The number of foreclosures filed in Tennessee during the third quarter of this year fell by a shade under 5 percent from a year ago, according to research firm RealtyTrac. That's better than the 0.8 percent drop registered by the country as a whole and much better than the 20-plus percent increases posted by Georgia and Kentucky. By contrast, Alabama foreclosures fell by 16 percent from 2009 and Mississippi's are down more than 35 percent. For more info, click here.
Oct 14, 2010 2:43 PM
State Attorney General Bob Cooper this morning said his office is joining the national investigation into flaws in the foreclosure process — even though it's not clear that there's a whole lot to investigate in Tennessee.
“As a non-judicial foreclosure state, Tennessee should not be one of the states where the ‘robo-signing’ of court documents has created a wide-spread problem regarding legitimacy of foreclosures in the documents submitted to courts,” Attorney General Cooper said. “However, we want to determine if there are any other types of problems regarding mortgage foreclosure documents in Tennessee and whether there is any kind of troublesome pattern.”Here's the national story from Bloomberg.
Oct 13, 2010 12:38 PM
Two analysts published reports this morning offering wildly differing estimates of what the foreclosure imbroglio will cost banks. FBR's Paul Miller says the tab will run up at $2 billion per month but Christopher Mutascio at Stifel Nicolaus says the whole affair may never become a meaningful event for banks' earnings statements.
The banks, overall, have incentives to keep people in their homes. It reduces the loss the banks would have to write down on the asset after a foreclosure, and it reduces the real estate expense the bank would incur by taking title to the property. Ergo, if they’re foreclosing, the banks are probably doing so in a “fair” manner, in Mutascio’s view.
Oct 12, 2010 12:53 PM
Mish says home sales are sure to take a big dip in the coming months as potential buyers take their sweet old time double-checking the title to the properties in question.
Halting of foreclosures cut home sales of distressed as well as add to already enormous shadow inventory of homes. In an ironic twist, median home prices may temporarily rise because of decreased sales of distressed properties.
Oct 11, 2010 1:16 PM
The so-called shadow inventory of properties — sites and developments in various stages of the foreclosure process that haven't been put on the market yet — could distort the pricing of real estate for another six years, says a new report by consultants John Burns. Between now and the end of 2012, home prices could fall 11 percent.
Sep 28, 2010 12:47 PM
CoreLogic reports that, as of June 30, 11.4 percent of Nashville-area homeowners owed more on their mortgages than their home were worth. That's essentially unchanged from the past two quarters' numbers and still only about half the national number. One thing to watch, though: Another 7.8 percent of Middle Tennessee homes are near the negative-equity mark versus 4.5 percent nationally.
Aug 26, 2010 2:25 PM
A new working group of attorneys has begun mulling over how the Tennessee foreclosure process might be made more efficient. The 12-member task force includes local attorneys from Bradley Arant Boult Cummings, Burr & Forman, Stites & Harbsison and Franklin-based Williams & Schwalb. SEE ALSO: As of next month, the foreclosure price is officially the market price
Aug 19, 2010 8:24 AM
Noted local attorney Bob Mendes draws attention to a new state statute that makes it a little harder for foreclosed homeowners to fight banks when the latter come looking to recover money lost from foreclosure sales.
At first blush, this statute seems to limit the arguments available to borrowers. However, in reality, our experience has been that, unless a borrower could show fraud or irregularities in the sale process, most courts have assumed that the foreclosure sale price was a fair market value. Given this, while the statute might streamline some individual lawsuits, it might not change the result in many cases. We will have to see how the statute is used by parties and applied by the courts.
Aug 18, 2010 10:43 AM
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
- ROSS, BRIDGETT D
- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS