The foreclosure rate in Memphis increased for November 2009 compared to the previous year, according to a report from First American CoreLogic, Inc.
The company, a subsidiary of First American Corp. (NYSE: FAF), reported the rate of foreclosures among outstanding mortgage loans is 2.05 percent for the month of November, up from 1.21 percent in November 2008.
Foreclosure activity in Memphis is lower than the national foreclosure rate, which was 3.09 percent for November 2009.
Also in Memphis, the mortgage delinquency rate has increased, according to First American CoreLogic.
The company reported 9.92 percent of mortgage loans were 90 days or more delinquent for November 2009, compared to 7.66 percent for the same period last year.
Realty Trac, Inc. released its year-end report earlier Thursday that showed Tennessee actually saw it's foreclosure rate drop in 2009 from 2008. According to RealtyTrac, there were 40,733 foreclosure filings - default notices, scheduled auctions and bank repossessions - last year across the state. That was a drop of 7.75 percent compared to 2008.
RealtyTrac does not release metro-specific data.
Memphis Business Journal
January 14, 2010