ALABAMA FORECLOSURE ACTIVITY INCREASES 22 PERCENT IN FEBRUARY

Yearly Total Up 57 Percent From February 2007

 

IRVINE, Calif. – Mar. 26, 2008 – Alabama reported 706 properties with foreclosure filings in February. After a 16 percent decrease in January, statewide activity increased 22 percent for the month and increased 57 percent from February 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.

 

Alabama foreclosures are up both in February and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although still lower than the national average, the state’s unemployment rate has risen significantly during the last year. This is likely contributing to the overall increase in foreclosure activity we’re seeing.”

 

Alabama ranked 30th in the country in total foreclosures for the month. With one in every 2,949 households receiving a foreclosure filing, its foreclosure rate was 39th among the 50 states.

 

Five counties account for largest share of state total

Five counties accounted for 84 percent of all properties with foreclosure filings in Alabama for February. Mobile County held the highest total for the month with 294 properties with foreclosure filings. Jefferson County was second, reporting 105 properties with foreclosure filings for the month, followed by Madison County with 77 properties with foreclosure filings. Baldwin County came in fourth with 61 properties with foreclosure filings, followed by Montgomery County with 56 properties with foreclosure filings.

 

Highest foreclosure rate reported in Mobile County

With a rate of one in every 594 households receiving a foreclosure filing — five times the state average — Mobile County reported the highest county foreclosure rate in the state for February. Second was Baldwin County with a rate of one in every 1,474 households receiving a foreclosure filing — twice the state average, followed by Shelby County with one in every 1,624 households receiving a foreclosure filing — 1.8 times the state average. Fourth was Madison County with one in every 1,712 households receiving a foreclosure filing — 1.7 times the state average, followed by Montgomery County with one in every 1,784 households receiving a foreclosure filing, 1.7 times the state average.

 

State contributes less than 1 percent to nation’s monthly total

Total foreclosure filings in Alabama accounted for less than 1 percent of the 223,651 properties with foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, and is 60 percent above the total reported for February 2007. The nation’s foreclosure rate increased to one in every 557 U.S. households receiving a foreclosure filing for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Alabama Foreclosure Market by County – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

Alabama

5

399

0

0

302

706

2,949

0.19

n/a

 

 

 

 

 

 

 

 

 

 

Autauga

0

0

0

0

0

0

 n/a

0.00

0.00

Baldwin

0

17

0

0

44

61

1,474

0.38

2.00

Barbour

0

1

0

0

0

1

12,770

0.04

0.23

Bibb

0

2

0

0

0

2

4,288

0.13

0.69

Blount

0

1

0

0

0

1

21,681

0.03

0.14

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

3

0

0

0

3

17,632

0.03

0.17

Chambers

0

0

0

0

2

2

8,236

0.07

0.36

Cherokee

0

0

0

0

0

0

 n/a

0.00

0.00

Chilton

0

0

0

0

0

0

 n/a

0.00

0.00

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

1

1

20,953

0.03

0.14

Colbert

0

1

0

0

0

1

25,903

0.02

0.11

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

1

0

0

0

1

6,797

0.08

0.43

Cullman

0

0

0

0

0

0

 n/a

0.00

0.00

Dale

0

0

0

0

0

0

 n/a

0.00

0.00

Dallas

0

1

0

0

0

1

20,825

0.03

0.14

De Kalb

0

0

0

0

1

1

28,917

0.02

0.10

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

1

8

0

0

1

10

4,760

0.12

0.62

Fayette

0

1

0

0

0

1

8,684

0.06

0.34

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

1

0

0

0

1

5,256

0.11

0.56

Hale

0

1

0

0

0

1

8,086

0.07

0.36

Henry

0

0

0

0

0

0

 n/a

0.00

0.00

Houston

0

0

0

0

0

0

 n/a

0.00

0.00

Jackson

0

0

0

0

0

0

 n/a

0.00

0.00

Jefferson

2

93

0

0

10

105

2,873

0.19

1.03

Lamar

0

0

0

0

0

0

 n/a

0.00

0.00

Lauderdale

0

1

0

0

0

1

41,752

0.01

0.07

Lawrence

0

0

0

0

0

0

 n/a

0.00

0.00

Lee

0

2

0

0

0

2

28,477

0.02

0.10

Limestone

0

1

0

0

0

1

28,487

0.02

0.10

Lowndes

0

0

0

0

0

0

 n/a

0.00

0.00

Macon

0

0

0

0

0

0

 n/a

0.00

0.00

Madison

1

13

0

0

63

77

1,712

0.33

1.72

Marengo

0

1

0

0

0

1

10,333

0.05

0.29

Marion

0

1

0

0

0

1

14,824

0.04

0.20

Marshall

0

1

0

0

2

3

12,555

0.04

0.23

Mobile

0

189

0

0

105

294

594

0.94

4.96

Monroe

0

0

0

0

0

0

 n/a

0.00

0.00

Montgomery

0

30

0

0

26

56

1,784

0.31

1.65

Morgan

0

10

0

0

0

10

4,951

0.11

0.60

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

2

0

0

0

2

5,272

0.11

0.56

Russell

0

2

0

0

0

2

12,295

0.05

0.24

Saint Clair

0

0

0

0

12

12

2,477

0.22

1.19

Shelby

0

9

0

0

35

44

1,624

0.34

1.82

Sumter

0

0

0

0

0

0

 n/a

0.00

0.00

Talladega

0

1

0

0

0

1

35,625

0.02

0.08

Tallapoosa

0

2

0

0

0

2

10,513

0.05

0.28

Tuscaloosa

1

0

0

0

0

1

77,583

0.01

0.04

Walker

0

1

0

0

0

1

33,322

0.02

0.09

Washington

0

2

0

0

0

2

4,177

0.13

0.71

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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