Alabama Foreclosure Activity Down in May

Statewide filings fell 20 percent from April; declines 2 percent from May 2009

 

Foreclosure activity in Alabama fell 20 percent in May to 1,928 properties with foreclosure filings, a 2 percent decline from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Alabama foreclosures decreased in May and from this time last year,” said James J. Sacaccio, chief executive officer of RealtyTrac. “The largest decline was in auctions, which fell 31 percent for the month. While the state’s unemployment rate is still above the national average, it has started to decline. This is at least part of the reason we’re starting to see a lower level of foreclosure activity.”

 

Alabama ranked 30th in the country in total foreclosures for the month. With one in every 1,120 housing units receiving a foreclosure filing, its foreclosure rate ranked 37th among the 50 states.

 

Jefferson County posts top foreclosure rate in May

Jefferson County posted the highest foreclosure rate in the state, with one in every 463 housing units receiving a foreclosure filing — 2.4 times the state average. Shelby County came in second, with one in every 572 housing units receiving a foreclosure filing — twice the state average. With one in every 574 housing units receiving a foreclosure filing, Baldwin County was a close third — also twice the state average.

 

Five counties account for bulk of foreclosure activity for May

Foreclosure activity in five counties accounted for 75 percent of all foreclosure filings in the state during May. Jefferson County led all other counties, reporting 671 properties with foreclosure filings for the month. Mobile County was second, documenting 297 properties with foreclosure filings. Reporting 181 properties with foreclosure filings for the month, Baldwin County reported the third highest ranking. Montgomery County was fourth highest, reporting 152 properties with foreclosure filings. Shelby County came in fifth, reporting 138 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total in May

Alabama accounted for 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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: 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 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Alabama

0

0

961

0

967

1,928

1,120

0.36

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

410

0

261

671

463

0.86

2.42

Shelby

0

0

74

0

64

138

572

0.70

1.96

Baldwin

0

0

67

0

114

181

574

0.70

1.95

Mobile

0

0

159

0

138

297

609

0.66

1.84

Montgomery

0

0

62

0

90

152

679

0.59

1.65

 

Alabama Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Alabama

0

0

961

0

967

1,928

1,120

-20.03

-1.98

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

410

0

261

671

463

-15.06

-10.05

Mobile

0

0

159

0

138

297

609

-18.41

-21.84

Baldwin

0

0

67

0

114

181

574

-15.42

29.29

Montgomery

0

0

62

0

90

152

679

-1.30

-27.27

Shelby

0

0

74

0

64

138

572

-24.18

68.29

 

 

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