Alabama Foreclosure Activity Heats Up in October

Filings up from September; down from October 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,981 Alabama properties in October, a 24 percent increase from the previous month, but down 19 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity heated up in Alabama in October to a level well above the previous month, though it remained below the level reported a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state is below the national average and continues to improve, recently falling to 8.9 percent. If improvements to Alabama‘s job market continue, it’s reasonable to expect foreclosure levels to decrease heading into 2011.”

 

One in every 1,090 Alabama housing units received a foreclosure filing in October, the 38th highest state foreclosure rate in the nation.

 

Shelby County posts state’s top foreclosure rate for October

One in every 490 housing units received a foreclosure filing in Shelby County during October — 2.2 times the state average, the highest county foreclosure rate in the state for the month. Jefferson County registered the second highest rate, with one in every 507 housing units receiving a foreclosure filing during the month — 2.2 times the state average. Baldwin County was third highest, with one in every 549 housing units receiving a foreclosure filing — twice the state average.

 

Jefferson County led the state in foreclosure activity for October

Jefferson County had the top foreclosure total for all Alabama counties, reporting 613 properties with foreclosure filings for the month. Mobile County tallied the second highest foreclosure level in the state, reporting 309 properties with foreclosure filings. Third highest total was in Baldwin County, where 189 properties with foreclosure filings were reported. Fourth highest was Shelby County, where 161 properties with foreclosure filings were reported. Madison County was in fifth, tallying 150 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

Alabama accounted for 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Alabama

0

0

1,201

0

780

1,981

1,090

0.36

n/a

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

102

0

59

161

490

0.79

2.22

Jefferson

0

0

472

0

141

613

507

0.77

2.15

Baldwin

0

0

125

0

64

189

549

0.71

1.98

Mobile

0

0

177

0

132

309

585

0.66

1.86

Marshall

0

0

41

0

7

48

798

0.49

1.36

 

 

Alabama Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Alabama

0

0

1,201

0

780

1,981

1,090

24.12

-19.04

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

472

0

141

613

507

52.49

-14.74

Mobile

0

0

177

0

132

309

585

18.85

2.66

Baldwin

0

0

125

0

64

189

549

-18.88

-34.38

Shelby

0

0

102

0

59

161

490

-4.17

15.83

Madison

0

0

53

0

97

150

946

85.19

0.67

 

 

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