All types of foreclosures, including those under USDA property listings, continue to decline in Nashville, Tennessee as of June 2010. Foreclosure rate for June 2010 is at 1.39% at the area of Nashville-Davidson-Murfreesboro-Franklin. This is higher than the 1% foreclosure rate of June 2009.
However, when compared with May 2010, Nashville foreclosure listings exhibited a decline. Foreclosure rate in the whole area has been gradually dropping since March 2010. In May, rate of foreclosure in the region was pegged at 1.47%. The decline started in March when the rate of foreclosure was pegged at 1.53%.
According to the latest housing market statistics, the number of properties under foreclosure listings in Tennessee has been steadily declining, particularly in the Nashville area. In the whole state, overall rate of foreclosure for June 2010 is at 1.44%, a figure that is slightly higher than the Nashville rate of 1.39%.
Properties under lists of foreclosures in the Nashville area are also fewer than national figures. Compared with the whole U.S., foreclosure rate in the city is doing relatively well. National rate of foreclosure for June 2010 is at 3.06%.
All types of foreclosures have been declining in the metro area of Nashville in the past four months. These include government foreclosures, like properties under USDA property listings, bank foreclosures, tax foreclosures and other kinds of foreclosed properties. Foreclosure rates in most areas are measured by analysts to include those that have received default notices for the first time, those properties that are scheduled for auction and dwellings that have already been repossessed by lenders.
Meanwhile, the number of delinquent loans covering those that are at least 90 days late in Nashville has also declined. June saw mortgage delinquency in the area at 5.5%. This represents a marked decline when compared with the May 2010 delinquency rate of 5.7%. However, June delinquency figures are still higher than the previous year's delinquency rate of 4.43%.
Although overall foreclosure rates and mortgage delinquency figures for June 2010 in Nashville, Tennessee remain higher than previous year's statistics, monthly figures are showing steady declines. Since March 2010, all types of foreclosures in the area have declined in number, including dwellings under USDA property listings, bank foreclosures and other types of foreclosed structures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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