ALABAMA FORECLOSURE ACTIVITY DOWN 4 PERCENT IN AUGUST

Foreclosure Activity Increases 30 Percent From August 2007

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 827 Alabama properties in August, a decrease of 4 percent from the previous month, but still 30 percent above the level reported for August 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.

 

“After two months of significant increases, Alabama’s foreclosure activity backed off slightly in August, although activity is still noticeably up over the past year,” said James J. Saccacio, chief executive officer at RealtyTrac. “The state’s unemployment rate dipped slightly during the month to 4.9 percent, well below the national average. Also home prices are still appreciating, albeit at a slower rate than in the past, thus helping to moderate foreclosure activity overall.”

 

Alabama ranked 31st in the country in total properties with foreclosure filings for August. One in every 2,552 Alabama households received a foreclosure filing during the month, ranking 41st among the 50 states.

 

Jefferson County tops in foreclosure activity for August

Jefferson County led the state reporting 192 properties with foreclosure filings for the month. Mobile County came in second highest, reporting 149 properties with foreclosure filings. Third highest was Montgomery County, reporting 78 properties with foreclosure filings. Baldwin County came in fourth place, documenting 59 properties with foreclosure filings. Shelby County rounded out the top five, reporting 48 properties with foreclosure filings. Combined the top five accounted for 64 percent of all foreclosure activity in the state for August.

 

Mobile County posts state’s highest foreclosure rate for August

Mobile County posted the top county foreclosure rate in the state for August, with one in every 1,186 households receiving a foreclosure filing during the month — 2.2 times the state average. Second highest rate was reported by Saint Clair County, where one in every 1,221 households received a foreclosure filing — 2.1 times the state average. Third highest rate was registered in Montgomery County, where one in every 1,298 households received a foreclosure filing — twice the state average.

 

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

Alabama accounted for less than 1 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 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 – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Alabama

11

0

488

0

328

827

2,552

0.16

n/a

 

 

 

 

 

 

 

 

 

Autauga

0

0

2

0

0

2

9,767

0.04

0.26

Baldwin

2

0

26

0

31

59

1,634

0.25

1.56

Barbour

0

0

2

0

0

2

6,395

0.07

0.40

Bibb

0

0

0

0

0

0

n/a

0.00

0.00

Blount

0

0

4

0

0

4

5,431

0.08

0.47

Bullock

0

0

0

0

0

0

n/a

0.00

0.00

Butler

0

0

3

0

0

3

3,439

0.12

0.74

Calhoun

0

0

8

0

4

12

4,424

0.09

0.58

Chambers

1

0

3

0

0

4

4,115

0.10

0.62

Cherokee

0

0

2

0

0

2

7,246

0.06

0.35

Chilton

0

0

6

0

2

8

2,310

0.18

1.10

Choctaw

0

0

0

0

0

0

n/a

0.00

0.00

Clarke

0

0

0

0

0

0

n/a

0.00

0.00

Clay

0

0

3

0

0

3

2,261

0.18

1.13

Cleburne

0

0

2

0

0

2

3,201

0.13

0.80

Coffee

0

0

3

0

0

3

7,146

0.06

0.36

Colbert

0

0

3

0

1

4

6,510

0.06

0.39

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

3

0

0

3

6,316

0.07

0.40

Crenshaw

0

0

1

0

0

1

6,833

0.06

0.37

Cullman

0

0

9

0

1

10

3,637

0.11

0.70

Dale

0

0

5

0

1

6

3,749

0.11

0.68

Dallas

0

0

0

0

0

0

n/a

0.00

0.00

De Kalb

0

0

3

0

0

3

9,662

0.04

0.26

Elmore

0

0

8

0

0

8

3,569

0.12

0.71

Escambia

0

0

4

0

1

5

3,383

0.12

0.75

Etowah

1

0

12

0

2

15

3,195

0.13

0.80

Fayette

0

0

2

0

0

2

4,349

0.10

0.59

Franklin

0

0

2

0

1

3

4,679

0.09

0.55

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

0

0

1

1

8,140

0.05

0.31

Henry

0

0

1

0

0

1

8,336

0.05

0.31

Houston

0

0

5

0

2

7

6,111

0.07

0.42

Jackson

0

0

4

0

0

4

6,245

0.07

0.41

Jefferson

3

0

155

0

34

192

1,587

0.26

1.61

Lamar

0

0

0

0

0

0

n/a

0.00

0.00

Lauderdale

0

0

10

0

1

11

3,807

0.11

0.67

Lawrence

0

0

4

0

1

5

3,090

0.13

0.83

Lee

0

0

3

0

0

3

19,554

0.02

0.13

Limestone

0

0

10

0

1

11

2,620

0.16

0.97

Lowndes

0

0

4

0

0

4

1,464

0.28

1.74

Macon

0

0

0

0

0

0

n/a

0.00

0.00

Madison

0

0

11

0

33

44

3,062

0.14

0.83

Marengo

0

0

0

0

0

0

n/a

0.00

0.00

Marion

0

0

1

0

0

1

14,859

0.03

0.17

Marshall

0

0

12

0

1

13

2,919

0.14

0.87

Mobile

0

0

41

0

108

149

1,186

0.35

2.15

Monroe

0

0

0

0

0

0

n/a

0.00

0.00

Montgomery

2

0

29

0

47

78

1,298

0.32

1.97

Morgan

0

0

19

0

2

21

2,373

0.18

1.08

Perry

0

0

0

0

0

0

n/a

0.00

0.00

Pickens

0

0

2

0

0

2

4,871

0.09

0.52

Pike

0

0

0

0

0

0

n/a

0.00

0.00

Randolph

0

0

1

0

0

1

10,546

0.04

0.24

Russell

0

0

2

0

0

2

12,513

0.03

0.20

Saint Clair

0

0

9

0

16

25

1,221

0.34

2.09

Shelby

0

0

15

0

33

48

1,549

0.27

1.65

Sumter

0

0

1

0

0

1

7,113

0.06

0.36

Talladega

0

0

14

0

1

15

2,385

0.17

1.07

Tallapoosa

0

0

4

0

1

5

4,221

0.10

0.60

Tuscaloosa

2

0

6

0

2

10

7,913

0.05

0.32

Walker

0

0

5

0

0

5

6,675

0.06

0.38

Washington

0

0

1

0

0

1

8,350

0.05

0.31

Wilcox

0

0

0

0

0

0

n/a

0.00

0.00

Winston

0

0

3

0

0

3

4,272

0.10

0.60

 

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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