On Friday, RealtyTrac released their national quarterly report on foreclosures, showing a 14% RISE in foreclosure filings in the second quarter of 2008. The report also shows that nationally 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,” said James J. Saccacio, chief executive officer of RealtyTrac. “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.
“Bank repossessions, or REOs, accounted for 30% of total foreclosure activity in the second quarter, up from 24% of the total in the first quarter,” Saccacio continued. “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. 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.”
Tennessee’s foreclosure rate ranked 13th in the U.S., while Nevada, California, Arizona, and Florida ranked 1st through 4th in the nation, respectively.
In their survey of the top 100 Metro Markets for foreclosure activity, most of the top (hardest hit) cities are in the four states mentioned above.
Memphis ranked 25th in the nation with a rate of 1 filing for every 105 households, Nashville ranked 56th with a rate of 1 filing for every 238 households, and Knoxville ranked 75th (a rate of 1 out of every 354 households). Now just might be the perfect time to jump on one of these Nashville foreclosure opportunities.
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