ALABAMA FORECLOSURES DECREASE 32 PERCENT IN FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 461 Percent From a Year Ago

 

IRVINE, Calif. – March 26, 2007 – Alabama reported 449 foreclosure filings in February, a 32 percent decrease from the previous month, but still a 461 percent increase from February 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 850,000 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 increased significantly since this time last year, they are still below the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “Recent statistics show that the state’s home price appreciation rate was above the national average in 2006 and that its unemployment rate remains low. These factors are likely helping to keep foreclosures lower than many other states.”

 

Alabama ranked 32nd in the country in total foreclosures for February. The state’s foreclosure rate of one foreclosure filing for every 4,373 households ranks it 38th among the 50 states.

 

Three counties account for majority of state total

Three counties accounted for 78 percent of all foreclosures in Alabama for February. Mobile County reported the highest county total, with 186 foreclosure filings for the month. Jefferson County came in second, reporting 140 foreclosure filings followed by Madison County, with 23 foreclosure filings.

 

Mobile County reports highest foreclosure rate in state

Mobile County tallied the state’s highest foreclosure rate for February, reporting one foreclosure filing for every 888 households — 4.9 times the state average. Jefferson County reported the second highest rate in the state, with one foreclosure filing for every 2,058 households — 2.1 times the state average. Shelby County reported the third highest rate, one foreclosure filing for every 3,488 households — 1.3 times the state average.

 

State contributes less than 1 percent to national total

Total foreclosure filings in Alabama accounted for less than 1 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one new foreclosure filing for every 884 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 – February 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

Alabama

3

289

0

0

157

449

4,373

0.20

n/a

 

 

 

 

 

 

 

 

 

 

Autauga

0

1

0

0

0

1

17,662

0.05

0.24

Baldwin

0

7

0

0

11

18

4,127

0.21

1.06

Barbour

0

0

0

0

0

0

n/a

0.00

0.00

Bibb

0

0

0

0

0

0

n/a

0.00

0.00

Blount

0

1

0

0

0

1

21,158

0.04

0.20

Calhoun

0

10

0

0

0

10

5,132

0.17

0.85

Chambers

0

2

0

0

0

2

8,128

0.10

0.53

Cherokee

0

0

0

0

0

0

n/a

0.00

0.00

Chilton

0

0

0

0

0

0

n/a

0.00

0.00

Clay

0

0

0

0

0

0

n/a

0.00

0.00

Cleburne

0

0

0

0

0

0

n/a

0.00

0.00

Coffee

1

0

0

0

0

1

19,837

0.04

0.22

Colbert

0

1

0

0

0

1

24,980

0.03

0.17

Conecuh

0

1

0

0

0

1

7,265

0.12

0.60

Coosa

0

0

0

0

0

0

n/a

0.00

0.00

Cullman

0

1

0

0

0

1

35,233

0.02

0.12

Dale

0

0

0

0

0

0

n/a

0.00

0.00

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

1

0

0

0

1

25,733

0.03

0.17

Etowah

0

0

0

0

0

0

n/a

0.00

0.00

Geneva

0

0

0

0

0

0

n/a

0.0

0.00

Henry

0

0

0

0

0

0

n/a

0.00

0.00

Houston

0

1

0

0

0

1

39,571

0.02

0.11

Jackson

0

2

0

0

0

2

12,084

0.07

0.36

Jefferson

2

64

0

0

74

140

2,058

0.43

2.12

Lamar

0

1

0

0

0

1

7,517

0.11

0.58

Lauderdale

0

1

0

0

0

1

40,424

0.02

0.10

Lee

0

6

0

0

0

6

8,388

0.10

0.52

Limestone

0

2

0

0

0

2

13,449

0.06

0.32

Macon

0

0

0

0

0

0

n/a

0.00

0.00

Madison

0

23

0

0

0

23

5,230

0.16

0.83

Marshall

0

0

0

0

0

0

n/a

0.00

0.00

Mobile

0

121

0

0

65

186

888

0.99

4.92

Monroe

0

1

0

0

0

1

11,343

0.07

0.38

Montgomery

0

13

0

0

2

15

6,362

0.13

0.68

Morgan

0

7

0

0

0

7

6,770

0.13

0.64

Pike

0

1

0

0

0

1

13,981

0.06

0.31

Randolph

0

0

0

0

0

0

n/a

0.00

0.00

Russell

0

4

0

0

0

4

5,708

0.15

0.76

Saint Clair

0

1

0

0

0

1

27,303

0.03

0.16

Shelby

0

12

0

0

5

17

3,488

0.25

1.25

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

4

0

0

0

4

17,787

0.05

0.24

Walker

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 construction properties, 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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