The data from the second quarter of 2017 showed a significant reduction in home foreclosures compared to three months prior, which was the first sizable decline in more than a year.
"Throughout 2016, our state's foreclosure and delinquency numbers held relatively stable and even inched upward a bit in the first quarter of this year, so the foreclosure decline seen here is a real success," THDA Research Analyst Joe Speer stated in a press release.
At the start of 2015, data showed there were more than 5,000 home foreclosures across Tennessee, but that figure has since dropped to below 2,500 — a 50 percent decline in the past two-and-a-half years. Home foreclosures peaked in January 2011 with well over 16,000 across the state.
Shelby County leads the state in highest delinquency rate for home loan payments out of the 51 qualifying counties with more than 2,000 active home loans. Cock County is tied with Shelby County for the highest foreclosure rate.
Regardless, Shelby County home foreclosures followed the statewide reduction trend by dropping from 1,300 in 2014 to just over 600 at the end of the second quarter this year.
"We're only seeing about one-sixth of the foreclosures in Shelby County that we saw at the height of the housing crisis, which was particularly devastating to Memphis homeowners," Speer said.
While the 37042 zip code of Clarksville in Montgomery County led the state in total number of foreclosures during the second quarter of 2017, three of the state’s top five zip codes for foreclosures were located in Shelby County.
"THDA is working together with local and federal agencies to encourage a faster return to normal for neighborhoods where foreclosures remain high and the effects of housing crisis have been slowest to evaporate," said Speer.