By DON FENLEY

TRI-CITIES, Tenn – Although new foreclosure filings are creeping higher, they remain below the region’s historic levels because of equity gains from the post-pandemic housing market go-go years.

ATTOM’s monthly report shows a similar uptick in U.S. activity that “hints at shifting dynamics within the housing market, said ATTOM CEO Rob Barker. “These trends could signify an evolving financial landscape for homeowners, prompting adjustments in market strategies and lending practices.” This segment of the housing market will be closely monitoring by these trends, he added.

Both the foreclosure and overall housing economy for the local market have and continue to run counter to what is being reported on the national level.

The highest foreclosure rates are in South Carolina and Florida. Both are at the top of the contributor states for new Tri-Cities region residents.

The number of February Tri-Cities filings was 14 in the three-county Johnson City metro area and 11 in the four-county Kingsport-Bristol area. So far this year, the region has seen posted new filings. Most of them (64) have been in Kingsport-Bristol.

There were three bank repulsions last month. The rest of the new actions were notices of trustee sales.

In other market updates, ATTOM’s loan reports show the extent of year-over-year loan activity in the Kingsport-Bristol market.

• Total home loans in 2023 were down 34%
• Purchase loans were down 30%
• REFI loans were down 38%
• HELOCs were down 29%

The Johnson City metro area was not included in the report that had a cut-off of 200,000 population and at 1,000 mortgages in the fourth quarter of 2003.

Categories: REAL ESTATE