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VOL. 128 | NO. 12 | Thursday, January 17, 2013

Fourth-Quarter Foreclosures Down 11 Percent

By Andy Meek

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As 2012 wound down, so too did the pace of foreclosure activity. Foreclosures fell 11 percent in Shelby County in the fourth quarter of 2012 compared with the same three-month period in 2011, according to real estate information company Chandler Reports,www.chandlerreports.com.

But the data isn’t completely an apples to apples comparison.

Depending on how far back a person looks, widespread foreclosure moratoriums of varying lengths began to be implemented by banks a year or two ago.

Those have begun to end, but the result is still that they make the comparisons look clearer than they are.

Overall, total foreclosures in the just-ended quarter were 932, down from 1,051 foreclosures in Q4 2011.

Likewise, the number of foreclosure notices also showed a decline. Banks and lenders sent 1,888 notices during the just-ended quarter, down from 2,074 in Q4 2011.

Foreclosure notices are a first step in the process. They’re sent to borrowers in default. They don’t necessarily mean a home will be sold at a foreclosure auction, because the borrower ideally would be able to work out an alternative arrangement when possible.

Chandler Reports is a division of The Daily News Publishing Co. Inc.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 66 153 14,870
MORTGAGES 64 144 19,474
FORECLOSURE NOTICES 0 22 3,817
BUILDING PERMITS 217 359 35,689
BANKRUPTCIES 59 121 14,155
BUSINESS LICENSES 24 86 5,077
UTILITY CONNECTIONS 71 170 21,603
MARRIAGE LICENSES 22 59 4,616

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