Foreclosures double in county

By Jeff Whitten

The number of foreclosures in the county increased from 9 in March to 21 in May, according to RealtyTrac. The rate increased from 1 in 1,318 housing units to 1 in 1,170.

Selmer had the highest number with eight. Adamsville, Michie and Ramer each had four and Bethel Springs had one. Bethel had the lowest foreclosure rate, 1 in 1,756 housing units. It was followed by Adamsville with one foreclosure per 667 units and Selmer with  a foreclosure rate of 1 in 526 housing units. Michie had the highest foreclosure rate, 1 in 309 units with Ramer not far behind at 1 foreclosure in 321 units.

Hardeman County had both a higher number of foreclosures at 36 and a higher rate at 1in 320 housing units. Chester and Hardin counties had both a lower number of foreclosures and a lower rate. In May, there were only five foreclosures in Hardin County, with a rate of 1 in 2,370. There were 7 foreclosures in Chester County in May for a rate of 1 in 981.

In Tennessee, there were 2,376 foreclosures in May or 1 in every 1,170 units. RealtyTrac reports that there have been 42 properties sold since the beginning of March, with 124 still for sale. Of these properties, 18 were sold in April and 17 in May.

Nineteen homes came on the market in May compared with 21 in April. Banks own a total of 85 properties, adding 11 in May, compared to 3 in April in McNairy County.

Nationwide, housing starts fell 23.9 percent in April from the previous year, and housing completions fell 25.5 percent. Housing starts only fell 12.8 percent.

Real estate appraiser Jim Plante of TP Research in Selmer cautioned against reading too much into one month’s numbers. The variation from month-to-month can be high because of the small numbers involved.

Local realtors have a mixed experience. “It’s different for every agent. I sold more this year than last year. It has no place to go but up,” said agent Brooke Redmon-Benton of Action Realty. Redmon-Benton noted that rates are very low and about everyone who is capable of buying is buying. She said that the price declines are mainly in metropolitan markets.

“Our prices aren’t overpriced and in a high market,” she said.Area real estate prices are near fair market value, Redmon-Benton said.“Prices have been about stable for a while, though some have deteriorated,” said Broker Larry Raines, owner of Larry Raines Realty. “Supply is plentiful,” he added.