Monday, July 28, 2008

Tennessee ranks 13th in foreclosures

Nashville Business Journal - July 28, 2008
http://nashville.bizjournals.com/nashville/stories/2008/07/28/daily3.html

Monday, July 28, 2008 - 9:32 AM CDT

Tennessee ranks 13th in foreclosures Nashville Business Journal Tennessee ranks 13th among all states in foreclosure rates, according to second quarter data RealtyTrac Inc. reported Friday. The state of Tennessee had 12,008 foreclosure filings -- default notices, auction sale notices and bank repossessions -- in the second quarter. That's 105.2 percent more than the second quarter 2007. One out of every 223 Tennessee households got a foreclosure notice in the second quarter. In the U.S., foreclosure filings were reported on 739,714 properties during the second quarter -- a 121 percent increase from the second quarter of 2007. The report also shows that one in every 171 U.S. households received a foreclosure filing during the quarter. "Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity," says James J. Saccacio, CEO of RealtyTrac, in a statement. "48 of 50 states and 95 out of the nation's 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter." Saccacio noted bank repossessions accounted for 30 percent of total foreclosure activity in the second quarter, up from 24 percent of the total in the first quarter. "This shift in the distribution of activity indicates that there is a progression toward purging the problem loans out of the system -- at which point the housing market can regain some sense of normalcy," he says. "Of course, if another surge in defaults occurs, which could well happen later this year, it would refill the foreclosure pipeline and prolong the recovery."

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