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October Foreclosure Analysis

November 17th, 2011

Shelby County foreclosure activity was up 15% compared to October 2010 with 319 recorded for the month.

The foreclosure moratorium from last fall lowered foreclosure rates to historic lows. Foreclosures are still down significantly from the 400-500 we used to average each month.

Raleigh (38128) had the most foreclosures with 24 total averaging $48,263. Cordova’s 38016 closely followed with 21 foreclosures recorded averaging $166,070.

The average foreclosure amount was $88,864 up only 1% from last year. The average foreclosure amount has remained fairly steady since the beginning of the year hovering in the mid to upper $80K’s.

Foreclosure notices were down 17% from last October with 570 recorded. Westwood (38109) had the most notices filed with 41 total followed by Southeast Shelby County (38125) with 37 recorded.

Fannie Mae continues to lead as the top foreclosure inventory holder with 465 properties valued at $58 million. Their inventory went up in October with 81 new foreclosures recorded and only 70 sold in the month.

HUD had the most bank sales for the month with 82 total, averaging $37,620 totaling $3M in sales.

Westwood (38109) had the most foreclosures in inventory at the end of the month with 231 total valued at $13M.

Southeast Shelby County (38125) has the most in foreclosure inventory value with $28M followed closely by Collierville (38017) with $27M.

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