Tennessee Foreclosure Trends: September 2009 How many/where ...
Tennessee Foreclosure Trends: September 2009 How many/where/patterns Hulya Arik, Ph.D. November, 2009
According to the latest data from the RealtyTrac® US Foreclosure Market Report, Tennessee reported 3,531 properties with foreclosure filings1 in September 2009, a 16 percent decline from the previous month (August 2009) and a nine percent decline from the same month last year (September 2008). The total number of properties with foreclosure filings in Tennessee accounted for one (1) percent of the 343,638 foreclosure filings in the nation. In Tennessee, properties with foreclosure filings ranged from zero in Clay, Hancock, Pickett, and Unicoi Counties to 1,217 in Shelby County. In terms of the total number of properties with foreclosure filings, the U.S., as a whole, had a four (4) percent decline from August 2009, and a 29 percent increase from September 2008. Tennessee had one foreclosure filing for every 772 housing units, putting the State in 28th place in the nation (the national average was one filing for 372 housing units). The state with the highest foreclosure rate in September 2009 was Nevada with one foreclosure filing for every 60 housing units and 18,766 properties with foreclosure filings, followed by California and Florida.
For Tennessee, RealtyTrac’s report (http://www.realtytrac.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). 1
In Tennessee, both bank repossessions (REO) and notice of trustee sales (NTS) decreased by 16 percent from the previous month. Compared to the same month last year, NTS declined by 26% while REOs increased by 10%.
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
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 four major counties (Davidson, Hamilton, Knox, and Shelby) accounted for 56 percent of total foreclosure filings in the State in September 2009. Shelby County ranked as number one among all counties in Tennessee both in terms of the ratio of foreclosure filings to households (one foreclosure filing for every 328 households), and also in terms of total number of properties with foreclosure filings (1,217 properties with foreclosure filings). In Shelby County, total foreclosure filings were 14 percent lower than the number of filings last month and 30 percent lower than the same month last year (September 2008). The county with the second highest total number of properties with foreclosure filings was Davidson (348), followed by Knox County (230) and Hamilton County (122). 32 counties had increases from last month, while 55 counties had declines. Eight Tennessee counties did not see any change in the number of properties with foreclosure filings. Monroe and Sullivan Counties had significant increases from the last month, and in both counties the increase in total number of properties with filings is triggered by the increase in REOs.
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- September 2009 August 2009 September 2008 September 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 17 22 2 6 33 40 17 8 15 7 18 6 9 0 18 22 5 19 348 5 8 25 23 13 3 20 17 10 8 23 2 26 169 0 14 13 13 7 3 13 18 4 9 2 28 1 230 2
2,006 785 4,493 900 1,588 1,025 1,123 710 904 3,893 866 1,125 1,657 -919 1,038 1,270 1,271 801 1,350 1,105 796 743 1,082 2,649 941 1,322 1,373 1,278 1,332 3,285 1,016 881 -810 1,038 2,002 1,216 4,025 1,279 517 1,020 995 2,701 791 8,504 842 1,381
73 15 88 26 64 34 41 10 27 86 24 42 66 92 29 36 49 50 18 57 40 17 13 39 78 30 55 58 51 56 83 32 25 92 19 35 72 46 87 52 4 33 31 79 16 90 22 59
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
32 16 3 3 71 51 16 7 10 10 15 6 7 1 19 31 4 17 474 2 8 27 20 11 5 21 27 11 9 29 7 36 239 2 9 9 15 10 7 6 14 3 4 3 25 5 256 1
20 24 8 3 12 27 16 1 15 7 19 6 8 2 10 23 7 9 312 4 4 14 14 9 5 12 27 15 7 15 5 36 211 0 8 5 13 10 10 10 9 2 5 3 16 5 211 3
% Change % Change from from August September '09 '08 -47% 38% -33% 100% -54% -22% 6% 14% 50% -30% 20% 0% 29% -100% -5% -29% 25% 12% -27% 150% 0% -7% 15% 18% -40% -5% -37% -9% -11% -21% -71% -28% -29% -100% 56% 44% -13% -30% -57% 117% 29% 33% 125% -33% 12% -80% -10% 100%
