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Rate of Lis Pendens Foreclosures in Memphis Dropped in 2010 First Half

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By : John Cutts    99 or more times read
The first six months of 2010 saw Memphis, Tennessee's lis pendens foreclosures continue to decline, although total numbers remain high in most counties. During the period, over 7,000 properties in the city had an associated foreclosure filing. This represents a ratio of one household for every 75 receiving a filing during the period.

The total number of properties facing foreclosures and homes already under Memphis foreclosure auctions during January-June 2010 meant that 1.32% of all residential units in the city were in some phase of foreclosure or another. Memphis is 65th among the 206 metro U.S. areas in terms of foreclosure filings for the period in focus.

The number of filings and properties under foreclosure auctions in Tennessee is slightly lower than the local data derived from Memphis, although the city is considered to be doing quite well by ranking below the top 50. The number of households that received filings in Memphis during January-June 2010 represented a 14.62% decline compared with the same period of 2009 and a 16.71% decline compared with the last six months of 2009.

Memphis is one of a handful of metros that recorded declining number of lis pendens foreclosures in the first half of the current year. A total of 154 cities recorded increased foreclosure activities during the 2010 first half, while nine cities ranked within the top 10 recorded a decline in rates of foreclosures for the same period.

Investors who purchase real estate foreclosures will likely head off to California, Nevada, Florida and Arizona in the coming months as the top 20 ranked cities are within these four states. Meanwhile, a look at outstanding housing loans in Memphis, as highlighted in a separate data report, showed the city having a 1.94% foreclosure rate for June 2010. This represents a 0.26% rise compared with June 2009.

Compared with statewide foreclosure rates for June of the current year, Memphis recorded a slightly higher figure, as Tennessee had a 1.44% rate of foreclosure for the same month, while nationwide percentage was at 3.06. The decline in the number of lis pendens foreclosures in Memphis is expected to hold its course for the rest of the 2010 period.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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