Alabama Foreclosure Activity Continues Downward Trend in May

Total foreclosure filings statewide down 15 percent from April.

 

Alabama foreclosure activity fell in May, down to 1,967 properties with foreclosure filings, a 15 percent decline from the previous month, but still 293 percent ahead of May 2008, according to RealtyTrac’s latest U.S. Foreclosure Market Report. 

 

“Foreclosure activity declined in Alabama in May, though it remained nearly four times the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate has doubled over the past year to nearly 10 percent in May, at least partially explaining the increase in foreclosures from one year ago.”

 

Alabama ranked 27th in the country in total properties with foreclosure filings for May. One in every 1,086 Alabama housing units received a foreclosure filing during the month, ranking 30th among the 50 states.

 

Five counties account for bulk of state’s foreclosure activity for May

Five counties accounted for 84 percent of Alabama’s foreclosure activity in May. Jefferson County led the state, reporting 746 properties with foreclosure filings for the month. Second highest total was in Mobile County, where 380 properties with foreclosure filings were reported. Montgomery County had the third highest total, reporting 209 properties with foreclosure filings, followed by Madison County, where 171 properties with foreclosure filings were tallied. Baldwin County had the fifth highest total, reporting 140 properties with foreclosure filings for the month.

 

Jefferson County posts state’s highest foreclosure rates for May

With one in every 413 housing units receiving a foreclosure filing during the month, Jefferson County posted the highest county foreclosure rate in the state. Mobile County had the second highest rate, with one in every 470 housing units receiving a foreclosure filing. Third highest rate was found in Montgomery County, where one in every 488 housing units received a foreclosure filing during the month.

 

State a minor contributor to nation’s foreclosure activity for May

Foreclosure activity in Alabama represented less than 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Alabama

1

0

1,567

0

399

1,967

1,086

-14.77

292.61

 

 

 

 

 

 

 

 

 

 

Autauga

0

0

5

0

0

5

3,960

-54.55

 n/a

Baldwin

0

0

52

0

88

140

727

-33.01

133.33

Barbour

0

0

1

0

1

2

6,394

0.00

 n/a

Bibb

0

0

0

0

0

0

 n/a

-100.00

 n/a

Blount

0

0

1

0

0

1

21,773

-85.71

 n/a

Bullock

0

0

0

0

0

0

 n/a

 n/a

 n/a

Butler

0

0

0

0

0

0

 n/a

-100.00

 n/a

Calhoun

0

0

12

0

0

12

4,436

-72.09

200.00

Chambers

0

0

1

0

0

1

16,440

-83.33

0.00

Cherokee

0

0

1

0

0

1

14,602

-80.00

 n/a

Chilton

0

0

1

0

0

1

18,575

-83.33

0.00

Choctaw

0

0

0

0

0

0

 n/a

-100.00

 n/a

Clarke

0

0

2

0

0

2

6,480

0.00

 n/a

Clay

0

0

0

0

0

0

 n/a

 n/a

 n/a

Cleburne

0

0

2

0

0

2

3,210

-60.00

 n/a

Coffee

0

0

0

0

0

0

 n/a

-100.00

-100.00

Colbert

0

0

0

0

1

1

26,205

-75.00

 n/a

Conecuh

0

0

0

0

0

0

 n/a

-100.00

 n/a

Coosa

0

0

0

0

0

0

 n/a

 n/a

 n/a

Covington

0

0

2

0

0

2

9,468

100.00

 n/a

Crenshaw

0

0

0

0

0

0

 n/a

-100.00

 n/a

Cullman

0

0

1

0

3

4

9,094

-80.00

300.00

Dale

0

0

0

0

0

0

 n/a

-100.00

-100.00

Dallas

0

0

4

0

0

4

5,222

0.00

100.00

De Kalb

0

0

4

0

0

4

7,264

-55.56

300.00

Elmore

0

0

2

0

0

2

14,412

-90.48

100.00

Escambia

0

0

0

0

1

1

16,890

-66.67

 n/a

Etowah

0

0

13

0

0

13

3,708

-62.86

550.00

Fayette

0

0

0

0

0

0

 n/a

 n/a

 n/a

Franklin

0

0

0

0

0

0

 n/a

-100.00

-100.00

Geneva

0

0

0

0

1

1

12,389

0.00

 n/a

Greene

0

0

0

0

0

0

 n/a

 n/a

 n/a

Hale

0

0

0

0

0

0

 n/a

 n/a

 n/a

Henry

0

0

1

0

0

1

8,322

 n/a

 n/a

Houston

0

0

2

0

0

2

21,668

-83.33

100.00

Jackson

0

0

2

0

0

2

12,513

-50.00

100.00

Jefferson

0

0

721

0

25

746

413

-15.61

685.26

Lamar

0

0

0

0

0

0

 n/a

-100.00

 n/a

Lauderdale

0

0

11

0

0

11

3,816

0.00

1000.00

Lawrence

0

0

1

0

0

1

15,423

-50.00

 n/a

Lee

0

0

1

0

0

1

61,042

-90.00

0.00

Limestone

0

0

2

0

1

3

9,639

-70.00

200.00

Lowndes

0

0

0

0

0

0

 n/a

 n/a

 n/a

Macon

0

0

3

0

0

3

3,635

 n/a

200.00

Madison

1

0

134

0

36

171

807

-6.04

113.75

Marengo

0

0

3

0

0

3

3,453

 n/a

 n/a

Marion

0

0

5

0

0

5

2,973

-16.67

 n/a

Marshall

0

0

27

0

1

28

1,363

21.74

2700.00

Mobile

0

0

291

0

89

380

470

36.69

251.85

Monroe

0

0

1

0

0

1

11,655

-83.33

 n/a

Montgomery

0

0

136

0

73

209

488

-2.79

260.34

Morgan

0

0

14

0

26

40

1,252

33.33

471.43

Perry

0

0

0

0

0

0

 n/a

 n/a

 n/a

Pickens

0

0

1

0

0

1

9,732

-66.67

 n/a

Pike

0

0

1

0

0

1

14,739

0.00

 n/a

Randolph

0

0

1

0

0

1

10,539

-50.00

0.00

Russell

0

0

1

0

0

1

25,559

-75.00

0.00

Saint Clair

0

0

13

0

22

35

889

45.83

218.18

Shelby

0

0

51

0

31

82

937

-28.07

64.00

Sumter

0

0

2

0

0

2

3,550

 n/a

 n/a

Talladega

0

0

16

0

0

16

2,252

-40.74

700.00

Tallapoosa

0

0

2

0

0

2

10,567

0.00

100.00

Tuscaloosa

0

0

2

0

0

2

40,734

-85.71

-50.00

Walker

0

0

16

0

0

16

2,085

33.33

 n/a

Washington

0

0

0

0

0

0

 n/a

 n/a

 n/a

Wilcox

0

0

1

0

0

1

6,353

0.00

 n/a

Winston

0

0

1

0

0

1

12,789

-66.67

 n/a

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved