Alabama Foreclosure Activity Climbs in February

Statewide filings increase 27 percent from January

 

Foreclosure activity in Alabama rose in February to 2,291 properties with foreclosure filings, up 27 percent from the previous month and 221 percent above the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“The number of foreclosure filings increased significantly in Alabama in February, bringing activity to more than three times what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state recently rose to a 26-year high of 11.1 percent, further adding to the foreclosure problem in the Yellowhammer State.”

 

The state foreclosure total ranked 28th highest in the nation for the month. One in every 942 Alabama housing units received a foreclosure filing in February, the 32nd highest rate in the nation.

 

Baldwin County posts top foreclosure rate in the state for February

With one in every 442 housing units receiving a foreclosure filing — 2.1 times the state average — Baldwin County posted the state’s highest county foreclosure rate in February. Jefferson County was second, with one in every 458 housing units receiving a foreclosure filing — 2.1 times the state average. Mobile County came in third highest, with one in every 507 housing units receiving a foreclosure filing — 1.9 times the state average.

 

Jefferson County led the state in total foreclosures in February

Jefferson County led all counties in foreclosure activity, totaling 678 properties with foreclosure filings in February. Mobile County was second, documenting 357 properties with foreclosure filings. Reporting 235 properties with foreclosure filings for the month, Baldwin County ranked third highest. Montgomery County came in fourth place, reporting 175 properties with foreclosure filings, while the fifth highest total was in Madison County, where 173 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s month foreclosure total

Alabama accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Alabama Top Foreclosure Rates By County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Alabama

0

0

1,546

0

745

2,291

942

0.44

n/a

 

 

 

 

 

 

 

 

 

 

Baldwin

0

0

139

0

96

235

442

0.95

2.13

Jefferson

0

0

578

0

100

678

458

0.91

2.06

Mobile

0

0

215

0

142

357

507

0.83

1.86

Montgomery

0

0

102

0

73

175

590

0.71

1.60

Shelby

0

0

67

0

55

122

647

0.65

1.46

 

 

Alabama Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Alabama

0

0

1,546

0

745

2,291

942

27.21

221.32

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

578

0

100

678

458

10.60

123.76

Mobile

0

0

215

0

142

357

507

29.82

351.90

Baldwin

0

0

139

0

96

235

442

4.91

217.57

Montgomery

0

0

102

0

73

175

590

8.02

218.18

Madison

0

0

84

0

89

173

820

147.14

150.72

 

 

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