Q3 total foreclosure filings down in Tri-Cities, notice of trustee sales increase


By DON FENLEY

Tri-Cities foreclosure filings roughly parallel the national trend during Q3 according to RealtyTrac’s Q3 analysis and report.

Across the nation new filings were down 16% from a year ago but up 0.42% from Q2 – the first quarterly increase since the third quarter of 2011.

The three-county Johnson City MSA saw total foreclosure filings were down 20% from Q3 last year and up 105% from Q2

The four-county Kingsport Bristol MSA posted a 64% decline in total foreclosures compared to Q3 last year and 206% higher than Q2.

RealtyTrac’s report shows the quarterly increase in overall foreclosure activity was driven by a 2% increase in default notices (LIS, NOD) and a 7% quarterly increase in scheduled foreclosure auctions (NFS, NTS). Meanwhile bank repossessions (REOs) decreased 12 percent from the previous quarter.

Here’s how that looked on the local level:

In the Johnson City MSA:

– Q3  60 NTS compared to 23 OM Q3 last year and 20 in Q2.

–  Q3 16 REOs compared to 72 Q3 last year  and 17 in Q2.

In the Kingsport-Bristol MSA:

  • Q3 32 NTS compared to 28 in Q3 last year and 41 in Q2.
  • Q3 14 REO compared to 99 in Q3 last year and 33 during Q2.

The RealtyTrac U.S. Foreclosure Market Report is a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database — broken out by type of filing. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee’s Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties. The report does not count a property again if it receives the same type of foreclosure filing multiple times within the estimated foreclosure timeframe for the state where the property is located.

©Don Fenley

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