The number of property foreclosures in Hamilton County fell for the fifth consecutive year during the first quarter, although the rise in loan volume did push up foreclosure notices and defaults across all of Tennessee in the first three months of 2015.
According to filings with the Hamilton County Register of Deeds, lenders foreclosed on 182 homes and businesses during January, February and March. That was only one less than the same period a year ago, but was half the peak number reached in 2010 amid the housing slump when 363 properties were lost to foreclosure in the first quarter in Hamilton County.
The online real estate tracking firm, RealtyTrac, said Wednesday that total foreclosure activity, including bank default notices and repossessions, declined by 8 percent in the first quarter compared with a year ago. But there was some increase in filings that could push up foreclosures somewhat as lending activity continues to rise along with the overall economy.
Tennessee foreclosure filings were up in the first quarter by 38 percent, although RealtyTrac indicated that some of the numbers may not be comparable with those collected a year ago. In neighboring Georgia — one of the hardest hit foreclosure states in the country during and immediately after the Great Recession — foreclosure filings nationwide in the first quarter of this year were down by 25 percent.
Despite the nationwide improvement in the quarter, March’s filing increased from the eight-year low reached in February and were up from the prior year for the first time since 2010.