Cord Moving and Storage Reports Memphis Housing Market is Improving
The Memphis metro area’s foreclosure rate fell 50 percent in the first half of 2011 compared to the same period in 2010. Gary Lee the General Manager of Cord Moving and Storage keeps a close eye on the housing market in Memphis, “since it has a direct impact on the relocation industry.” The fact that the rate of Memphis-area foreclosures slowed dramatically through the first half of 2011 as did its foreclosure ranking among the nation’s largest metros continues to add an improving market for real eastate and the relocation industry as a whole.
Latest from The Business Journals reported foreclosure activity from January through June decreased in 178 out of the nation’s 211 major metros. Metro Memphis had 3,642 foreclosure filings, down about 50 percent from the first half of 2010. The filings also were down about 34 percent from the second half of 2010. This gave Memphis the 110th highest rate of foreclosure in the nation, a vast improvement from its No. 65 ranking a year ago.
“These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country, sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosure filings, and sometimes by both or the economy is coming back slowly but for sure” said James J. Saccacio, CEO of RealtyTrac.