VOL. 128 | NO. 12 | Thursday, January 17, 2013
Fourth-Quarter Foreclosures Down 11 Percent
By Andy Meek
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.