Mortgage delinquencies and foreclosures were weak in the second quarter. According to Tennessee Housing Market, a publication of MTSU’s Business and Economic Research Center, “The continued weakness in mortgage loans is a consequence of the financial stress Tennessee households are experiencing as unemployment rises and household incomes fall. Mortgages past due in Tennessee rose to 10.33% in the second quarter, higher than 10.09% in the first quarter. New foreclosures in Tennessee continued to climb, reaching one percent of all mortgages. The current inventory of mortgages in foreclosure recorded its largest increase yet, rising by 0.26 percentage points from the previous quarter.”
These type of numbers put Tennessee right in the middle of the pack as the 24th ranked state for number for mortgages that are under water. However, only 1 in every 100 mortgages being in foreclosure puts Tennessee as the 18th healthiest state.
