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Shelby County August Foreclosure Analysis

September 22nd, 2011

August foreclosures were down 34% from the prior year with 289 recorded for the month. The average foreclosure amount was up 7% to $94,611 compared to $88,138 in August 2010.

Hickory Hill (38115) had the most foreclosures with 24 total, up 33% from last year while areas like Frayser and Raleigh saw a major decrease in foreclosure activity, down by at least 50% from the prior year.

Foreclosure notices were down 6% with 785 filed for the month. Cordova’s (38016 and 38018) had the most notices issued with 55 and 49 respectively.

Fannie Mae leads as highest foreclosure inventory holder with 461 properties in inventory at the end of August valued at over $58 million.

Westwood (38019) leads the county for the most foreclosures in inventory with 240 properties valued at $14 million.

According to an article from Bloomberg Businessweek, foreclosure activity is expected to increase with a 33% surge in default notices being issued to delinquent homeowners in August, a sign that banks are speeding up the foreclosure process after a year of delays. Click here to read the full article.

Review Shelby County Residential Market Trends here: http://www.chandlerreports.com/propinfo/shelby/RealEstateTrends.asp

Register for our Training Seminar at MAAR on Tuesday, November 1 from 3:30PM-4:30PM where we will demonstrate all of our new features and tools! Click here to register today!

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