ALABAMA FORECLOSURE ACTIVITY INCREASES 75 PERCENT IN FIRST QUARTER

State Activity Up 116 Percent From Q1 2008

Monthly Activity Up 217 percent in March, Up 248 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 3,669 Alabama properties in the first quarter of 2009, a 74 percent increase from the previous quarter and 116 percent above the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Alabama reported 2,260 properties with foreclosure filings in March, a 217 percent increase from the previous month and 248 percent above its March 2008 total.

 

“Foreclosure activity rose significantly in the first quarter of 2009 in Alabama, as the state continued to suffer from high unemployment along with much of the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “In March, the state’s unemployment rate reached 9 percent, it’s highest in more than two decades, leaving even more homeowners distressed by the possibility of facing foreclosure in the near future.”

 

Alabama ranked 30th in the country in total properties with foreclosure filings for the quarter. One in every 582 Alabama housing units received a foreclosure filing during the quarter, the 35th highest state foreclosure rate in the nation.

 

Jefferson County the single largest contributor to state total for the quarter

Jefferson County led the state, reporting 890 properties with foreclosure filings for the first quarter. Mobile County was second highest, reporting 517 properties with foreclosure filings for the quarter. Baldwin County came in third, reporting 507 properties with foreclosure filings. Montgomery County registered the fourth highest total, documenting 290 properties with foreclosure filings. Fifth highest total was tallied in Madison County, where 277 properties with foreclosure filings were reported.

 

Baldwin County posts state’s top foreclosure rate in the state for first quarter

With one in every 201 housing units receiving a foreclosure filing — 2.9 times the state average — Baldwin County posted the top foreclosure rate in the state for the quarter. Mobile County came in second, with one in every 346 housing units receiving a foreclosure filing — 1.7 times the state average. Third highest rate was documented in Jefferson County, where one in every 346 housing units received a foreclosure filing during the month — 1.7 times the state average.

 

State a minor contributor to nation’s foreclosure total for Q1 2009

Alabama accounted for less than 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter  — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

 

                          Alabama Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16

23.63

Alabama

0

0

2,291

0

1,378

3,669

582

74.71

115.82

 

 

 

 

 

 

 

 

 

 

Autauga

0

0

29

0

1

30

660

150.00%

1400.00%

Baldwin

0

0

291

0

216

507

201

96.51%

296.09%

Barbour

0

0

1

0

2

3

4,263

-50.00%

200.00%

Bibb

0

0

10

0

0

10

860

150.00%

400.00%

Blount

0

0

21

0

1

22

990

46.67%

Bullock

0

0

0

0

0

0

-100.00%

-100.00%

Butler

0

0

6

0

0

6

1,719

0.00%

Calhoun

0

0

61

0

2

63

845

186.36%

800.00%

Chambers

0

0

15

0

0

15

1,096

0.00%

1400.00%

Cherokee

0

0

5

0

0

5

2,920

25.00%

Chilton

0

0

26

0

3

29

641

31.82%

Choctaw

0

0

1

0

0

1

8,025

Clarke

0

0

10

0

0

10

1,296

150.00%

900.00%

Clay

0

0

1

0

1

2

3,385

-60.00%

Cleburne

0

0

5

0

0

5

1,284

-44.44%

Coffee

0

0

9

0

0

9

2,414

-18.18%

Colbert

0

0

6

0

2

8

3,276

33.33%

300.00%

Conecuh

0

0

1

0

0

1

7,403

0.00%

Coosa

0

0

2

0

0

2

3,156

100.00%

100.00%

Covington

0

0

15

0

1

16

1,184

60.00%

Crenshaw

0

0

1

0

0

1

6,825

0.00%

0.00%

Cullman

0

0

29

0

1

30

1,213

87.50%

2900.00%

Dale

0

0

22

0

0

22

1,026

266.67%

Dallas

0

0

7

0

1

8

2,611

33.33%

De Kalb

0

0

23

0

0

23

1,263

130.00%

2200.00%

Elmore

0

0

36

0

3

39

739

30.00%

3800.00%

Escambia

0

0

10

0

0

10

1,689

-16.67%

900.00%

Etowah

0

0

41

0

0

41

1,176

115.79%

173.33%

Fayette

0

0

1

0

0

1

8,734

-75.00%

0.00%

Franklin

0

0

10

0

0

10

1,404

100.00%

Geneva

0

0

8

0

0

8

1,549

-11.11%

700.00%

Greene

0

0

0

0

0

0

-100.00%

Hale

0

0

2

0

0

2

4,095

-60.00%

Henry

0

0

5

0

1

6

1,387

-33.33%

Houston

0

0

53

0

0

53

818

165.00%

1225.00%

Jackson

0

0

17

0

4

21

1,192

110.00%

950.00%

Jefferson

0

0

520

0

370

890

346

219.00%

261.79%

Lamar

0

0

3

0

0

3

2,555

Lauderdale

0

0

37

0

5

42

999

250.00%

4100.00%

Lawrence

0

0

6

0

0

6

2,571

200.00%

Lee

0

0

21

0

0

21

2,907

16.67%

425.00%

Limestone

0

0

29

0

2

31

933

55.00%

3000.00%

Lowndes

0

0

4

0

0

4

1,462

33.33%

Macon

0

0

5

0

0

5

2,181

-54.55%

Madison

0

0

121

0

156

277

498

18.88%

63.91%

Marengo

0

0

0

0

0

0

-100.00%

-100.00%

Marion

0

0

10

0

0

10

1,487

100.00%

Marshall

0

0

50

0

5

55

694

175.00%

Mobile

0

0

242

0

275

517

346

48.14%

-33.72%

Monroe

0

0

2

0

0

2

5,828

-60.00%

Montgomery

0

0

159

0

131

290

352

23.93%

93.33%

Morgan

0

0

35

0

35

70

715

233.33%

400.00%

Perry

0

0

0

0

0

0

-100.00%

Pickens

0

0

2

0

0

2

4,866

100.00%

Pike

0

0

3

0

0

3

4,913

-25.00%

Randolph

0

0

2

0

0

2

5,270

-66.67%

Russell

0

0

14

0

1

15

1,704

66.67%

200.00%

Saint Clair

0

0

37

0

21

58

536

-27.50%

70.59%

Shelby

0

0

87

0

133

220

349

65.41%

111.54%

Sumter

0

0

1

0

0

1

7,100

Talladega

0

0

46

0

2

48

751

128.57%

4700.00%

Tallapoosa

0

0

7

0

0

7

3,019

-22.22%

600.00%

Tuscaloosa

0

0

19

0

1

20

4,073

5.26%

122.22%

Walker

0

0

31

0

2

33

1,011

57.14%

1000.00%

Washington

0

0

0

0

0

0

-100.00%

Wilcox

0

0

3

0

0

3

2,118

50.00%

Winston

0

0

15

0

0

15

853

275.00%

1400.00%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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