Foreclosures in the Memphis Area as of August 2011
September 29th, 2011 -- by JonMoultrie
According to Realty Trac statistics, in the month of August 2011 one in every 1070 homes in Shelby county received a foreclosure filing. That is 1,655 homes that were foreclosed last month.
That is a drop from previous months, as lenders are both running into delays and are taking more time to seek loan modification options and short sales in order to avoid foreclosing. Wherein, they lose a considerable amount of money. Some 1.7 million potential foreclosures are being held up, according real estate firm CoreLogic. Lenders are wary of foreclosures sitting on the market for months or years and depreciating in value due to negligence. Thus, they are motivated to find solutions for distressed home owners.
So unfortunately this drop in foreclosures does not mean the economy is on an upswing.
James J. Saccacio, chief executive officer of RealtyTrac, commented, “It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market. Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn’t appear to be the case.”
2011 Memphis Area Foreclosures:
- January 631
- February 649
- March 451
- April 301
- May 233
- June 321
- July 335
- August 307
While foreclosures are down in Memphis, they increased by 7% nationally. These filings include late-payment notices plus auction announcements and bank repossessions.
“The big increase in new foreclosure actions may be a signal that lenders are starting to push through some of the foreclosures delayed by robo-signing and other documentation problems,” said Saccacio. “It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process.”
RealtyTrac estimates that there are at least million foreclosures that will be processed in 2012 rather than in 2011.
Many homeowners are nearly a year past due on a loan, which once you add in late fees, it becomes nearly impossible for them to avoid foreclosure.
What does this mean for sellers?
The market value of your home will be effected by any foreclosures sold in your neighborhood. Talk to your Real Estate Agent for more about this.
What does this mean for buyers?
There will be some great opportunities coming in the next year for house purchases, investments, etc.
Want information about avoiding foreclosure?
Tags: buying a home in Arlington, buying a home in Memphis, Foreclosures in Memphis, Memphis real estate market