Tennessee’s Foreclosure Rate Drop By 21% In March But Is Up by 5% In April!
Even as foreclosure rate decreased by 21.21% for the month of March in Tennessee, it increased by 5% in April pushing the state on the 14th position on foreclosures by state countdown. A total of 4,116 default notices, bank repos, and auction sales notices were sent and the rate was 1 household in foreclosure for every 651 Tennessee households. The foreclosure activity had increased by 21% over the same period of last year.
Foreclosed homes decreased in number in the State in March in comparison to February despite the fact that nation witnessed a 5% hike in the foreclosure rate. Only one out of every 955 households reported foreclosure activity, making Tennessee the 15th state with highest foreclosures in the country. A 22% increase from March 2007, 1,385 foreclosure filings were done in March.
The ever expanding foreclosure listings for the state of Tennessee as well in other states such as Ohio, Kentucky have prompted the Federal Home Loan Bank of Cincinnati to start new funding programs in an attempt to reduce the number of foreclosed homes in these states. The HomeProtect Program is a funding program constituted by FHLBank, which will give $250 million to its member financial institutions in return for helping homeowners who are at the brink of losing their homes to foreclosure. The money will help them refine their homes on more convenient terms.
The count of foreclosure homes in Tennessee are likely to decrease as those homeowners who earn 115% or lower than their area’s average income are eligible for funds through the HomeProtect program. But, homeowners will have to meet a set of specific requirements that includes the homeowner counseling program.
