It looks as though the housing market in Tennessee continued its upward trend toward improvement in 2015. The ratio of delinquent home loans to total loans and the foreclosure rate went down compared to the 12 month period prior. According to the Chattanooga Times Free Press, only one in every 112 properties in Tennessee had at least one foreclosure in 2015.
The Memphis Business Journal reports that the foreclosure rate for Tennessee in November of 2015 was 0.5 percent, a slight down tick from 0.66 perecent in November of 2014. Loans that were delinquent for more than 90 days in 2015 occurred at a rate of 3.15, a 0.8 percent drop from 3.95 percent in 2014.
This is in line with the national results. The foreclosure rate for the entire United States was 1.17 percent in November of 2015, compared to 1.49 percent in November of 2014. The national 90 day delinquency rate was 3.25 percent in 2015, a drop of 0.89 percent compared to 4.14 percent in 2014. Overall, national foreclosures are down 73 percent from the peak of the housing crisis in 2009. In addition, the number of new home sales rose in 2015, while the median sales price saw a moderate decrease.
While Tennessee leads the nation in the number of bankruptcy filings, the state ranks 10th in the nation for having the highest rate of foreclosures. This is good news for Tennesseans, as it appears that the housing market has stabilized considerably since the last housing crisis. Other areas of the country did not fare as well and the top three states with the most foreclosures in 2015 were New Jersey, Florida and Maryland.
