Foreclosures Go Up In Tennessee And Coffee County

Foreclosure activity surged last month across about half of the nation’s states, including Tennessee and Coffee County, as banks tackled a backlog of homes with mortgages that had gone unpaid yet remained in limbo due to delays stemming from foreclosure-abuse claims. Coffee County’s foreclosure rates for February mirrored the national trend with 16 foreclosures occurring, compared to five during the same month a year ago. One Coffee County banker said that although an increase in foreclosures has occurred, the situation isn’t that bad here in Coffee County. The local banker said that the market here still favors buyers instead of sellers, and the situation here is much better than other parts of the nation. Tennessee ranked among the nation’s top 20 states at 16 in foreclosures in February with one in every 762 homes being claimed by financial institutions due to default.