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January 2012 Foreclosure Analysis

February 16th, 2012

January foreclosures were up 83% from last year with 446 filed for the month compared to 244 in January 2011.

The average foreclosure amount was $83,005 down 12% from $94,843 last year. The average tax appraisal amount on a foreclosed property was up 6% to 125,816.

The zip codes with the most foreclosures include Raleigh (38128) with 35, Oakhaven/Parkway Village (38118) with 33, Hickory Hill South (38141) with 32 and Southeast Shelby County (38125) with 31.

Arlington (38002) had the largest increase in foreclosure activity, up 600% from last year with 15 recorded for the month and an average foreclosure amount of $158,092.

Foreclosure notices were down 36% with 676 filed compared to 1,048 last January. Virtually every zip code in the county had a reduction in foreclosure notice activity.

Fannie Mae remains as the top foreclosure inventory holder with 561 properties in inventory at the end of the month with a total value of $74 million.

Raleigh (38128) and Westwood (38109) tied for the most homes in foreclosure inventory with 234 each valued at $19 million and $14 million respectively. Frayser (38127) took a close second with 231 homes in inventory valued at $13 million.

Fannie Mae, HUD, Freddie Mac and Bank of New York were the top sellers of residential properties for all of Shelby County in January.  Collectively, they sold over 200 properties for the month.

Click here to review our complimentary Residential Market Conditions reports or contact Wendy Greenlaw at wendy@chandlerreports.com to subscribe to our Detailed Foreclosure Analysis reports.

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