Foreclosure Activity Continues Decline in Nashville TN

According to RealtyTrac, foreclosure activity declined 2% nationally in May 2011 over the previous month and declined 33% over May 2010.  However, the inventory of unsold Bank-Owned properties increased in May due to weak demand from buyers.  Even with the decline in new foreclosure actions the new supply of Bank-Owned properties exceeds the amount being sold each month.

Tennessee continues to rank below the national average for foreclosures with 1 in 1777 homes receiving some form of foreclosure action in May 2011.  This equates to 2,376 properties receiving a foreclosure action in Tennessee for the month of May.   The national average for foreclosure actions in 1 in every 605 homes.

RealtyTracs's report counts documents filed in all three phases of foreclosures in Tennessee: Notice of Default, Notice of Trustee Sale (Auction) and REO (properties that have been sold at Auction and repurchased by a Bank).   This report does not count properties that have received the same type of filing more than one time in a given time period.

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