Foreclosures were up 22% in January from the prior year with 453 total and an average foreclosure amount of $46,089.
River Oaks (38120) had the largest increase with 7 for the month, up 600% from January 2009.
Frayser (38127) and Raleigh (38138) remain the leaders in total foreclosures, claiming 31 each for the month but both were down almost 10% from the prior year.
Foreclosure notices were down from January 2009 to 982, a 14.2% decrease. South Memphis (38126) had the largest decrease in notices, down 71%.
Fannie Mae held the largest foreclosure inventory at the close of the month with 413 properties in inventory valued at $45 million. They took on 71 new foreclosures for the month and sold 64 giving them the title of the Top Residential Seller in Shelby County for January.
Frayser (38127) has the highest foreclosures inventory, with 453, down 2% from the start of the month. The total inventory value at month end was $30.4 million.
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Read the latest article on local foreclosures from The Daily News here.
We are pleased to announce that our first Master Your Market event was a huge success!!!
Attendees enjoyed the presentation of the 2009 year end data and were happy to receive copies of our year end Market Trend reports!
We’ve scheduled our next event, which will cover First Quarter 2010 trends and indicators for the remainder of the year. Please join us on Thursday, April 29th at The Germantown Athletic Club’s Great Hall located at 1801 Exeter Road. Our luncheon will run from 11:30AM-12:30PM. The cost is $20/person. Click here to register today!
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Click here to access the latest real estate article from The Daily News.
What was expected to be a continued upward trend in the housing market, ended with lower than expected results.
January 2010 closed with only 885 home sales, down 14% from the prior year and down 30% from December 2009.
Average home sales prices also took a fall to $113,162, down 3% from January 2009.
The news was not all negative. Bank sales for the county are down 25% from the prior year and existing average home sales prices are up 4% to $104,226.
Frayser (38127) and Raleigh (38128) lead the way with the most sales, for the month. Bank sales made up over 60% of their total sales for January.
Foreclosure notices were down by 14% compared to January 2009 but the total number of foreclosures rose 22% with 453 total. River Oaks (38120) had the highest year over year increase in foreclosures with 7 for the month compared to only 1 the prior year.