Thursday, October 23, 2008

Tennessee ranks 15th in foreclosures

Tennessee ranks 15th in foreclosures

Nashville Business Journal

Tennessee had the 15th highest foreclosure rate in the nation in September, according to data released Thursday by RealtyTrac Inc.

Tennessee had 4,098 properties in foreclosure in September, or one per every 654 households, according to RealtyTrac, an Irvine, Calif.-based private marketer of foreclosure properties.

Tennessee’s foreclosure rate was up 1.61 percent from September 2007.

Nevada held the top spot for the 21st consecutive month in September. It was followed by Florida, California, Arizona, Georgia, Michigan, Ohio, New Jersey and Indiana.

Nationwide, foreclosure filings fell 12 percent in September from August to 265,968 properties. That is up 21 percent from September 2007. One in every 475 U.S. households was in foreclosure in September.

“Much of the 12 percent decrease in September can be attributed to changes in state laws that have at least temporarily slowed down the pace at which lenders are moving forward with foreclosures,” James Saccacio, CEO of RealtyTrac, says in a statement.

Six states — California, Florida, Arizona, Ohio, Michigan and Nevada — accounted for more than 60 percent of U.S. foreclosure activity in the third quarter, according to RealtyTrac. California alone accounted for more than 27 percent of total filings

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