Alabama Foreclosure Activity Rises in February

Statewide filings up 8 percent from January

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,612 Alabama properties in February, an 8 percent increase from January, but still 19 percent below the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Alabama had the 32nd highest foreclosure rate in the nation, reporting one in every 1,347 housing units with a foreclosure filing in February.

Jefferson County posts top foreclosure rate and total in the state for February
 One in every 582 housing units in Jefferson County had a foreclosure filing in February — 1.1 times the national average and 2.3 times the state average — the highest foreclosure rate of all Alabama counties for the month. Jefferson County also led the state in foreclosure activity, reporting 516 properties with foreclosure filings for the month.

Mobile County had the second highest rate of one in every 702 housing units with a foreclosure filing during the month — 1.9 times the state average. Baldwin County had the third highest rate of one in every 723 housing units with a foreclosure filing during the month — 1.9 times the state average.

Mobile County had the second highest total, reporting 254 properties with foreclosure filings. Baldwin County was third, reporting 144 properties with foreclosure filings. Fourth highest was Madison County, recording 113 properties with foreclosure filings. Shelby County was fifth, tallying 89 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure activity in February
 Alabama accounted for 1 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

Alabama Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

Alabama

0

0

849

0

763

1,612

1,347

0.47

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

304

0

212

516

582

1.09

2.31

Mobile

0

0

134

0

120

254

702

0.91

1.92

Baldwin

0

0

52

0

92

144

723

0.88

1.86

Morgan

0

0

29

0

28

57

898

0.71

1.50

Shelby

0

0

45

0

44

89

910

0.70

1.48

 Alabama Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

Alabama

0

0

849

0

763

1,612

1,347

8.26

-18.59

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

304

0

212

516

582

10.49

-2.27

Mobile

0

0

134

0

120

254

702

62.82

-15.33

Baldwin

0

0

52

0

92

144

723

27.43

-18.18

Madison

0

0

58

0

55

113

1,296

9.71

-34.68

Shelby

0

0

45

0

44

89

910

-3.26

-38.62

 

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