-15% -8% -75% 100% 175% 48% 6% 700% 0% 0% -5% 0% 13% -100% 80% -4% -29% 111% 12% 25% 100% 79% 64% 44% -40% 67% -37% -33% 14% 53% -60% -28% -20% -75% 160% 0% -30% -70% 30% 100% 100% 80% -33% 75% -80% 9% -33%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- September 2009, continued August 2009 September 2008 September 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
15 14 3 4 23 4 41 4 11 49 39 7 4 28 51 1 5 7 5 3 0 10 14 15 30 42 133 1 14 123 1,217 3 5 30 94 19 5 0 6 2 12 30 1 5 10 36 35 3,531 343,638
767 1,241 1,674 3,627 861 2,365 1,043 3,351 1,163 720 580 1,679 1,414 671 1,304 2,906 1,617 2,132 1,915 1,439 -811 2,164 914 821 597 743 9,316 371 348 328 2,736 1,261 2,453 660 1,214 676 -1,520 1,286 1,450 1,763 7,059 3,136 1,065 1,707 1,216 772 372
*Tennessee Ranking in the Nation among Other States Source: RealtyTrac®
14 47 67 85 23 76 37 84 43 11 5 68 60 8 54 81 65 74 71 61 92 20 75 28 21 6 12 91 3 2 1 80 48 77 7 44 9 92 63 53 62 70 89 82 38 69 45 28*
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
15 16 4 18 22 4 61 9 23 80 32 7 7 11 66 1 5 19 8 0 1 4 20 25 34 43 156 0 10 103 1,420 5 2 10 89 31 4 1 3 2 20 32 2 7 6 93 55 4,200 358,471
19 20 3 11 26 5 105 3 18 52 28 12 8 18 86 1 4 11 2 3 0 6 25 15 16 32 104 1 9 65 1,741 8 5 14 56 25 2 2 7 0 14 19 3 5 3 36 35 3,900 265,968
% Change % Change from from August September '09 '08 0% -13% -25% -78% 5% 0% -33% -56% -52% -39% 22% 0% -43% 155% -23% 0% 0% -63% -38% --100% 150% -30% -40% -12% -2% -15% --
40% 19% -14% -40% 150% 200% 6% -39% 25% -100% 100% 0% -40% -6% -50% -29% 67% -61% -36% -16% -4%
-21% -30% 0% -64% -12% -20% -61% 33% -39% -6% 39% -42% -50% 56% -41% 0% 25% -36% 150% 0% -67% -44% 0% 88% 31% 28% 0% 56% 89% -30% -63% 0% 114% 68% -24% 150% -100% -14% --14% 58% -67% 0% 233% 0% 0% -9% 29%
According to the latest data from the RealtyTrac® US Foreclosure Market Report, Tennessee reported 3,531 properties with foreclosure filings1 in September 2009, a 16 percent decline from the previous month (August 2009) and a nine percent decline from the same month last year (September 2008). The total number of properties with foreclosure filings in Tennessee accounted for one (1) percent of the 343,638 foreclosure filings in the nation. In Tennessee, properties with foreclosure filings ranged from zero in Clay, Hancock, Pickett, and Unicoi Counties to 1,217 in Shelby County. In terms of the total number of properties with foreclosure filings, the U.S., as a whole, had a four (4) percent decline from August 2009, and a 29 percent increase from September 2008. Tennessee had one foreclosure filing for every 772 housing units, putting the State in 28th place in the nation (the national average was one filing for 372 housing units). The state with the highest foreclosure rate in September 2009 was Nevada with one foreclosure filing for every 60 housing units and 18,766 properties with foreclosure filings, followed by California and Florida.
For Tennessee, RealtyTrac’s report (http://www.realtytrac.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). 1
In Tennessee, both bank repossessions (REO) and notice of trustee sales (NTS) decreased by 16 percent from the previous month. Compared to the same month last year, NTS declined by 26% while REOs increased by 10%.
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
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 four major counties (Davidson, Hamilton, Knox, and Shelby) accounted for 56 percent of total foreclosure filings in the State in September 2009. Shelby County ranked as number one among all counties in Tennessee both in terms of the ratio of foreclosure filings to households (one foreclosure filing for every 328 households), and also in terms of total number of properties with foreclosure filings (1,217 properties with foreclosure filings). In Shelby County, total foreclosure filings were 14 percent lower than the number of filings last month and 30 percent lower than the same month last year (September 2008). The county with the second highest total number of properties with foreclosure filings was Davidson (348), followed by Knox County (230) and Hamilton County (122). 32 counties had increases from last month, while 55 counties had declines. Eight Tennessee counties did not see any change in the number of properties with foreclosure filings. Monroe and Sullivan Counties had significant increases from the last month, and in both counties the increase in total number of properties with filings is triggered by the increase in REOs.
