ALABAMA FORECLOSURE ACTIVITY UP 39 PERCENT IN 2008

Foreclosure Filings Reported on More than 7,000 Properties in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 7,764 Alabama properties in 2008, up 39 percent from 2007 and a 184 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Cotton State reported 737 properties with foreclosure filings in December, a 20 percent increase from the previous month and up 6 percent from December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.

 

“Like most states, Alabama foreclosures were on the rise during the past year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Home sales throughout the state fell nearly 30 percent for the year, creating a large inventory of unsold homes. Although still below the national average, Alabama’s unemployment rate also rose significantly, creating additional financial strains to already distressed homeowners.”

 

Alabama ranked 31st in the country in total foreclosures for the year. With one in every 272 housing units receiving a foreclosure filing, its foreclosure rate ranked 43rd among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five Alabama counties accounted for 70 percent of all foreclosure activity in the state for 2008. Mobile County led all others, reporting 1,751 properties with foreclosure filings for the year. Jefferson County came in second, reporting 1,333 properties with foreclosure filings. Baldwin County registered the third highest total, reporting 792 properties with foreclosure filings. Fourth highest total was reported in Montgomery County, with 772 properties with foreclosure filings, followed by Madison County with 760 properties with foreclosure filings.

 

Mobile County posts top foreclosure rate for 2008

Mobile County posted the highest county foreclosure rate with 0.99 percent of its housing units receiving at least one foreclosure filing during the year. Baldwin County came in second, with 0.82 percent of its housing units receiving at least one foreclosure filing. Third highest was Montgomery County, where 0.76 percent of the housing stock received at least one foreclosure filing in 2008.

 

State a minor contributor to nation’s foreclosure total for 2008

Alabama accounted for less than 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 month — 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 month — which is extremely rare — 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 Foreclosure Market Data by County – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Alabama

7,764

0.37

39.34

 

 

 

 

 

24

Autauga

31

0.16

520.00

2

Baldwin

792

0.82

227.27

28

Barbour

19

0.15

533.33

27

Bibb

13

0.15

1200.00

20

Blount

40

0.18

344.44

64

Bullock

1

0.02

n/a

42

Butler

11

0.11

1000.00

21

Calhoun

91

0.17

468.75

15

Chambers

33

0.20

560.00

45

Cherokee

13

0.09

1200.00

10

Chilton

47

0.25

840.00

63

Choctaw

2

0.02

100.00

43

Clarke

13

0.10

333.33

23

Clay

11

0.16

450.00

9

Cleburne

17

0.27

n/a

41

Coffee

23

0.11

1050.00

44

Colbert

25

0.10

47.06

60

Conecuh

3

0.04

200.00

51

Coosa

5

0.08

66.67

50

Covington

15

0.08

200.00

47

Crenshaw

6

0.09

n/a

26

Cullman

56

0.15

1300.00

46

Dale

20

0.09

66.67

39

Dallas

25

0.12

257.14

35

De Kalb

37

0.13

1750.00

11

Elmore

66

0.23

560.00

13

Escambia

34

0.20

3300.00

17

Etowah

93

0.19

564.29

36

Fayette

11

0.13

266.67

52

Franklin

11

0.08

450.00

29

Geneva

18

0.15

1700.00

65

Greene

1

0.02

n/a

8

Hale

22

0.27

n/a

30

Henry

12

0.14

500.00

37

Houston

54

0.13

100.00

32

Jackson

34

0.14

580.00

7

Jefferson

1,333

0.44

-32.71

53

Lamar

6

0.08

n/a

38

Lauderdale

51

0.12

920.00

55

Lawrence

11

0.07

450.00

54

Lee

43

0.07

48.28

12

Limestone

65

0.23

622.22

31

Lowndes

8

0.14

n/a

25

Macon

17

0.16

325.00

6

Madison

760

0.56

1034.33

61

Marengo

4

0.04

33.33

34

Marion

19

0.13

n/a

16

Marshall

74

0.19

640.00

1

Mobile

1,751

0.99

-19.27

56

Monroe

8

0.07

300.00

3

Montgomery

772

0.76

79.12

14

Morgan

100

0.20

900.00

67

Perry

0

0.00

-100.00

59

Pickens

4

0.04

33.33

58

Pike

8

0.05

700.00

22

Randolph

18

0.17

800.00

33

Russell

33

0.13

106.25

4

Saint Clair

213

0.70

121.88

5

Shelby

517

0.70

98.85

66

Sumter

1

0.01

n/a

18

Talladega

68

0.19

423.08

40

Tallapoosa

25

0.12

1150.00

48

Tuscaloosa

69

0.09

137.93

19

Walker

63

0.19

472.73

57

Washington

5

0.06

n/a

62

Wilcox

2

0.03

0.00

49

Winston

11

0.09

450.00

 

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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