According to the report, 1 in 615 Tennessee properties had such activity. This rate is 12th in the United States and the 3rd highest in the southeast. The national rate is 1 in 501 households.
According to the latest report from RealtyTrac, which monitors U.S. foreclosure activity, the number of Tennessee foreclosures filed in the third quarter of 2007 is up 62.6% over the same quarter in 2006.
Tennessee is ranked 12th highest in the nation with 12,198 filings involving 7080 properties, an increase of 15.4% over the second quarter of 2006.
According to the Commercial Appeal, Memphis had the ninth highest rate of foreclosures in the U.S. The editorial cites sub-prime lenders and "Tennessee's abbreviated, out-of-court foreclosure process, which the General Assembly has been unable or unwilling to fix."