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- September 2009 August 2009 September 2008 September 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 17 22 2 6 33 40 17 8 15 7 18 6 9 0 18 22 5 19 348 5 8 25 23 13 3 20 17 10 8 23 2 26 169 0 14 13 13 7 3 13 18 4 9 2 28 1 230 2
2,006 785 4,493 900 1,588 1,025 1,123 710 904 3,893 866 1,125 1,657 -919 1,038 1,270 1,271 801 1,350 1,105 796 743 1,082 2,649 941 1,322 1,373 1,278 1,332 3,285 1,016 881 -810 1,038 2,002 1,216 4,025 1,279 517 1,020 995 2,701 791 8,504 842 1,381
73 15 88 26 64 34 41 10 27 86 24 42 66 92 29 36 49 50 18 57 40 17 13 39 78 30 55 58 51 56 83 32 25 92 19 35 72 46 87 52 4 33 31 79 16 90 22 59
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
32 16 3 3 71 51 16 7 10 10 15 6 7 1 19 31 4 17 474 2 8 27 20 11 5 21 27 11 9 29 7 36 239 2 9 9 15 10 7 6 14 3 4 3 25 5 256 1
20 24 8 3 12 27 16 1 15 7 19 6 8 2 10 23 7 9 312 4 4 14 14 9 5 12 27 15 7 15 5 36 211 0 8 5 13 10 10 10 9 2 5 3 16 5 211 3
% Change % Change from from August September '09 '08 -47% 38% -33% 100% -54% -22% 6% 14% 50% -30% 20% 0% 29% -100% -5% -29% 25% 12% -27% 150% 0% -7% 15% 18% -40% -5% -37% -9% -11% -21% -71% -28% -29% -100% 56% 44% -13% -30% -57% 117% 29% 33% 125% -33% 12% -80% -10% 100%
-15% -8% -75% 100% 175% 48% 6% 700% 0% 0% -5% 0% 13% -100% 80% -4% -29% 111% 12% 25% 100% 79% 64% 44% -40% 67% -37% -33% 14% 53% -60% -28% -20% -75% 160% 0% -30% -70% 30% 100% 100% 80% -33% 75% -80% 9% -33%
Total Number of Properties with Foreclosure Filings-Tennessee Counties- September 2009, continued August 2009 September 2008 September 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
15 14 3 4 23 4 41 4 11 49 39 7 4 28 51 1 5 7 5 3 0 10 14 15 30 42 133 1 14 123 1,217 3 5 30 94 19 5 0 6 2 12 30 1 5 10 36 35 3,531 343,638
767 1,241 1,674 3,627 861 2,365 1,043 3,351 1,163 720 580 1,679 1,414 671 1,304 2,906 1,617 2,132 1,915 1,439 -811 2,164 914 821 597 743 9,316 371 348 328 2,736 1,261 2,453 660 1,214 676 -1,520 1,286 1,450 1,763 7,059 3,136 1,065 1,707 1,216 772 372
*Tennessee Ranking in the Nation among Other States Source: RealtyTrac®
14 47 67 85 23 76 37 84 43 11 5 68 60 8 54 81 65 74 71 61 92 20 75 28 21 6 12 91 3 2 1 80 48 77 7 44 9 92 63 53 62 70 89 82 38 69 45 28*
Total Number of Properties with Foreclosure Filings
Total Number of Properties with Foreclosure Filings
15 16 4 18 22 4 61 9 23 80 32 7 7 11 66 1 5 19 8 0 1 4 20 25 34 43 156 0 10 103 1,420 5 2 10 89 31 4 1 3 2 20 32 2 7 6 93 55 4,200 358,471
19 20 3 11 26 5 105 3 18 52 28 12 8 18 86 1 4 11 2 3 0 6 25 15 16 32 104 1 9 65 1,741 8 5 14 56 25 2 2 7 0 14 19 3 5 3 36 35 3,900 265,968
% Change % Change from from August September '09 '08 0% -13% -25% -78% 5% 0% -33% -56% -52% -39% 22% 0% -43% 155% -23% 0% 0% -63% -38% --100% 150% -30% -40% -12% -2% -15% --
40% 19% -14% -40% 150% 200% 6% -39% 25% -100% 100% 0% -40% -6% -50% -29% 67% -61% -36% -16% -4%
-21% -30% 0% -64% -12% -20% -61% 33% -39% -6% 39% -42% -50% 56% -41% 0% 25% -36% 150% 0% -67% -44% 0% 88% 31% 28% 0% 56% 89% -30% -63% 0% 114% 68% -24% 150% -100% -14% --14% 58% -67% 0% 233% 0% 0% -9% 29%
