Archive

Archive for January, 2012

2011 Residential Foreclosure Analysis

January 19th, 2012 Comments off

2011 had the lowest number of foreclosures that we have seen since 2005, before the subprime mortgage crisis hit in 2006 with 3,994 recorded, down 14% from 2010.

Of the almost 4,000 foreclosed properties, 56% have already been resold by the bank. The properties were owned an average of 8.1 years prior to foreclosure.

Only 8 zip codes in the county saw an increase of foreclosure activity in 2011: 38002, 38017, 38103, 38115, 38119, 38120, 38135 and 38138.

Foreclosure notices were also down for the year by 9% from last year with 9,642 recorded.

Westwood (38109) claimed the highest foreclosure inventory with 231 properties at the end of 2011, just slightly higher than Frayser (38127) and Raleigh (38128). 

Cordova North (38016) had $31.3 million of foreclosure inventory value at the end of the year, the highest in the county.

Fannie Mae continues to hold the most properties in foreclosure inventory with 522 properties valued at $70 million. The next highest is Bank of New York with 197 properties. Fannie Mae’s total inventory was up 9% from the start of the year.

Housing & Urban Development ended the year with 177 properties in inventory, down almost 60% from the 437 they started with in January 2011.

Click here to read the latest article on Shelby County foreclosure activity from The Daily News.

Join us Thursday, January 26th at 3:00PM at the Germantown Great Hall & Conference Center as we review all of the residential and commercial market trends from 2011! Click here to register today!

Master Your Market: 2011 Year in Review

January 12th, 2012 Comments off

Please join us Thursday, January 26th from 3:00PM-4:30PM at The Germantown Great Hall & Conference Center for our “Master Your Market”: 2011 Year-in-Review!

From an in-depth analysis of our popular market trend reports, we’ll review residential and commercial sales, foreclosures, new housing, lending activity and more! We will show you how 2011 compared to prior years and where the year sits on a historical timelines for overall home sales, residential bank and non-bank sales, commercial sales, foreclosures and foreclosure notices.

Lisa Reid, Executive Vice President with Magna Bank will provide an overview of the current state of residential lending along with her persepectives for 2012. We will then open discussion with our guest panel of real estate professionals to hear what they have to say about 2011 and their forecast for this year!

The charge for this event is $10 for Chandler Subscribers and $15 for Non-Subscribers.

Attendees will receive copies of our most popular market trend reports and will be emailed our full presentation!

Click here to register today!

Shelby County Year End 2011 Home Sales Report

January 6th, 2012 Comments off

Year end home sales in Shelby County totaled 12,598 down 6% from 13,346 in 2010. 

Bank sales saw a large decline, down 18% from last year while non-bank sales remained unchanged with 9,151 recorded this year compared to 9,133 last year. 

27% of all home sales in the County were bank sales versus 32% in 2010. 

December home sales were down 6% from December 2010 with 881 sales recorded. This was the first month since July that didn’t have year over year performance. July-November all had better months in 2011 than their respective months in 2010. 

Average home sales prices for the year were only down slightly to $121,448 compared to $124,271 at the close of last year.  

Total foreclosures were down 14% from 2010 with 3,994 total for the year. December saw a large increase in foreclosures, up 65% from December 2010 with 408 recorded while December foreclosure notices were down 25% from last year.

Overall, year end foreclosure notices were down 9% from 2010.

New home sales were down 24% for the year with 756 recorded averaging $217,062.  

Existing home sales prices were down 1% from 2010 to $115,344 compared to $116,278.    

Cordova North (38016) had the most home sales for the year with 741 total and Collierville (38017) had the most sales revenue with $202 million.  

Click here to view our complimentary December 2011 and Year-End Residential Market Trend reports. 

Find us on Facebook

Follow us on Twitter