Alabama Foreclosure Activity Decreases in January

Statewide filings down 29 percent from December; Up 96 percent from a year ago

 

Foreclosure activity in Alabama decreased in January to 1,801 properties with foreclosure filings, down 29 percent from December 2009 but 96 percent ahead of January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity was down substantially in Alabama for January although almost double the level reported a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest monthly drop was in auction notices, which fell 44 percent. The state’s home values did not fall as far as most states during the past year, and home sales are beginning to pick up. If these trends continue, and unemployment starts to decline, we may see foreclosures decline further in 2010.”

 

Alabama ranked 30th in the country in total foreclosures for the month. With one in every 1,199 housing units receiving a foreclosure filing, its foreclosure rate ranked 36th among the 50 states.

 

Baldwin County posts top foreclosure rate in the state for January

With one in every 463 housing units receiving a foreclosure filing — 2.6 times the state average — Baldwin County posted the state’s highest county foreclosure rate in January. Jefferson County was second, with one in every 507 housing units receiving a foreclosure filing — 2.4 times the state average. Saint Clair County came in third highest, with one in every 550 housing units receiving a foreclosure filing — 2.2 times the state average. Fourth highest rate was in Montgomery County, where one in every 637 housing units received a foreclosure filing during the month — 1.9 times the state average. The fifth highest total was reported in Mobile County, where one in every 658 housing units received a foreclosure filing during the month — 1.8 times the state average.

 

Jefferson County dominates state in total foreclosure filings for January

Jefferson County led all counties, totaling 613 properties with foreclosure filings for the month. Mobile County was second highest, documenting 275 properties with foreclosure filings. Reporting 224 properties with foreclosure filings for the month, Baldwin County had the third highest total. Montgomery County came in fourth highest, reporting 162 properties with foreclosure filings, followed by Madison County where 70 properties with foreclosure filings were reported.

 

State a minor contributor to nation’s foreclosure total in January

Alabama accounted for less than one percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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: DefaultNotice 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Alabama

0

0

891

0

910

1,801

1,199

0.34

n/a

 

 

 

 

 

 

 

 

 

 

Baldwin

0

0

85

0

139

224

463

0.87

2.59

Jefferson

0

0

434

0

179

613

507

0.80

2.37

Saint Clair

0

0

18

0

39

57

550

0.74

2.18

Montgomery

0

0

39

0

123

162

637

0.64

1.88

Mobile

0

0

122

0

153

275

658

0.62

1.82

 

           

Alabama Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Dec 09

% Chg

Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Alabama

0

0

891

0

910

1,801

1,199

-28.73

95.76

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

434

0

179

613

507

-23.47

140.39

Mobile

0

0

122

0

153

275

658

-19.83

139.13

Baldwin

0

0

85

0

139

224

463

-15.47

96.49

Montgomery

0

0

39

0

123

162

637

-15.63

237.50

Madison

0

0

21

0

49

70

2,027

-58.08

25.00

 

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