The Nashville residential market has seen the number of foreclosures more than double in the past year. From the third quarter of 2006 to the third quarter of 2007, there were 2,118 foreclosures in the eight-county metropolitan Nashville area. This is up a little more than double from the 1,045 foreclosures in the third quarter of 2006. These numbes were also up 12 percent from the second quarter of 2007. Tennessee ranks 12th in the nation for foreclosures. Williamson County has the lowest foreclosure rate with one filing for every 530 families while Rutherford County (with the largest concentration in Lavergne, TN) has the highest rate of foreclosure with one filing for every 189 families. The Center for Responsible Lending estimates that nationally 19% of the loans made in 2005 and 2006 will lead to foreclosure.
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