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February 2011 Foreclosure Analysis

March 10th, 2011

Foreclosures were down 4% in February with 401 filed averaging $76,679. Foreclosure notices were also down, by 1%, with 991 issued compared to 999 in February 2010.

Areas with the highest increases in foreclosure activity from last year include: Arlington (38002), Downtown (38103), River Oaks (38120) and Germantown (38138). 

At the end of the month Frayser (38127) remained as the leading foreclosure inventory holder even though there was  a 27% decrease in their foreclosure activity. With 18 foreclosures moved from inventory, they closed out February with 295 foreclosure properties valued at $17 million.  While Frayser has the highest number of homes in foreclosure inventory, there are 12 zip codes that out rank them in total inventory value including: Oakhaven/Parkway Village (38118), Cordova North (38016) and Arlington (38002).

Fannie Mae was back to being the leader on the list of foreclosure inventory holders with 481 properties at the end of February valued at $60 million.  Housing and Urban Development came in at a close second with 466 properties valued at $41 million. Both of them topped the county’s Top 25 Residential Sellers list with Fannie Mae at 75 sales and HUD with 56.

Contact wendy@chandlerreports.com to receive a “Foreclosure Effect Report” for your property showing all foreclosures over the last 2 years that have occurred within a 1/4 mile of your property and the total potential effect they could have on your property appraisal value. Already a Chandler Reports subscriber? Click here to learn how to pull the report.

Attend our “Foreclosure Analysis Tools Seminar” on Wednesday, April 27th from 3:00pm-4:00pm in MAAR’s Education Room! We’ll review all of our online foreclosure tools including: Foreclosure Effect Report, Bank vs. Non-Bank Sales Reports, Detailed Foreclosure Analysis Reports, Identifying Foreclosures on Sales Comparables Reports and more! Click here to register today!

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