Alabama Foreclosure Activity Down in Third Quarter

Total foreclosure filings down 7 percent from Q2, but up 174 percent from Q3 2008.

 

Alabama reported 5,951 properties with foreclosure filings in the third quarter of 2009, a decrease of 7 percent from the previous quarter but 174 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Foreclosure activity in the Heart of Dixie was up 22 percent in September from the previous month to 2,412 properties with foreclosure filings, and elevated on a yearly basis, up 233 percent from September 2008. The state’s foreclosure rate was 31st highest in the nation for the month — with one in every 886 housing units receiving a foreclosure filing.

 

Alabama foreclosures decreased slightly during the third quarter but was up substantially in September,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which declined 21 percent for the quarter. However, the numbers have more than doubled from this time last year. The state’s high unemployment rate and continued decline in home sales is fueling the yearly increase in activity.”

 

Alabama ranked 28th in the country in total foreclosures for the third quarter. With one in every 359 housing units receiving a foreclosure filing, its foreclosure rate ranked 31st among the 50 states.

 

Jefferson County posts state’s top foreclosure rate in third quarter

With one in every 154 housing units receiving a foreclosure filing — 2.3 times the state average — Jefferson County posted the highest county foreclosure rate in the state for the third quarter. Baldwin County was second, with one in every 170 housing units receiving a foreclosure filing during the quarter — 2.1 times the state average. Third highest rate was posted by Shelby County, where one in every 212 housing units received a foreclosure filing —1.7 times the state average.

 

Five counties accounted for bulk of foreclosure activity in third quarter

Five counties were responsible for 70 percent of all foreclosure activity in Alabama during the third quarter. Jefferson County led all counties, tallying 2,001 properties with foreclosure filings for the quarter. Mobile County came in second highest, reporting 791 properties with foreclosure filings. Baldwin County came in third, tallying 600 properties with foreclosure filings. Fourth highest for the quarter was Madison County, reporting 403 properties with foreclosure filings. Montgomery County documented 368 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State a minor contributor to nation’s total for quarter and month

Alabama accounted for 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 Top Foreclosure Rates by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Alabama

8

0

3,808

0

2,135

5,951

359

0.38

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

1

0

1,454

0

546

2,001

154

0.88

2.33

Baldwin

1

0

299

0

300

600

170

0.80

2.12

Shelby

1

0

230

0

131

362

212

0.64

1.69

Mobile

0

0

453

0

338

791

226

0.60

1.59

Saint Clair

0

0

72

0

56

128

243

0.56

1.48

 

 

Alabama Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Alabama

8

0

3,808

0

2,135

5,951

359

-7.07

173.86

 

 

 

 

 

 

 

 

 

 

Jefferson

1

0

1,454

0

546

2,001

154

-7.02

592.39

Mobile

0

0

453

0

338

791

226

-10.01

82.68

Baldwin

1

0

299

0

300

600

170

-10.45

184.36

Madison

1

0

230

0

172

403

343

-23.53

127.68

Montgomery

2

0

202

0

164

368

277

-35.55

87.76

 

 

Alabama Top Foreclosure Rates by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Alabama

2

0

1,056

0

1,354

2,412

886

0.42

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

422

0

524

946

326

1.14

2.72

Baldwin

0

0

111

0

147

258

395

0.94

2.25

Shelby

0

0

70

0

54

124

619

0.60

1.43

Elmore

0

0

18

0

28

46

627

0.59

1.41

Mobile

0

0

123

0

101

224

798

0.47

1.11

 

 

Alabama Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Alabama

2

0

1,056

0

1,354

2,412

886

21.63

233.15

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

422

0

524

946

326

41.83

1,053.66

Baldwin

0

0

111

0

147

258

395

13.66

177.42

Mobile

0

0

123

0

101

224

798

-29.11

64.71

Madison

0

0

80

0

48

128

1,078

-1.54

116.95

Shelby

0

0

70

0

54

124

619

-15.07

103.28

 

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