ALABAMA FORECLOSURES DECREASE 26 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 82 Percent From a Year Ago

 

IRVINE, Calif. – June 15, 2007 –Alabama reported 666 foreclosure filings in May, a 26 percent decrease from the previous month, but still an 82 percent increase from May 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.

 

Although Alabama foreclosures have decreased in May, they are still up from this time last year,” said James J. Sacaccio, chief executive officer of RealtyTrac. “Statistics show that the state has experienced significant job losses in the leisure, hospitality and business services sectors. This may be contributing to the overall rise in foreclosure filings.”

 

Alabama ranked 30th in the country in total foreclosures reported for May. The state’s foreclosure rate of one foreclosure filing for every 2,948 households ranked it 38th among the 50 states.

 

Jefferson County accounts for largest share of state total

Jefferson County reported the highest total for the month, reporting 294 foreclosure filings. Mobile County came in second with 249 foreclosure filings, followed by Montgomery County with 42 foreclosure filings. Shelby County held the fourth highest total, with 22 foreclosure filings. Baldwin County rounded out the top five, with 20 foreclosure filings.

 

Mobile County posts highest foreclosure rate

Mobile County posted the highest foreclosure rate in Alabama for May, reporting one foreclosure filing for every 663 households — 4.4 times the state average. Jefferson County reported the second highest foreclosure rate, with one foreclosure filing for every 980 households — three times the state average. Montgomery County posted the third highest foreclosure rate, with one foreclosure filing for every 2,272 households — 1.3 times the state average. Shelby County reported the fourth highest foreclosure rate, with one foreclosure filing for every 2,696 households, followed by Baldwin County, with one foreclosure filing for every 3,714 households.

 

State contributes less than 1 percent to national total

Total foreclosure filings in Alabama accounted for less than 1 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 656 households during 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 – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

Alabama

0

260

0

0

406

666

2,948

0.22

n/a

 

 

 

 

 

 

 

 

 

 

Autauga

0

0

0

0

0

0

n/a

0.00

0.00

Baldwin

0

4

0

0

16

20

3,714

0.18

0.79

Bibb

0

0

0

0

0

0

n/a

0.00

0.00

Blount

0

0

0

0

0

0

n/a

0.00

0.00

Calhoun

0

2

0

0

0

2

25,661

0.03

0.12

Chambers

0

1

0

0

0

1

16,256

0.04

0.18

Cherokee

0

0

0

0

0

0

n/a

0.00

0.00

Chilton

0

1

0

0

0

1

17,651

0.04

0.17

Cleburne

0

0

0

0

0

0

n/a

0.00

0.00

Coffee

0

0

0

0

0

0

n/a

0.00

0.00

Colbert

0

0

0

0

2

2

12,490

0.05

0.24

Conecuh

0

1

0

0

0

1

7,265

0.09

0.41

Crenshaw

0

0

0

0

0

0

n/a

0.00

0.00

Cullman

0

0

0

0

0

0

n/a

0.00

0.00

Dale

0

1

0

0

0

1

21,779

0.03

0.14

Dallas

0

0

0

0

0

0

n/a

0.00

0.00

De Kalb

0

0

0

0

0

0

n/a

0.00

0.00

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

0

1

0

0

0

1

45,959

0.01

0.06

Geneva

0

0

0

0

0

0

n/a

0.00

0.00

Henry

0

0

0

0

0

0

n/a

0.00

0.00

Houston

0

0

0

0

1

1

39,571

0.02

0.08

Jackson

0

0

0

0

0

0

n/a

0.00

0.00

Jefferson

0

88

0

0

206

294

980

0.67

3.01

Lauderdale

0

0

0

0

0

0

n/a

0.00

0.00

Lee

0

0

0

0

0

0

n/a

0.00

0.00

Limestone

0

1

0

0

0

1

26,897

0.02

0.11

Macon

0

0

0

0

0

0

n/a

0.00

0.00

Madison

0

7

0

0

1

8

15,036

0.04

 

0.20

Marion

0

1

0

0

0

1

14,416

0.05

0.21

Marshall

0

1

0

0

0

1

36,331

0.02

0.08

Mobile

0

124

0

0

125

249

663

0.99

4.45

Montgomery

0

12

0

0

30

42

2,272

0.29

1.30

Morgan

0

4

0

0

0

4

11,847

0.06

0.25

Pike

0

0

0

0

0

0

n/a

0.00

0.00

Randolph

0

0

0

0

1

1

10,285

0.06

0.29

Russell

0

4

0

0

0

4

5,708

0.12

0.52

Saint Clair

0

0

0

0

5

5

5,461

0.12

0.54

Shelby

0

3

0

0

19

22

2,696

0.24

1.09

Talladega

0

0

0

0

0

0

n/a

0.00

0.00

Tallapoosa

0

0

0

0

0

0

n/a

0.00

0.00

Tuscaloosa

0

3

0

0

0

3

23,716

0.03

0.12

Walker

0

1

0

0

0

1

32,417

0.02

0.09

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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