According to the latest report from Realty Trac, national foreclosure activity in February decreased to the lowest level in 36 months. This is a 14% decrease from January 2011 and a 27% decrease from February 2010. This is also the largest year over year decrease since Realty Trac began the U.S. Foreclosure Market Report in 2005. Ten states accounted for more than 70% of all of the foreclosure actions. Those states include California, Florida, Arizona, Michigan, Georgia, Texas, Illinois, Nevada, Ohio, and Wisconsin. Nevada posted the highest state foreclosure rate for the 50th month in a row. Realty Trac is a leading online marketplace for foreclosure homes, information and statistics. The report measures all types of foreclosure activity from default notices, foreclosure auctions, and bank repossessions.
Tennessee ranked 22nd in foreclosure filings and actions among states in February. Tennessee had a total of 3,396 foreclosure actions, of which 1671 were notices of trustee sales and 1725 were bank repossessions. The February numbers equal a rate of 1 foreclosure action to every 819 homes. Tennessee's foreclosure rate declined 1.57% over January 2011 and declined 8.02% over February 2010.
Shelby County continues to be the largest area for foreclosures in Tennessee with 4,171 foreclosure listings on Realty Trac. The largest number of foreclosure actions in counties surrounding the Metro Nashville area: Davidson 2,788; Williamson 699, Rutherford 1,022; Sumner 670 and Wilson 349.