2010 Foreclosure Analysis
Foreclosures were down 11% from the prior year with 4,984 total in 2010 and an average foreclosure amount of $83,772. The foreclosure moratorium in the fall reduced foreclosures to historic lows throughout the last quarter of the year. Foreclosure notices were down 21% from 2009 with 10,575 filed for the year.
Most zip codes in Shelby County had a decrease in foreclosure notices with the exception of 38117 (up 4%), 38138 (up 7%) and 38139 (up 21%). Germantown East (38139) had the highest increase in foreclosures, up 115% from 2009 with 43 recorded for the year and an average foreclosure amount of $255,471, providing further evidence that the foreclosure epidemic continues to move east across the county and is hitting higher-end residential markets.
The average appraisal value of foreclosures has continued to rise since 2003 to it’s peak last year of $125,239.
Frayser remains the leading foreclosure inventory holder with 291 properties at the end of 2010 valued at $20 million.
Southeast Shelby County (38125) leads the county in total foreclosure inventory value at $60 million with 180 properties in inventory.
Click here to read the latest on the foreclosure crisis from The Daily News.
Review all of our 2010 Real Estate Market Trend Reports here.