July Tri-Cities foreclosure filings slow, still much higher than last year

According to RealtyTrac’s July Foreclosure Market Report there were  100 new foreclosure filings in the five Tri-Cities Tennessee counties in July. There were 30 new filings July last year.

YTD mo filings

Total new foreclosure starts by month for Washington, Carter, Unicoi, Sullivan and Hawkins counties.

The bulk of the new filings continue to be Notice of Trustee Sales; however, new REO filings are also substantially higher than last year.

In pure numbers Sullivan and Washington counties account for more of the new filings, but when you compare the gain for individual counties a different picture comes up.

Carter County leads the region for the year-to-date gain for new NTS filings followed by Unicoi. But on the year-to-date comparison for all new filings Unicoi County has the dubious distinction of leading the region.

Nationwide RealtyTrac’s July report shows new filings up 7% from June and 14% higher than last July last year.

yd tri filings

Year-to-date new foreclosure starts for Washington, Carter, Unicoi, Sullivan and Hawkins counties.

“The increase in overall foreclosure activity over the last five months has been driven primarily by rapidly rising bank repossessions, which in July reached the highest level since January 2013,” said Daren Blomquist, vice president at RealtyTrac. “Meanwhile foreclosure starts in July were at the lowest level since November 2005 — a nearly 10-year low that demonstrates the recent rise in bank repossessions represents banks flushing out old distress rather than new distress being pushed into the pipeline.

“This clearing of old distress is evident in the fact that properties foreclosed in the second quarter had been in the foreclosure process an average of 629 days, the longest in any quarter since we began tracking in the first quarter of 2007,” Blomquist continued. “It’s also evident that the recent surge in REOs is in fact clearing out more of the bad bubble-era loans from the so-called shadow inventory. RealtyTrac data now shows 61 percent of loans still in the foreclosure process were originated during the housing bubble years of 2004 to 2008, down from 68 percent last year and 75 percent two years ago.”

Scheduled foreclosure auctions down after two months of increases

carter nts

YTD Notice of Trustee Sales for Washington, Carter and Unicoi counties

A total of 48,124 U.S. properties were scheduled for a future foreclosure auction in July, down 1 percent from the previous month and down 7 percent from a year ago following two consecutive months of year-over-year increases. Scheduled foreclosure auctions in July were less than one-third of their peak of 158,105 in March 2010 but still above their pre-crisis average of 33,634 a month in 2005 and 2006.

Scheduled foreclosure auctions — which are foreclosure starts in some states where they are the first public notice of foreclosure were down in the Tri-Cities after two sharp monthly increases in April and May.

hawkins nts

YTD Notice of Trustee Sale filing in Sullivan and Hawkins counties.

Here’s where the highest concentration of new filings are located in local counties.

– Bristol in Sullivan Co.

–  Surgoinsville, followed by Bull’s Gap in Hawkins Co.

– Midway and Afton in Greene Co.

carter reo

YTD REO filings in Washington, Carter and Unicoi counties.

– Flag Pond in Unicoi Co.

– Hampton in Carter Co.

– Mountain City in Johnson Co.

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides 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.

Hawkins reo

YTD REO filings in Sullivan and Hawkins counties.

Special methodology note on REOs

In the first quarter of 2015, RealtyTrac started receiving REO data from a new source that provides the data more quickly in some cases than other sources. This new source may be resulting in some REOs reported by RealtyTrac in the first six months of 2015 that would have been reported in subsequent months using other sources. As always, if RealtyTrac receives an REO filing (or any other foreclosure filing type) on the same property from multiple sources, or from the same source multiple times, that REO filing is only counted in the RealtyTrac U.S. Foreclosure Market Report the first time it is received.


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