42 130 2 8 16 4 5 1 18 33 18 49 73 270 5
27% 15% 35% -100% 133% 0% -31% -45% 16% 0% -100% -4% 133% 11% 34% 33% -24% 44% -38% -2% -31% 20% -60% 0% 7% -100% -33% -13% -71% -100% -100% 60% -55% 8% -25% -3% 6% 100%
-10% -44% 5% -100% 40% -50% -46% 20% -21% -33% -100% -13% -30% 0% 6% 167% -35% -13% -48% -52% -58% -25% -25% -50% 45% -100% -50% 31% -50% -100% -100% -56% -27% -22% -39% -23% -37% 20%
Total Number of Properties with Foreclosure Filings-Tennessee Counties - Q4_2013, Continued Q4_2013 Q3_2013 Q4_2012 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 Q3 from Q4 County Filings (Rate) counties* Filings Filings 2013 2012 Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee U.S. Total
9 69 835 11 5 67 115 31 4 5 4 1 10 78 3 11 15 47 48 3,837 352,914
695 792 476 771 1,348 1,098 567 745 841 1,764 2,235 2,660 1,775 725 2,422 1,410 763 1,437 933 728 371
18 36 6 34 70 56 8 29 41 76 79 81 77 25 80 71 32 72 48
14 72 916 8 10 91 106 31 8 5 11 4 15 65 1 8 14 47 51 4,132 376,931
9 126 1,293 15 5 93 202 62 7 11 10 3 21 67 3 12 22 87 92 5,698 503,462
-36% -4% -9% 38% -50% -26% 8% 0% -50% 0% -64% -75% -33% 20% 200% 38% 7% 0% -6% -7% -6%
0% -45% -35% -27% 0% -28% -43% -50% -43% -55% -60% -67% -52% 16% 0% -8% -32% -46% -48% -33% -30%
*County ranking is based on the rate of foreclosure filings, a rank of one means the county had the highest ratio of foreclosure to number of households. 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 Tennessee declined from 4,132 in the third quarter of 2013 to 3,837 in the fourth quarter. The total number of properties that received a foreclosure filing in Tennessee was seven percent lower than the previous quarter and 33 percent lower than the same quarter last year. Tennessee had one foreclosure filing for every 728 households. The following figure shows the total number of properties with foreclosure filings in Tennessee by quarter from the fourth quarter of 2008 to the fourth quarter of 2013 (the last five years). The foreclosure filings are declining in Tennessee compared to the high levels during the crisis. The foreclosure problems have substantially improved from the crisis period (2008-2010), and currently, foreclosures are at the lowest level since mid-2007 when the housing collapse started in Tennessee. Total Number of Properties with Foreclosure Filings Tennessee
Q4_2013
Q3_2013
Q2_2013
Q1_2013
Q4_2012
Q3_2012
Q2_2012
Q1_2012
Q4_2011
Q3_2011
Q2_2011
Q1_2011
Q4_2010
Q3_2010
Q2_2010
Q1_2010
Q4_2009
Q3_2009
Q2_2009
Q1_2009
Q4_2008
12,500 11,500 10,500 9,500 8,500 7,500 6,500 5,500 4,500 3,500 2,500
The total foreclosure filings in the four counties with the highest number of foreclosure filings (Davidson, Hamilton, Knox and Shelby) accounted for 44 percent of the total foreclosure filings in the state in Q4 2013. Haywood County, with one filing for every 333 housing units, had the highest foreclosure rate in the state. The total number of properties with foreclosure filings in Haywood County increased from 14 in the third quarter of 2013 to 25 in the fourth quarter, a 79 percent increase in one quarter. Shelby County had the highest number of properties
with foreclosure filings in the state, with 835 properties. In Shelby County, the total volume of foreclosure filings decreased by nine percent from the previous quarter and decreased by 35 percent from the same quarter last year (Q4 2012). Davidson County had the second highest number of properties with foreclosure filings in the state. One in every 807 housing units in Davidson County had a foreclosure filing, while the total number of properties with foreclosure filings decreased from 367 in the third quarter of 2013 to 350 in the current quarter. The total number of properties with foreclosure filings in the county was five percent lower than the previous quarter and 39 percent lower than the same quarter last year. Knox County had the third highest number of properties with foreclosure filings with 292 properties, followed by Hamilton County with 198 properties. In Knox County, the number of properties with foreclosure filings increased by 16 percent compared to the previous quarter and declined by 21 percent compared to the same quarter last year. In Hamilton County the number of properties with foreclosure filings declined by 23 percent compared to the previous quarter and by 29 percent compared to the same quarter last year. DeKalb, Hancock, Houston, Lauderdale, Moore, Perry and Pickett Counties did not have any foreclosure filings in the fourth quarter of 2013. Foreclosure filings declined in 78 counties from the previous year, while 11 counties had increases. The number of properties with foreclosure filings did not change from the previous year in six counties (Stewart, Sequatchie, Clay, Lincoln, Chester and Wayne Counties). The most substantial year over year decline among the counties with 50 or more properties with foreclosure filings was in Maury County where the foreclosure filings declined from 113 in the fourth quarter of 2012 to 54 in the fourth quarter of 2013, a 52 percent decline. The largest foreclosure filings increase among the counties with 50 or more filings was in Montgomery County where the total number of properties with foreclosure filings increased to 188 in the current quarter from 130 in the fourth quarter of 2012, a 45 percent annual increase. The foreclosure filings in Montgomery County increased by seven percent compared to the previous quarter.
