Tri-Cities foreclosure filings up 23% in Q1; NTS drives increase


By DON FENLEY

Tri-Cities foreclosure filing during Q1 increased 23% compared to the same period last year. Notice of Trustee Sales was the increase driver. According to RealtyTrac’s Q1 Foreclosure Market Report, REO filings in the NE Tennessee Tri-Cities counties was down in Q1 in all the counties except Sullivan where the total was unchanged from Q1 last year.

q1 foreclosuresDuring the first three months of this year the report shows 289 filings compared to 235 Q1 last year. This year’s Q1 total was also up when compared to the Q4 total of 256 filings.

Nationwide foreclosure filings were reported on 313,487 U.S. properties in the first quarter of 2015, down 7% from the previous quarter and down 8% from the first quarter of 2014 to the lowest quarterly total since the first quarter of 2007. There were a total of 122,060 U.S. properties with foreclosure filings in March, a 20% jump from a 104-month low February and up 4% from a year ago — the first month with a year-over-year increase in overall foreclosure activity since September 2010.

q1 ntsThe increase in March was driven primarily by a jump in bank repossessions (REO), which at 36,152 were up 49 percent from the previous month and up 25 percent from a year ago to a 17-month high — although still about one-third of the 102,134 REOs in September 2010, the peak month for REOs.

March filings in the Tri-Cities totaled 118 compared to 34 March last year. The 12-month rolling average for filings was 68. Like the quarterly numbers, the driver of the increase was Notice of Trustee Sales.

q1 reo“The 17-month (nationwide) high in bank repossessions in March corresponds to a 17-month high in scheduled foreclosures auctions in October,” said Daren Blomquist, vice president at RealtyTrac. “The March increase is continued cleanup of distress still lingering from the previous housing crisis; not the beginning of a new crisis by any means. Some of most stubborn foreclosure cases are finally being flushed out of the foreclosure pipeline, and we would expect to see more noise in the numbers over the next few months as national foreclosure activity makes its way back to more stable patterns by the end of this year.”

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 during the month — broken out by type of filing. Some foreclosure filings entered into the database during the month may have been recorded in previous months. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: DefaultNotice 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 (that have been foreclosed on and repurchased by a bank). 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.

The full report with charts for national and state levels is available at http://www.realtytrac.com/news/foreclosure-trends/march-q1-2015-foreclosure-market-report/

 

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