Thursday, December 20, 2007

Tennessee ranks 11th in foreclosures

Tennessee ranks 11th in foreclosures
Nashville Business Journal
The latest foreclosure numbers put Tennessee at No. 11 in the nation, RealtyTrac Inc. says.
The number of properties in some state of foreclosure in November was 3,862 in Tennessee, with one property foreclosed for every 683 households. That's up 7.5 percent from November 2006.

Nevada, Florida and Ohio posted the top foreclosure rates.

Nationwide, foreclosures were up 68 percent from November 2006, but down 10 percent from October. That drop in the past month provides a glimmer of hope that the foreclosure boom might be winding down, RealtyTrac chief executive officer James Saccacio says.

"The 10 percent drop in November is the first double-digit monthly decrease we've seen since April 2006," he says. "This could indicate that foreclosure activity has topped out for the year, but the true test of whether this ceiling will hold will come at the beginning of next year - when we anticipate that a seasonal surge in foreclosure filings and another possible wave of resetting mortgages could place further pressure on the housing market. But, if the trend of flat or decreasing foreclosure activity we've seen over the past three months continues in the first quarter, it would certainly bode well for 2008."

RealtyTrac includes properties that are in default, up for auction or owned by the lender.

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