VOL. 123 | NO. 12 | Thursday, January 17, 2008
Q4 Foreclosures Rise 11 Percent
By Andy Meek
Q4 2007 Highlights
Foreclosure notices rose 11.3% in Q4 2007 (3,328) from Q4 2006 (2,989). The Q4 2007 figure is 50.7% higher than Q4 2005 (2,208).
Foreclosure sales rose 7.9% in Q4 2007 (1,631) from Q4 2006 (1,512). Q4 2007 is 59.6% higher than Q4 2005 (1,022).
293 conventional fixed-rate and 370 conventional adjustable-rate mortgages were foreclosed in Q4 2007, compared to 277 fixed-rate and 356 adjustable-rate in Q4 2006.
Millington's 38053 saw the biggest jump in foreclosure notices (among ZIPs with at least 50 notices in Q4 2007), with a 58.1% rise from 43 in Q4 2006 to 68 in Q4 2007. Jackson/Farmville's 38108 declined the most, down 32.5% from 80 to 54.
Arlington/Lakeland's 38002 jumped the most in foreclosure sales (among ZIPs with at least 25 sales in Q4 2007), with a 61.9% rise from 21 in Q4 2006 to 34 in Q4 2007. North Memphis' 38107 dropped the most, a 45.3% decline from 64 to 35.
Source: The Daily News Online and Chandler Reports
The counts of first-run foreclosure notices as well as actual foreclosure sales didn't jump as dramatically in the fourth quarter as they did throughout 2007. But both categories did see modest gains in Q4 2007 compared to the same period in 2006.
And, perhaps more ominously, those totals also represent much bigger jumps when compared to Q4 2005.
The count of first-run foreclosure notices - which are an early indication a home is in danger of being sold at a foreclosure sale - rose 11.3 percent in Q4 2007, going from 2,989 notices in Q4 2006 to 3,328 notices in Q4 2007, according to The Daily News Online, www.memphisdailynews.com.
And those 3,328 notices represent a 50.7 percent spike compared to Q4 2005, which saw 2,208 notices.
For the two years prior to 2007, the end-of-the-year period saw homeowners in Frayser faring the worst. The 38127 ZIP code that encompasses that neighborhood topped the list for its high foreclosure notices for the Q4 periods in 2005 and 2006, with 193 notices in 2005 and 252 in 2006.
The number of foreclosures in southeast Shelby County, where county officials want to build a new school in time for the 2009-2010 school year, edged out Frayser's total of foreclosure notices in Q4 2007. The 38125 ZIP code, which includes the southeast part of the county, saw 266 foreclosures in Q4 2007, compared to Frayser's 261.
The counts of actual foreclosure sales tell almost the same story. Frayser's 38127 ZIP code topped the list of Q4 periods in 2005 and 2006, with 100 sales in 2005 and 156 sales in 2006.
In Q4 2007, Raleigh's 38128 ZIP code saw the highest number of sales -129, compared to 123 in Frayser.
In all, 1,519 residential properties were foreclosed in Q4 2007, according to real estate information company Chandler Reports, www.chandlerreports.com. That's a slight increase - 3.8 percent - from the 1,463 foreclosed in Q4 2006.