ALABAMA FORECLOSURE ACTIVITY DOWN 12 PERCENT IN SEPTEMBER

Filings Statewide Increase 53 Percent From September 2007

 

IRVINE, Calif. – Oct. 27, 2008 – Foreclosure filings were reported on 724 Alabama properties in September, a decrease of 12 percent from the previous month but still 53 percent above the level reported for September 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Alabama’s unemployment rate rose to 5.3 percent in September as much of the nation continues to experience economic turmoil,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosures are down within the state at least temporarily as lenders begin to work with borrowers struggling to keep their homes.”

 

Alabama ranked 33rd in the country in total properties with foreclosure filings for September. One in every 2,915 Alabama households received a foreclosure filing during the month, ranking 40th among the 50 states.

 

Mobile County tops in foreclosure activity for September

Mobile County led the state in foreclosure activity, reporting 136 properties with foreclosure filings for the month. Baldwin County came in second highest, reporting 93 properties with foreclosure filings. Jefferson County ranked third, reporting 82 properties with foreclosure filings. Montgomery County came in fourth place, documenting 67 properties with foreclosure filings, followed by Shelby County in fifth place, reporting 61 properties with foreclosure filings for the month.

 

Hale County reports highest foreclosure rate in September

Hale County posted the top foreclosure rate in the state, with one in every 581 households receiving a foreclosure filing during the month — five times the state average. Second highest rate was reported by Baldwin County, where one in every 1,036 households received a foreclosure filing — 2.8 times the state average. Third highest rate was registered in Saint Clair County, where one in every 1,053 households received a foreclosure filing — 2.8 times the state average.

 

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

Alabama accounted for less than 1 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 U.S. households receiving 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 – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

Alabama

4

0

341

0

379

724

2,915

0.16

n/a

 

 

 

 

 

 

 

 

 

 

Autauga

0

0

5

0

0

5

3,907

0.12

0.75

Baldwin

1

0

14

0

78

93

1,036

0.46

2.81

Barbour

0

0

2

0

0

2

6,395

0.07

0.46

Bibb

0

0

2

0

0

2

4,295

0.11

0.68

Blount

0

0

3

0

0

3

7,241

0.07

0.40

Bullock

0

0

0

0

0

0

 n/a

0.00

0.00

Butler

0

0

0

0

0

0

 n/a

0.00

0.00

Calhoun

0

0

10

0

1

11

4,826

0.10

0.60

Chambers

0

0

2

0

1

3

5,487

0.09

0.53

Cherokee

0

0

3

0

0

3

4,831

0.10

0.60

Chilton

0

0

5

0

0

5

3,696

0.13

0.79

Choctaw

0

0

0

0

0

0

 n/a

0.00

0.00

Clarke

0

0

4

0

0

4

3,238

0.15

0.90

Clay

0

0

3

0

0

3

2,261

0.21

1.29

Cleburne

0

0

2

0

0

2

3,201

0.15

0.91

Coffee

0

0

1

0

0

1

21,438

0.02

0.14

Colbert

0

0

1

0

0

1

26,039

0.02

0.11

Conecuh

0

0

0

0

0

0

 n/a

0.00

0.00

Coosa

0

0

0

0

0

0

 n/a

0.00

0.00

Covington

0

0

1

0

0

1

18,948

0.03

0.15

Crenshaw

0

0

2

0

0

2

3,417

0.14

0.85

Cullman

0

0

2

0

0

2

18,183

0.03

0.16

Dale

0

0

2

0

0

2

11,247

0.04

0.26

Dallas

0

0

2

0

1

3

6,959

0.07

0.42

De Kalb

0

0

7

0

1

8

3,623

0.13

0.80

Elmore

0

0

7

0

0

7

4,079

0.12

0.71

Escambia

0

0

3

0

0

3

5,638

0.08

0.52

Etowah

0

0

6

0

0

6

7,988

0.06

0.36

Fayette

0

0

0

0

1

1

8,697

0.05

0.34

Franklin

0

0

1

0

0

1

14,038

0.03

0.21

Geneva

0

0

0

0

0

0

 n/a

0.00

0.00

Greene

0

0

0

0

0

0

 n/a

0.00

0.00

Hale

0

0

14

0

0

14

581

0.82

5.01

Henry

0

0

0

0

0

0

 n/a

0.00

0.00

Houston

0

0

8

0

1

9

4,753

0.10

0.61

Jackson

0

0

10

0

1

11

2,271

0.21

1.28

Jefferson

0

0

62

0

20

82

3,715

0.13

0.78

Lamar

0

0

1

0

0

1

7,677

0.06

0.38

Lauderdale

0

0

6

0

0

6

6,980

0.07

0.42

Lawrence

0

0

0

0

0

0

 n/a

0.00

0.00

Lee

0

0

2

0

0

2

29,332

0.02

0.10

Limestone

0

0

2

0

1

3

9,608

0.05

0.30

Lowndes

0

0

1

0

0

1

5,856

0.08

0.50

Macon

0

0

1

0

0

1

10,906

0.04

0.27

Madison

0

0

10

0

49

59

2,284

0.21

1.28

Marengo

0

0

0

0

0

0

 n/a

0.00

0.00

Marion

1

0

1

0

0

2

7,430

0.06

0.39

Marshall

0

0

13

0

3

16

2,372

0.20

1.23

Mobile

1

0

28

0

107

136

1,299

0.37

2.24

Monroe

0

0

1

0

0

1

11,666

0.04

0.25

Montgomery

0

0

22

0

45

67

1,511

0.31

1.93

Morgan

0

0

9

0

1

10

4,983

0.10

0.58

Perry

0

0

0

0

0

0

 n/a

0.00

0.00

Pickens

0

0

0

0

0

0

 n/a

0.00

0.00

Pike

0

0

3

0

0

3

4,882

0.10

0.60

Randolph

0

0

1

0

0

1

10,546

0.05

0.28

Russell

0

0

5

0

3

8

3,128

0.15

0.93

Saint Clair

0

0

5

0

24

29

1,053

0.45

2.77

Shelby

0

0

24

0

37

61

1,219

0.39

2.39

Sumter

0

0

0

0

0

0

 n/a

0.00

0.00

Talladega

0

0

5

0

1

6

5,964

0.08

0.49

Tallapoosa

1

0

3

0

0

4

5,276

0.09

0.55

Tuscaloosa

0

0

6

0

3

9

8,792

0.05

0.33

Walker

0

0

8

0

0

8

4,172

0.11

0.70

Washington

0

0

0

0

0

0

 n/a

0.00

0.00

Wilcox

0

0

0

0

0

0

 n/a

0.00

0.00

Winston

0

0

0

0

0

0

 n/a

0.00

0.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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