January 2011 Foreclosure Analysis
Foreclosures fell 41% in January 2011 compared to the prior year with only 265 recorded. Shelby County seems to still be feeling the effects of the foreclosure moratorium from the fall of 2010 as foreclosures have consistenly fallen since October 2010. Average foreclosure amounts were up 5% from January 2010 to $131,498.
Foreclosure notices in January were up 6% with 1046 filed for the month. Frayser (38127) claimed the most notices with 80 filed but this was a decrease of 19% from the prior year. River Oaks (38120), Germantown (38138) and Germantown East (38139) all saw increases in foreclosure notices above 100%.
Housing and Urban Development bumped Fannie Mae from the top spot on the Top 25 Foreclosure Inventory Holders list. At the end of January HUD had 477 foreclosures in their inventory valued at $60.4 million. While Fannie Mae is number 2 on the list with 439 properties, their inventory value sits at $39 million.
Frayser (38127), Oakhaven/Parkway Village (38118), Westwood (38109) and Raleigh (38128) lead the county with foreclosure inventory with more than 200 properties in each zip code and a total value of $87.4 million.
We expect foreclosure activity to pick up throughout the year as national foreclosures are expected to exceed the 1 million mark.
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