Alabama Foreclosures Decrease Slightly in August

Foreclosure activity in Alabama fell 5 percent in August to 1,983 properties with foreclosure filings, 140 percent above the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity slowed down slightly in Alabama in August, though, as in many states, it remained more than double the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the Yellowhammer State is now at 10.4 percent – it’s highest in 25 years – which has directly affected the state’s upward foreclosure trend over the past year.”

 

One in every 1,078 Alabama housing units received a foreclosure filing in August, the 32nd highest foreclosure rate in the nation.

 

Baldwin County posts state’s top foreclosure rate in August

With one in every 448 housing units receiving a foreclosure filing — 2.4 times the state average — Baldwin County posted the highest county foreclosure rate in the state for August. Jefferson County had the second highest rate, with one in every 462 housing units receiving a foreclosure filing during the month — 2.3 times the state average. Third highest rate was documented in Shelby County, where one in every 526 housing units received a foreclosure filing — 2.1 times the state average.

 

Jefferson County leads the state in foreclosure totals for August

Jefferson County tallied the highest activity level in the state for August, tallying 667 properties with foreclosure filings. Mobile County had the second highest total of foreclosure filings, documenting 316 properties with foreclosure filings. Reporting 227 properties with foreclosure filings for the month, Baldwin County reported the third highest total in the state. Shelby County was fourth highest, reporting 146 properties with foreclosure filings, while the fifth highest total was reported in both Madison and Montgomery counties, each documenting 130 properties with foreclosure filings for the month.

 

State a minor contributor to the nation’s foreclosure activity in August

Alabama accounted for less than 1 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units received a foreclosure filing during the month.

 

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 Top Foreclosure Rates By County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Alabama

30

0

1,523

0

430

1,983

1,078

0.33

n/a

 

 

 

 

 

 

 

 

 

 

Baldwin

5

0

144

0

78

227

448

0.80

2.40

Jefferson

5

0

623

0

39

667

462

0.77

2.33

Shelby

3

0

96

0

47

146

526

0.68

2.05

Mobile

5

0

188

0

123

316

566

0.63

1.90

Saint Clair

0

0

26

0

21

47

662

0.54

1.63

 

 

Alabama Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Alabama

30

0

1,523

0

430

1,983

1,078

-4.76

139.78

 

 

 

 

 

 

 

 

 

 

Jefferson

5

0

623

0

39

667

462

26.81

247.40

Mobile

5

0

188

0

123

316

566

-17.92

112.08

Baldwin

5

0

144

0

78

227

448

29.71

284.75

Shelby

3

0

96

0

47

146

526

0.00

204.17

Madison

6

0

71

0

53

130

1062

-31.22

195.45

Montgomery

2

0

91

0

37

130

785

-38.10

66.67

 

 

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