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2Q10 Foreclosure Analysis

July 30th, 2010

Foreclosures were up 3% from 2Q09. Foreclosure notices were down almost 15% for the quarter.

(38120) River Oaks in East Memphis had the highest increase in foreclosures, up 275% from 2Q09 with 15 total, an average foreclosure amount of $465,365 and an average appraisal amount of $637,233.

The average foreclosure appraisal amount has risen every year since 2003, currently up to $125,119 in 2Q10.

(38125) Southeast Shelby County received the most foreclosure notices with 233 total, but overall their notices were down 26.3% from 2Q 2009.

Frayser is the leading inventory holder with 431 properties at the end of the quarter valued at $27.9 mil.

(38018) Cordova South leads the county in foreclosure inventory value with $55 million followed by (38125) Southeast Shelby County with $51.1 million.

Fannie Mae is the leading inventory holder with 502 total properties in inventory at the end of the quarter valued at $56.4 million.

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