Intro:

On a comparative basis, Shelby County’s residential foreclosure numbers for 2009 make it seem like the housing bust is solidly in the rearview mirror.

The number of homes banks and lenders snatched away from borrowers and the number of foreclosed homes sold to new owners this year were both down from 2008’s totals. But that’s only the visible tip of the iceberg, and it belies the hulking mass below the surface that could slice open the hull of Shelby County’s real estate vessel if the danger is ignored.

• "Banks and lenders foreclosed on 11 percent fewer homes in 2009 than they did in 2008, according to real estate information company Chandler Reports, www.chandlerreports.com. A little more than 5,500 homes were seized in 2009, compared to 6,209 homes in 2008."
• "On the commercial side, foreclosures climbed 13 percent for the year, going from 221 in 2008 to 250 in 2009."
• "Downtown’s 38103 ZIP code was beset by residential and commercial foreclosures in 2009 that included a wave of banks and lenders taking back condominium units and projects. That number of Downtown foreclosure seizures swelled 337 percent between 2008 and 2009, going from 19 foreclosures to 83 foreclosures."

Source: Memphis Daily News

Details here.