Housing research firm CoreLogic says the foreclosure rate in the Nashville area dipped to 0.69 percent in January from 0.77 percent at the end of 2013.
It's the first time foreclosures have been that low since the last days of 2008, when the recession was really beginning to sink its teeth into homeowners' finances. The rate peaked at 1.99 percent in January 2011 and stood at 1.14 percent at the beginning of 2013.
CoreLogic says the 90-day delinquency rate among local homeowners, which peaked in early 2010 at about 6 percent, retreated to 3.52 percent in January, versus 3.60 percent in December and 4.49 percent the year before. The Nashville rate is now 109 basis points lower than Tennessee's and 141 points below that of the national average.
The 90-day delinquency rate among Nashville-area homeowners finished 2013 at 3.59 percent versus 4.54 percent in 2012 and 5.59 percent at the end of 2011, says research firm CoreLogic. The 2013 decline for Middle Tennessee was steeper than that of Tennessee as a whole but slower than the country's improvement — although the U.S. rate ended the year just above 5 percent.
The region's foreclosure rate also dropped further last year, though more slowly than in 2012. It ended 2013 at 0.77 percent versus 1.14 percent and 1.76 percent at the end of 2012 and 2011, respectively.
Lastly, here's CoreLogic's latest map depicting the health of the region's ZIP codes.
Fast-growing Churchill Mortgage has added a retail office in Kansas City to its network. The new branch — Brentwood-based Churchill's sixth opening in the past year — is being led by a lender who has in the past worked at First Federal Bank and Security Savings Bank.
The commercial mortgage team at 24|40 Real Estate Capital Advisors recently wrapped up a $28.5 million, 10-year refinancing secured by a portfolio of five local medical office properties. The Class A buildings are owned by a unit of Florida-based Kurtell Growth Industries and are in Brentwood, Bellevue, Cool Springs and Lebanon. Handling the deal for 24|40 were Senior Vice President Alan Schork and Managing Partner Carl Bedwell.
We still don't have a much clearer idea of what the post-recession "normal" mortgage delinquency and foreclosure rates for Middle Tennessee will be. The latest data from CoreLogic shows that those numbers dipped in October to 3.65 percent and 0.78 percent, respectively. Those are down 97 and 47 basis points, respectively, from a year ago, a pace that's been remarkably consistent over the past year. (In October 2012, the year-over-year drops were 86 and 67 basis points.)
Looking at an area map, CoreLogic's data reveal that the Interstate 24 corridor and parts of Sumner County continue to gradually improve the way other parts of the region have done before them.
FirstBank Mortgage Partners has recruited a manager to oversee sales efforts across its seven-state footprint. Carol Addy comes to the lender with more than 20 years of mortgage sales and operations experience. Previously, she worked at $2.8 billion regional player Ameris Bank and CoastalStates Bank, a $380 million community bank founded in 2004. She will be based out of FirstBank Mortgage Partners' Columbia, S.C., office.
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