Alabama Foreclosure Activity Falls in November

Statewide filings down 12 percent from October; up 250 percent from previous year

 

Alabama foreclosure activity fell in November to 2,145 properties with foreclosure filings, down 12 percent from the previous month, but still 250 percent ahead of the level reported in November 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Although Alabama foreclosures were down in November, they have increased dramatically since this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest rise was in auctions, which climbed more than five times during the year. While the state’s unemployment rate has started to come down, it is still above the national average. This is definitely contributing to the yearly rise in foreclosure activity we are seeing.”

 

Alabama ranked 28th in the country in total foreclosures for the month. With one in every 996 housing units receiving a foreclosure filing, its foreclosure rate ranked 31st among the 50 states.

 

Jefferson County posts state’s highest foreclosure rate in November

With one in every 421 housing units receiving a foreclosure filing — 2.4 times the state average and on par with the national average — Jefferson County posted the highest county foreclosure rate in the state for November. Baldwin County had the second highest rate, with one in every 445 housing units receiving a foreclosure filing — 2.2 times the state average. Saint Clair County came in third highest, with one in every 565 housing units receiving a foreclosure filing — 1.8 times the state average.

 

Five counties account for bulk of state foreclosure activity for November

Five counties accounted for 73 percent of all foreclosure filings in Alabama for November. Jefferson County led all counties, totaling 733 properties with foreclosure filings for the month. Mobile County was second highest, documenting 284 properties with foreclosure filings. Reporting 229 properties with foreclosure filings for the month, Baldwin County had the third highest total in the state, while Montgomery County was fourth highest, reporting 180 properties with foreclosure filings and Shelby County came in fifth, reporting 130 properties with foreclosure filings for the month.

 

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

Alabama accounted for 1 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 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: DefaultNotice 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Alabama

0

0

1,349

0

796

2,145

996

0.42

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

499

0

234

733

421

0.99

2.37

Baldwin

0

0

117

0

112

229

445

0.94

2.24

Saint Clair

0

0

35

0

20

55

565

0.74

1.76

Montgomery

0

0

101

0

79

180

567

0.74

1.76

Shelby

0

0

54

0

76

130

591

0.71

1.69

 

 

Alabama Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Alabama

0

0

1,349

0

796

2,145

996

-12.34

249.92

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

499

0

234

733

421

0.99

2.37

Mobile

0

0

194

0

90

284

629

0.66

1.58

Baldwin

0

0

117

0

112

229

445

0.94

2.24

Montgomery

0

0

101

0

79

180

567

0.74

1.76

Shelby

0

0

54

0

76

130

591

0.71

1.69

 

 

 

 

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