Delinquencies and foreclosures
Tennessee’s recovery from the foreclosure crisis has been uneven over the
past four years, according to Attom Data Systems. After peaking at nearly
12,000 auctions and lender repossessions in each of the first two quarters
of 2010, those quarterly totals were cut in half by the end of 2012. Foreclosure actions continued declining through 2014, but then began climbing
again, spiking back to 2010 and 2011 levels twice in the last two years.
As of this past May, only 0.4 percent of all Tennessee mortgages were
in foreclosure, according to Black Knight Financial Services. This is less
than half the national foreclosure rate. More than 5 percent of Tennessee mortgages were delinquent this past May, however, well above
the 3. 8 percent national rate, which could mean the state’s foreclosure
crisis is not quite over.
This past May, the Tennessee unemployment rate dropped to 4 percent,
lower than the state’s prerecession low of 4. 3 percent in May 2007,
according to the U.S. Bureau of Labor Statistics (BLS). In fact, the
Tennessee unemployment rate had been below 5 percent for 13 of the
past 18 months, and seems to have recovered from a five-month bump
from October 2016 through February 2017 that saw statewide unemployment reach as high as 5. 4 percent.
The number of unemployed people in Tennessee has decreased dramatically over the past two years, according to the Boyd Center annual
report. The total number of people in the state who were unemployed
dropped by 10. 3 percent in 2015 and by an additional 18.1 percent in
2016, according to the report.
Sources: Attom Data Solutions, Black Knight Financial Services, Boyd Center for Business
and Economic Research, chattanooga.gov, downtownchattanooga.org, Forbes, Greater
Nashville Association of Realtors, memphistravel.com, Tennessee Department of Economic
and Community Development, Tennessee Housing Development Agency, U. S. Bureau of
Labor Statistics, U. S. Census Bureau, visitmusiccity.com
Will McDermott is editor of Scotsman Guide Residential Edition.
Reach him at (800) 297-6061 or firstname.lastname@example.org.
Known as “Music City” since the late 1800s when the Jubilee Singers
sang for Queen Victoria, Nashville is probably best known as the home
of the Grand Ole Opry. But Nashville also has a red-hot jobs market
and was ranked No. 8 in job growth by Forbes. The city also posted the
ninth-lowest metropolitan unemployment rate in the nation this past
May. The median sales price of a single-family home in the Nashville
area this past June was $293,753, a 12. 7 percent year-over-year increase.
Incorporated in 1826 by Andrew Jackson and two other Tennessee
entrepreneurs on the bluffs overlooking the Mississippi river, Memphis
may be best known as the home of Elvis Presley. The city also has been
home to many firsts, including laying claim to the first blues song,
Memphis Blues by W.C. Handy; and it is home to the first supermarket —
Piggly Wiggly. FedEx, AutoZone and International Paper are all
headquartered in Memphis, which is ranked No. 100 on the Forbes list
of best places for business and careers.
The fourth-largest city in Tennessee, Chattanooga has experienced a
resurgence in recent years, marked by its nationally recognized downtown revitalization and the redevelopment of its riverfront. Amazon
has a major distribution center and T-Mobile runs a large call center in
the Chattanooga area. In addition, Volkswagen recently completed a
$1 billion production facility with plans to invest another $600 million
that could add up to 2,000 jobs. Unemployment in the area stood at
3. 3 percent this past May.
3 Cities to Watch
Tennessee Foreclosure Filings
Source: Attom Data Solutions