Foreclosures have plagued the real estate industry in the US for the past few years, and even as markets continue to strengthen, foreclosures are not yet a thing of the past. In Memphis (and surrounding areas), there is a positive trend in the region for dwindling foreclosures. Residential and commercial foreclosures are declining in Shelby County according to data compiled by Chandler Reports, which states that there were 967 residential foreclosures for Q2 of 2013, which is a decrease from the same time period of last year, which saw 1,082 residential foreclosures. The calculated drop is at 10.6 percent.

But, the Memphis local movers have learned that the trend is not just for residential properties. Commercial real estate foreclosures were down from the same period, and foreclosure notices fell 14.4 percent. Banks and other lenders in the area are trying to keep homeowners from falling into foreclosure and the local economy has had a positive effect on the foreclosure industry and continue to keep foreclosures at a decreasing pace.

Year to date, foreclosures are down 14.6 percent from the same time frame in 2012. Could the Memphis real estate market really bounce back and can foreclosures become a thing of the past? Only time will truly tell. As news breaks on the foreclosure market here in Shelby County, you can bet we’ll be sharing it with you.