Alabama Foreclosure Activity Rises in October

Statewide filings up 47 percent  from September

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — rose in Alabama, where  2,222 properties were reported in October, a 47 percent increase from September  and 12 percent above the level reported for October 2010, according to the latest RealtyTrac® U.S.  Foreclosure Market Report.

Alabama had the 25th highest foreclosure  rate in the nation, reporting one in every 982 housing units with a foreclosure  filing in October.

Jefferson County posts top foreclosure rate and  total in the state for October
  One in every 439 housing units in Jefferson County  had a foreclosure filing in October — 1.3 times the national average and 2.2  times the state average — the highest foreclosure rate of all Alabama counties for the month. Jefferson County also led all counties in total  foreclosure activity, reporting 711 properties with foreclosure filings for the  month.

Shelby County had the second highest rate of one  in every 592 housing units with a foreclosure filing during the month — on par  with the national average and 1.7 times the state average. Mobile County  had the third highest rate of one in every 610 housing units with a foreclosure  filing — 1.6 times the state average.

Mobile County had the second highest total activity, reporting 300  properties with foreclosure filings. Madison County was third, reporting 158  properties with foreclosure filings. Fourth highest was Baldwin County, recording  151 properties with foreclosure filings. Shelby County was fifth highest, tallying  135 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure  activity in October
  Alabama accounted for 1 percent of the 230,678  properties with foreclosure filings reported nationwide in October. Total U.S. activity  increased by more than 7 percent from September, but was down nearly 31 percent  from the level reported in October 2010. One in every 563 U.S. housing units received  a foreclosure filing during the month.

“The October foreclosure numbers continue to show strong signs that  foreclosure activity is coming out of the rain delay we’ve been in for the past  year as lenders corrected foreclosure paperwork and processing problems,” said  James Saccacio, chief executive officer of RealtyTrac. “However, recent state  court rulings and new state laws keep changing the rules of the foreclosure  game on the fly, creating more uncertainty in the housing market and  threatening to prolong the road to a robust real estate recovery.”

 

                         Alabama Top Foreclosure Rates By County – October 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

n/a

n/a

Alabama

0

0

1,298

0

924

2,222

982

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

408

0

303

711

439

1.28

2.24

Shelby

0

0

77

0

58

135

592

0.95

1.66

Mobile

0

0

143

0

157

300

610

0.92

1.61

Baldwin

0

0

77

0

74

151

701

0.80

1.40

Montgomery

0

0

73

0

59

132

784

0.72

1.25

 Alabama Top Foreclosure Totals by County – October 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sep 11

% Chg Oct 10

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

7.36

-30.55

Alabama

0

0

1,298

0

924

2,222

982

47.35

12.17

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

408

0

303

711

439

53.23

15.99

Mobile

0

0

143

0

157

300

610

19.05

-2.91

Madison

0

0

70

0

88

158

913

28.46

5.33

Baldwin

0

0

77

0

74

151

701

4.14

-20.11

Shelby

0

0

77

0

58

135

592

39.18

-16.15

 

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