Alabama Foreclosure Activity Fell 14 Percent in Second Quarter

Filings decrease 8 percent mid-year; down 5 percent in June

 

Alabama reported 5,647 properties with foreclosure filings for the second quarter of 2010, a 14 percent decrease from the first quarter and 12 percent below the level reported in the second quarter of 2009.

 

Activity level in Alabama fell during the first half of 2010 as well as for the month of June. For the first six months of the year, Alabama reported 11,419 properties with foreclosure filings, down 8 percent from the second half of 2009, but still 18 percent above the level reported mid-year 2009. In June the state tallied 1,831 properties with foreclosure filings, a decrease of 5 percent from the previous month and down almost 33 percent from June 2009.

 

Alabama’s foreclosure activity appears to be winding down in 2010, with improvements reported on a monthly, quarterly and semi-annual basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “While this is certainly welcome news among Alabama residents, high unemployment remains a concern within the state, which recently reported 10.3 percent joblessness.”

 

One in every 382 Alabama housing units received a foreclosure filing, giving the state the 36th highest foreclosure rate in the nation during the second quarter of the year.

 

Jefferson County posts state’s top foreclosure rate and total for the quarter

Jefferson County posted the highest county foreclosure rate in the state during the second quarter, with one in every 166 housing units receiving a foreclosure filing — 2.3 times the state average. Jefferson County also led the state in total foreclosures, reporting 1,875 properties with foreclosure filings for the quarter.

 

With one in every 194 housing units receiving a foreclosure filing — twice the state average — Baldwin County had the second highest rate in the state. Shelby County had the third highest rate with one in every 199 housing units receiving a foreclosure filing — 1.9 times the state average.

 

Mobile County had the second highest total, reporting 854 properties with foreclosure filings. Reporting 534 properties with foreclosure filings for the quarter, Baldwin County came in third. Montgomery County was fourth, reporting 413 properties with foreclosure filings. Fifth highest total was Shelby County, where 397 properties with foreclosure filings were reported for the quarter.

 

State a minor contributor to nation’s quarterly total

Foreclosure activity in Alabama represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Alabama

0

0

2,711

0

2,936

5,647

382

0.38

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

1,245

0

630

1,875

166

0.87

2.31

Baldwin

0

0

166

0

368

534

194

0.74

1.97

Shelby

0

0

175

0

222

397

199

0.72

1.92

Saint Clair

0

0

30

0

125

155

202

0.71

1.89

Mobile

0

0

347

0

507

854

212

0.68

1.81

 

 

Alabama Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Alabama

0

0

2,711

0

2,936

5,647

382

-13.73

-11.82

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

1,245

0

630

1,875

166

-9.86

-12.87

Mobile

0

0

347

0

507

854

212

-11.41

-2.84

Baldwin

0

0

166

0

368

534

194

-27.94

-20.30

Montgomery

0

0

164

0

249

413

250

-28.55

-27.67

Shelby

0

0

175

0

222

397

199

49.81

25.24

 

 

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