The news looks great: Over the last year in Memphis and Shelby County, foreclosures are down 23% from the same point in 2015.*
This adds to an overall trend since the worst days of the recession. Foreclosures in Memphis are going down, and that’s a great thing.
But there’s a little more to the story:
- The recession hit Memphis hard. At the end of 2008, Memphis had 3,925 homes in foreclosure inventory (foreclosed but not resold yet). One subdivision in Cordova – the Countrywood South subdivision – had 9 foreclosures in 2009. Almost anything would be great in comparison to those numbers.
- As of July 2016, there were 2,070 homes foreclosed and not yet resold in Memphis. But that’s only mid-way through the year. Over 2,000 foreclosures in 7 months isn’t insignificant.
- Following the crisis, a lot of Memphians are now renting instead of buying. That does lower the foreclosure rate, but it also shows a lack of trust in the market and a lack of access to good credit.
Memphis is growing and our housing market is stable. That’s great news. But we don’t need to skew the numbers to prove it.
Are you facing foreclosure? Don’t wait. Get the help you need today. Our Memphis foreclosure lawyers have helped thousands of Shelby County residents stop foreclosure and keep their property.
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