Tennessee Foreclosures Maintain Course During First Half of 2010

by Simon Lindsay on States

Tennessee foreclosures maintain their levels during the first six months of 2010 when compared with the last six months of 2009. However, when compared with the first half of 2009, the current year's first half showed a rise of 13%.

From January to June 2010, a ratio of one for every 119 residential properties received a notice of foreclosure, which brings total filings to 23,100. Nationwide, Tennessee is ranked 23rd in terms of foreclosures, including homes under different filing stages and repossessed homes, for the period January-June 2010.

Among the state's local areas, Shelby County recorded the highest number of foreclosure filings for the period in focus. A total of 6,630 foreclosures, which include Bank of America real estate foreclosures and other types of foreclosed properties, were recorded in Shelby.

In terms of nationwide figures, homebuyers can find foreclosure houses for sale in almost all areas of the country as the U.S. had over 1.6 million households receiving foreclosure filings during the first half of the current year. During the said period, one household out of 78 is either foreclosed or facing foreclosure.

Focusing on just the most recent month, Tennessee foreclosures totaled 1,776 in June. This means that one household for every 693 has received a foreclosure notice or is already foreclosed. Compared with May figures, the June total represented a rise of 2.29%, but represented a decline of almost 15% when compared with June 2009.

When compared with nationwide June figures, Tennessee is actually is doing relatively good, with foreclosure rates not posting a rise of over 20% like other states, although residents could have hoped for a better housing market.

June saw the whole U.S. having a total of 313,841 filings for foreclosures. This translates to a ratio of one household for every 411 receiving a foreclosure notice or getting foreclosed. The June nationwide figure represents a 2.81% decline compared with May and an almost seven percent decrease compared with June 2009.

Tennessee foreclosures remain almost the same during the January-June 2010 period when compared with the period of July-December 2009. However, the first half of 2010 still recorded a higher number of foreclosures when the first half of 2009 is used as basis for comparison.

disclaimer