Alabama Foreclosures Rise for the Month of October

Statewide filings up 1 percent from September; increase 193 percent from year ago

 

Alabama reported 2,447 properties with foreclosure filings, up 1 percent from the previous month and 193 percent above the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity rose again in Alabama in October, reaching a level nearly three times what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “With unemployment running high within the state, the level of foreclosure filings is expected to worsen for the remainder of the year.”

 

One in every 873 Alabama housing units received a foreclosure filing in October, the 31st highest state foreclosure rate in the nation.

 

Baldwin County posts state’s top foreclosure rate in October

With one in every 353 housing units receiving a foreclosure filing — 1.1 times the national average and 2.5 times the state average — Baldwin County posted the highest county foreclosure rate in the state for October. Saint Clair County ranked second, reporting one in every 384 housing units receiving a foreclosure filing — on par with the national average and 2.3 times the state average. Jefferson County had the third highest rate, with one in every 429 housing units receiving a foreclosure filing — twice the state average. Fourth highest foreclosure rate was in Montgomery County, where one in every 507 housing units received a foreclosure filing during the month — 1.7 times the state average. Shelby County had the fifth highest rate in the state, with one in every 553 housing units receiving a foreclosure filing — 1.6 times the state average.

 

Jefferson County tops state in foreclosure total for October

Jefferson County led all counties, totaling 719 properties with foreclosure filings for October. Mobile County was second highest, documenting 301 properties with foreclosure filings. Reporting 288 properties with foreclosure filings for the month, Baldwin County had the third highest total in the state. Montgomery County came in fourth, reporting 201 properties with foreclosure filings, while the fifth highest total was in Madison County, where 149 properties with foreclosure filings were reported.

 

State a minor contributor to nation’s foreclosure activity in October

Alabama accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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 – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Alabama

0

0

1,740

0

707

2,447

873

0.44

n/a

 

 

 

 

 

 

 

 

 

 

Baldwin

0

0

180

0

108

288

353

1.09

2.47

Saint Clair

0

0

59

0

22

81

384

1.00

2.27

Jefferson

0

0

503

0

216

719

429

0.90

2.04

Montgomery

0

0

127

0

74

201

507

0.76

1.72

Shelby

0

0

104

0

35

139

553

0.70

1.58

 

 

Alabama Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Alabama

0

0

1,740

0

707

2,447

873

1.45

192.70

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

503

0

216

719

429

-24.00

698.89

Mobile

0

0

213

0

88

301

594

34.38

146.72

Baldwin

0

0

180

0

108

288

353

11.63

193.88

Montgomery

0

0

127

0

74

201

507

200.00

82.73

Madison

0

0

80

0

69

149

926

16.41

53.61

 

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