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Shelby County, Tennessee ranks number 37 of 100 counties
in the nation with the highest percentage of households
facing
foreclosure, according to data provided in RealtyTrac's August 2007
U.S. Foreclosure Market Report.
In August, 243,947 foreclosure filings were reported nationwide;
up 36 percent from the previous month and up 115 percent from August
2006. This is the highest number of foreclosure filings in a single
month that RealtyTrac has reported since it began issuing the
monthly report in January 2005.
The report also showed a national foreclosure rate of one
foreclosure filing for every 510 households for the month; the
highest national ratio ever issued by the foreclosure tracking
company.
For homeowners in Shelby County the ratio is even more alarming.
One of every 171.08 households in the county is now facing
foreclosure.
Statewide, Tennessee reported a total 4,639 foreclosure documents
filed for August 2007. Overall, one of every 569 households in
Tennessee was involved in some stage of foreclosure during the
month. This marks a 31.57 percent increase from the previous month
and a 95.57 percent rise from the August 2006 foreclosure rate.
With 389,208 households and total foreclosure filings in August
reaching 2275, Shelby County is one of only Tennessee county to
make the nationwide list for counties with the highest foreclosure
rates.
Although it is unclear what may have caused foreclosure activity
in Shelby County to spike, one thing is clear. The situation is a
national crises for homeowners with mortgages they can no longer
afford AND an unprecedented opportunity for investors and home
buyers.
Resources
The resources listed below can help you protect your home,
lower and even cancel your mortgage, or find a new home at a price
no one could have imagined just a few years ago. |
