Alabama Foreclosure Activity Unchanged in First Quarter

Statewide foreclosure filings increase from last year

March numbers up minimally from a month earlier and last year

 

Foreclosure activity in Alabama remained essentially unchanged during the first quarter of 2010, but was 78 percent above the same period last year. In all, the state reported 6,546 properties with foreclosure filings during the quarter.

 

For March, the state reported 2,295 properties with foreclosure filings, a fractional increase from the previous month, and almost 2 percent above the level reported in March 2009. One in every 941 Alabama housing units received a foreclosure filing during the month, the 33rd highest state foreclosure rate for the quarter.

 

“After a slight increase during the previous quarter, Alabama foreclosures stayed put during the first quarter of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the state’s unemployment rate is still above the national average, it has decreased slightly and home prices are heading back up again. These factors are likely keeping foreclosures here from increasing like they are in many other states right now.”

 

Alabama ranked 28th in the country in total foreclosures for the first quarter. With one in every 330 housing units receiving a foreclosure filing, its foreclosure rate ranked 35th among the 50 states.

 

Baldwin County posts top foreclosure rate for the first quarter

Baldwin County posted the highest county foreclosure rate in the state during the first quarter, as one in every 140 housing units received a foreclosure filing — on par with the national average and 2.4 times the state average. Jefferson County came in second, with one in every 149 housing units receiving a foreclosure filing — 2.2 times the state average. With one in every 179 housing units receiving a foreclosure filing — 1.9 times the state average — Montgomery County came in third highest.

 

Jefferson County led state in total foreclosures for the first quarter

Jefferson County documented 2,080 properties with foreclosure filings, leading all counties in total foreclosure activity during the quarter. Mobile County was second, reporting 964 properties with foreclosure filings. Reporting 741 properties with foreclosure filings for the quarter, Baldwin County came in third highest. Montgomery County came in fourth, reporting 578 properties with foreclosure filings. Reporting 340 properties with foreclosure filings, Madison County had the fifth highest foreclosure total for the quarter.

 

State a minor contributor to the nation’s quarterly foreclosure total

Alabama represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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: 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl.

Avg.

/State

Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Alabama

0

0

3,826

0

2,720

6,546

330

0.42

n/a

 

 

 

 

 

 

 

 

 

 

Baldwin

0

0

358

0

383

741

140

0.99

2.35

Jefferson

0

0

1,492

0

588

2,080

149

0.93

2.21

Montgomery

0

0

248

0

330

578

179

0.78

1.85

Mobile

0

0

546

0

418

964

188

0.74

1.76

Saint Clair

0

0

24

0

102

126

249

0.56

1.32

 

 

 

Alabama Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Q4 2009

% Chg

Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Alabama

0

0

3,826

0

2,720

6,546

330

0.21

78.41

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

1,492

0

588

2,080

149

-0.91

133.71

Mobile

0

0

546

0

418

964

188

21.41

86.46

Baldwin

0

0

358

0

383

741

140

5.41

46.15

Montgomery

0

0

248

0

330

578

179

11.15

99.31

Madison

0

0

134

0

206

340

417

-12.82

22.74

 

 

 

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