Alabama Foreclosure Activity Up 156 Percent in 2009

Activity up 257 percent from 2007 and 18 percent from November

 

Alabama ended 2009 tallying 19,896 properties with foreclosure filings, a 156 percent increase from the total reported for 2008, and 257 percent higher than the level reported for all of 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Alabama reported 2,527 properties with foreclosure filings in December, an 18 percent increase over the previous month, and up 243 percent from December 2008. The state’s foreclosure rate — one in every 846 housing units received a foreclosure filing — was 32nd highest in the nation for the month.

 

“Alabama continued to rack up foreclosure filings in December, as the state ended 2009 with more than double the level of activity reported for 2008 and more than triple what was reported in 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “With unemployment now at a 26-year high, we do not expect to see foreclosures slow down in the near future.”

 

With one in every 107 housing units receiving a foreclosure filing, Alabama’s foreclosure rate ranked 30th highest in the nation for the year.

 

Baldwin County posted state’s highest foreclosure rate for 2009

With one in every 47 housing units receiving a foreclosure filing in 2009, Baldwin County posted the highest county foreclosure rate in the state for the year. Jefferson County followed in second, reporting one in every 49 housing units receiving a foreclosure filing. Montgomery County came in third highest, reporting one in every 70 housing units receiving a foreclosure filing. Mobile County was fourth highest also with one in every 70 housing units receiving a foreclosure filing. Fifth highest rate was in Shelby County, where one in every 73 housing units received a foreclosure filing during the year.

 

Jefferson County led state in foreclosure activity in 2009

Jefferson County led all counties in foreclosure activity during 2009, reporting a total 6,283 properties with foreclosure filings for the year. Mobile County came in second, documenting 2,536 properties with foreclosure filings. Reporting 2,161 properties with foreclosure filings for the year, Baldwin County had the third highest total in the state. Montgomery County was fourth highest, reporting 1,467 properties with foreclosure filings, followed by Madison County in fifth place, tallying 1,352 properties with foreclosure filings for all of 2009.

 

State a minor contributor to nation’s foreclosure total in 2009

Alabama accounted for 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Alabama

19,896

0.93

107

156.26

257.07

 

 

 

 

 

 

Baldwin

2,161

2.12

47

172.85

792.98

Jefferson

6,283

2.04

49

371.34

217.16

Montgomery

1,467

1.44

70

90.03

240.37

Mobile

2,536

1.42

70

44.83

16.92

Shelby

1,050

1.37

73

103.09

303.85

 

 

Alabama Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Alabama

19,896

0.93

107

156.26

257.07

 

 

 

 

 

 

Jefferson

6,283

2.04

49

371.34

217.16

Mobile

2,536

1.42

70

44.83

16.92

Baldwin

2,161

2.12

47

172.85

792.98

Montgomery

1,467

1.44

70

90.03

240.37

Madison

1,352

0.98

102

77.89

1,917.91

 

 

Alabama Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Alabama

0

0

1,603

0

924

2,527

846

0.43

n/a

 

 

 

 

 

 

 

 

 

 

Baldwin

0

0

159

0

106

265

384

0.95

2.20

Jefferson

0

0

582

0

219

801

385

0.95

2.20

Lauderdale

0

0

28

0

69

97

433

0.85

1.95

Saint Clair

0

0

38

0

26

64

486

0.75

1.74

Mobile

0

0

206

0

137

343

521

0.70

1.62

 

 

Alabama Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Alabama

0

0

1,603

0

924

2,527

846

17.81

242.88

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

582

0

219

801

385

9.28

530.71

Mobile

0

0

206

0

137

343

521

20.77

125.66

Baldwin

0

0

159

0

106

265

384

15.72

157.28

Montgomery

0

0

106

0

86

192

531

6.67

195.38

Madison

0

0

83

0

84

167

827

46.49

91.95

 

 

 

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