Total Number of Properties with Foreclosure Filings-Tennessee Counties - Q4_2013 Q4_2013 Q3_2013 Q4_2012 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 Q3 from Q4 County Filings (Rate) counties* Filings Filings 2013 2012 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
42 26 1 2 41 50 29 7 11 23 28 8 18 1 17 25 7 36 350 1 0 28 14 23 8 16 30 12 7 28 2 38 198 0 11 22 36 25
824 700 8,987 2,846 1,338 824 684 857 1,201 1,203 556 868 824 4,481 1,023 931 916 771 807 6,874 -738 1,194 669 1,112 1,165 732 1,151 1,550 1,138 3,214 707 759 -988 632 744 333
40 21 88 82 69 39 17 43 64 65 7 44 38 84 55 47 46 33 37 87 89 27 63 15 57 62 26 60 74 59 83 22 31 89 51 10 28 1
47 28 4 6 56 53 28 13 18 25 31 6 13 1 24 30 6 33 367 3 7 27 16 26 11 14 28 16 12 52 5 52 256 0 18 10 29 14
89 49 6 6 89 82 50 14 29 28 33 8 21 1 32 35 10 39 572 4 13 52 17 26 13 27 36 26 9 47 8 61 279 1 17 16 43 21
-11% -7% -75% -67% -27% -6% 4% -46% -39% -8% -10% 33% 38% 0% -29% -17% 17% 9% -5% -67% -100% 4% -13% -12% -27% 14% 7% -25% -42% -46% -60% -27% -23% --39% 120% 24% 79%
-53% -47% -83% -67% -54% -39% -42% -50% -62% -18% -15% 0% -14% 0% -47% -29% -30% -8% -39% -75% -100% -46% -18% -12% -38% -41% -17% -54% -22% -40% -75% -38% -29% -100% -35% 38% -16% 19%
Total Number of Properties with Foreclosure Filings-Tennessee Counties - Q4_2013, Continued Q4_2013 Q3_2013 Q4_2012 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 Q3 from Q4 County Filings (Rate) counties* Filings Filings 2013 2012 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
19 15 23 0 14 1 31 6 292 2 0 26 7 21 55 8 59 13 15 54 20 18 6 21 188 0 4 21 2 0 0 8 24 14 30 56 169 6
669 1,135 445 -634 5,812 752 1,489 664 1,308 -696 777 723 390 1,226 709 997 868 649 1,164 662 934 980 368 -2,215 699 5,117 --995 1,314 1,019 853 462 601 1,644
16 58 4 89 11 86 30 73 14 67 89 19 35 24 3 66 23 53 45 12 61 13 49 50 2 89 78 20 85 89 89 52 68 54 42 5 9 75
15 13 17 2 6 1 45 11 252 2 16 27 3 19 41 6 78 9 24 55 29 15 15 21 175 2 6 24 7 1 2 5 53 13 40 58 159 3
21 27 22 4 10 2 57 5 369 3 11 30 10 21 52 3 91 15 29 113 48 24 8 42 130 2 8 16 4 5 1 18 33 18 49 73 270 5
27% 15% 35% -100% 133% 0% -31% -45% 16% 0% -100% -4% 133% 11% 34% 33% -24% 44% -38% -2% -31% 20% -60% 0% 7% -100% -33% -13% -71% -100% -100% 60% -55% 8% -25% -3% 6% 100%
-10% -44% 5% -100% 40% -50% -46% 20% -21% -33% -100% -13% -30% 0% 6% 167% -35% -13% -48% -52% -58% -25% -25% -50% 45% -100% -50% 31% -50% -100% -100% -56% -27% -22% -39% -23% -37% 20%
Total Number of Properties with Foreclosure Filings-Tennessee Counties - Q4_2013, Continued Q4_2013 Q3_2013 Q4_2012 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 Q3 from Q4 County Filings (Rate) counties* Filings Filings 2013 2012 Sequatchie Sevier Shelby Smith Stewart Sullivan Sumner Tipton Trousdale Unicoi Union Van Buren Warren Washington Wayne Weakley White Williamson Wilson Tennessee U.S. Total
9 69 835 11 5 67 115 31 4 5 4 1 10 78 3 11 15 47 48 3,837 352,914
695 792 476 771 1,348 1,098 567 745 841 1,764 2,235 2,660 1,775 725 2,422 1,410 763 1,437 933 728 371
18 36 6 34 70 56 8 29 41 76 79 81 77 25 80 71 32 72 48
14 72 916 8 10 91 106 31 8 5 11 4 15 65 1 8 14 47 51 4,132 376,931
9 126 1,293 15 5 93 202 62 7 11 10 3 21 67 3 12 22 87 92 5,698 503,462
-36% -4% -9% 38% -50% -26% 8% 0% -50% 0% -64% -75% -33% 20% 200% 38% 7% 0% -6% -7% -6%
0% -45% -35% -27% 0% -28% -43% -50% -43% -55% -60% -67% -52% 16% 0% -8% -32% -46% -48% -33% -30%
*County ranking is based on the rate of foreclosure filings, a rank of one means the county had the highest ratio of foreclosure to number of households. Source: RealtyTrac®
Tennessee Housing Development Agency Andrew Jackson Building 502 Deadrick St., Third Floor Nashville, Tennessee 37243
www.thda.org 615-815-2200
