ALABAMA FORECLOSURE ACTIVITY DOWN 8 PERCENT IN MARCH

Activity Down 19 Percent From a Year Ago

 

IRVINE, Calif. – April 30, 2008 – Alabama reported 649 properties with foreclosure filings in March. After a 22 percent increase in February, statewide activity decreased 8 percent for the month and was down 19 percent from March 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 million properties from nearly 2,500 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.

 

“Foreclosure activity in Alabama decreased both in March and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate has remained well below the national average for quite some time now. This, along with a relatively steady home price appreciation rate, is contributing to the overall decline in foreclosures we are seeing.”

 

Alabama ranked 33rd in the country in total foreclosure filings for the month. With one in every 3,251 households receiving a foreclosure filing, its foreclosure rate ranked 43rd among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five Alabama counties accounted for 86 percent of all foreclosure activity in the state for March. Mobile County led the state for the month, reporting 296 properties with foreclosure filings. Jefferson County, which documented 89 properties with foreclosure filings, came in second. Montgomery County had the state’s third highest total, reporting 65 properties with foreclosure filings. Baldwin County, where 56 properties with foreclosure filings were reported, was fourth highest. Madison County rounded out the top five, reporting 50 properties with foreclosure filings in March.

 

Mobile County posts state’s top foreclosure rate for March

Mobile County posted the highest county foreclosure rate in the state for March, with one in every 597 households receiving a foreclosure filing for the month — 5.5 times the state average. Montgomery County posted the state’s second highest rate, with one in every 1,558 households receiving a foreclosure filing during the month — 2.1 times the state average. The third highest rate in the state was reported in Baldwin County, where one in every 1,721 households received a foreclosure filing in March — 1.9 times the state average.

 

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

Total filings in Alabama accounted for less than 1 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households 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 by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Alabama

0

0

296

0

353

649

3,251

0.17

n/a

 

 

 

 

 

 

 

 

 

 

Autauga

0

0

2

0

0

2

9,767

0.06

0.33

Baldwin

0

0

9

0

47

56

1,721

0.31

1.89

Barbour

0

0

0

0

0

0

 n/a

0.00

0.00

Bibb

0

0

1

0

0

1

8,589

0.06

0.38

Blount

0

0

0

0

0

0

 n/a

0.00

0.00

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

0

0

0

0

 n/a

0.00

0.00

Chambers

0

0

0

0

0

0

 n/a

0.00

0.00

Cherokee

0

0

0

0

0

0

 n/a

0.00

0.00

Chilton

0

0

0

0

1

1

18,478

0.03

0.18

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

0

0

0

0

 n/a

0.00

0.00

Cleburne

0

0

0

0

0

0

 n/a

0.00

0.00

Coffee

0

0

0

0

0

0

 n/a

0.00

0.00

Colbert

0

0

1

0

1

2

13,020

0.04

0.25

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

0

0

0

0

 n/a

0.00

0.00

Crenshaw

0

0

0

0

0

0

 n/a

0.00

0.00

Cullman

0

0

2

0

1

3

12,122

0.04

0.27

Dale

0

0

0

0

0

0

 n/a

0.00

0.00

Dallas

0

0

0

0

0

0

 n/a

0.00

0.00

De Kalb

0

0

0

0

0

0

 n/a

0.00

0.00

Elmore

0

0

0

0

0

0

 n/a

0.00

0.00

Escambia

0

0

0

0

0

0

 n/a

0.00

0.00

Etowah

0

0

7

0

0

7

6,847

0.08

0.47

Fayette

0

0

0

0

0

0

 n/a

0.00

0.00

Franklin

0

0

0

0

0

0

 n/a

0.00

0.00

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

0

0

 n/a

0.00

0.00

Henry

0

0

0

0

0

0

 n/a

0.00

0.00

Houston

0

0

3

0

1

4

10,695

0.05

0.30

Jackson

0

0

0

0

0

0

 n/a

0.00

0.00

Jefferson

0

0

73

0

16

89

3423

0.16

0.95

Lamar

0

0

0

0

0

0

 n/a

0.00

0.00

Lauderdale

0

0

1

0

0

1

41,878

0.01

0.08

Lawrence

0

0

0

0

0

0

 n/a

0.00

0.00

Lee

0

0

0

0

2

2

29,332

0.02

0.11

Limestone

0

0

1

0

0

1

28,823

0.02

0.11

Lowndes

0

0

0

0

0

0

 n/a

0.00

0.00

Macon

0

0

1

0

0

1

10,906

0.05

0.30

Madison

0

0

3

0

47

50

2,695

0.20

1.21

Marengo

0

0

0

0

0

0

 n/a

0.00

0.00

Marion

0

0

0

0

0

0

 n/a

0.00

0.00

Marshall

0

0

0

0

2

2

18,977

0.03

0.17

Mobile

0

0

174

0

122

296

597

0.90

5.45

Monroe

0

0

0

0

0

0

 n/a

0.00

0.00

Montgomery

0

0

10

0

55

65

1,558

0.35

2.09

Morgan

0

0

0

0

1

1

49,833

0.01

0.07

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

0

0

0

0

 n/a

0.00

0.00

Randolph

0

0

0

0

0

0

 n/a

0.00

0.00

Russell

0

0

2

0

1

3

8,342

0.06

0.39

Saint Clair

0

0

2

0

14

16

1,908

0.28

1.70

Shelby

0

0

0

0

40

40

1,859

0.29

1.75

Sumter

0

0

0

0

0

0

 n/a

0.00

0.00

Talladega

0

0

1

0

0

1

35,781

0.02

0.09

Tallapoosa

0

0

0

0

0

0

 n/a

0.00

0.00

Tuscaloosa

0

0

2

0

1

3

26,376

0.02

0.12

Walker

0

0

1

0

1

2

16,688

0.03

0.19

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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