The average time to complete a foreclosure from start to repossession in Tennessee increased 37 percent in the first quarter of 2013 compared to the fourth quarter 2012, according to a recently release report from RealtyTrac.
The spike was enough to result in the Volunteer State having one of the nation’s most significant foreclosure time increases, although 39 states showed increases. The top five were Oregon (up 61 percent), Arkansas (up 42 percent), Texas (up 40 percent), Tennessee (up 37 percent) and Michigan (up 22 percent).
A recent Forbes article speculates that non-judicial foreclosure states such as Tennessee are showing foreclosure delays because lenders have adjusted practices to correspond with new foreclosure laws. Those changes are trickling down to less-regulated states, including Tennessee, the article says.
Read the Forbes article here.
RealtyTrac also reported that the average foreclosure discount in Tennessee is 39 percent, or about $42,000, and that about 12 percent of homes for sale in the state are vacant.
To read the RealtyTrac report, go here.