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2011 Residential Foreclosure Analysis

January 19th, 2012

2011 had the lowest number of foreclosures that we have seen since 2005, before the subprime mortgage crisis hit in 2006 with 3,994 recorded, down 14% from 2010.

Of the almost 4,000 foreclosed properties, 56% have already been resold by the bank. The properties were owned an average of 8.1 years prior to foreclosure.

Only 8 zip codes in the county saw an increase of foreclosure activity in 2011: 38002, 38017, 38103, 38115, 38119, 38120, 38135 and 38138.

Foreclosure notices were also down for the year by 9% from last year with 9,642 recorded.

Westwood (38109) claimed the highest foreclosure inventory with 231 properties at the end of 2011, just slightly higher than Frayser (38127) and Raleigh (38128). 

Cordova North (38016) had $31.3 million of foreclosure inventory value at the end of the year, the highest in the county.

Fannie Mae continues to hold the most properties in foreclosure inventory with 522 properties valued at $70 million. The next highest is Bank of New York with 197 properties. Fannie Mae’s total inventory was up 9% from the start of the year.

Housing & Urban Development ended the year with 177 properties in inventory, down almost 60% from the 437 they started with in January 2011.

Click here to read the latest article on Shelby County foreclosure activity from The Daily News.

Join us Thursday, January 26th at 3:00PM at the Germantown Great Hall & Conference Center as we review all of the residential and commercial market trends from 2011! Click here to register today!

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