3rd Quarter Foreclosure Rates
Posted in General Real Estate Info by Karen Rhodes on November 18th, 2006 RealtyTrac has release the 3rd quarter report on metro area foreclosure rates. 318,355 properties entered some stage of foreclosure nationwide during the third quarter of 2006, a 17 percent increase from the previous quarter and a 43 percent yearly increase from the third quarter of 2005. The top ten are below as taken from the posted report:
Top 10 Metro Foreclosure Rates – Q3 2006
|
Metro Area |
% of Households in Foreclosure |
# Households for Every Foreclosure |
/National Avg. |
|
|
|
|
|
|
1. Detroit, MI |
1.249 |
80 |
4.535 |
|
1.138 |
88 |
4.132 |
|
|
3. Denver, CO |
1.113 |
90 |
4.043 |
|
4. Miami, FL |
1.101 |
91 |
3.997 |
|
5. Dallas, TX |
1.007 |
99 |
3.658 |
|
0.998 |
100 |
3.623 |
|
|
0.991 |
101 |
3.600 |
|
|
8. Atlanta, GA |
0.935 |
107 |
3.397 |
|
0.869 |
115 |
3.158 |
|
|
10. Memphis, TN |
0.696 |
144 |
2.528 |
Detroit’s foreclosure rate of one new foreclosure filing for every 80 households was more than 4.5 times the national average. Ft. Lauderdale and Denver reported foreclosure rates that were more than four times the national average, with Miami just short of four times the average. Foreclosure rates in the remaining top 10 cities exceeded three times the average except for Memphis with a rate that was 2.5 times the national average. RealtyTrac
In addition to Memphis, Nashville and Knoxville are both one of the top 100 metro areas in the US. Nashville-Davidson ranked 64th with just under .75% above the national average. Thats a reduction of 2.28% from 2nd quarter. Knoxville came in at 75th place just over .5% higher than the national average but improving with over a 3% decrease from the 2nd quarter.
Looking at individual state foreclosure rates is a little more revealing for our particular area. While Tennessee had an increase in foreclosures of over .5% during the 2nd quarter, 3rd quarter 2006 looks much better than the same time frame last year showing a decrease of 7.54% from 3rd quarter 2005.
Two steps forward and one step back:)
Jim Lee said,
November 18, 2006 @ 10:51 am
Good information Karen.
I’m happy to see less people in our cities are losing their homes now.
Our market in Knoxville remains fairly strong despite all the national “doom & gloom” news.
Karen Rhodes said,
November 18, 2006 @ 11:45 am
Number of closings here are consistant with last year but the number of available listings has increased dramatically creating an abundance of unsold listings and increasing days on market.