Is The Drop In Tennessee Foreclosures A Sign Of Good Things To Come?
The count of foreclosure houses in Tennessee State has dropped as per the first quarter ending report released by ForeclosureDataBank. The 5% drop in foreclosures is significant as compared to the filings reported for February 2008.
There was one foreclosure filing for every 955 homes or a decrease of 21.21% for foreclosures in Tennessee for the month of March, which put the state at the 15th highest position on the foreclosure by state listing behind heavyweights such as California, Arizona, Colorado, Florida, Nevada etc. However, this figure was found to be 22% higher than the foreclosure figure for same time, previous year. With a total of close to fourteen hundred foreclosure filings in March 2008, Tennessee State witnessed a mix of filings such as tax foreclosure homes, bank foreclosure homes, HUD, among others.
While March 2008 brought relief at the lower number of foreclosed properties, April witnessed yet another increase, this time by 5%. Retaining its position amongst the top 20 states for highest foreclosure in US; Tennessee moved one rank higher at number 14 with a rate of 1 foreclosure for every 651 households or a total of 4,116 foreclosures. The 5% increase in April 2008 foreclosures is a 21% increase from same time last year.
Nation-wide reports on foreclosures by state revealed that there has been a 4% increase in foreclosure rate from March 2008 and a steep hike of 65% from 2007, April. According to the report, 243,353 foreclosure filings were done nation-wide for April. There was one filing per 519 households during April 2008 in the United States.
