ALABAMA FORECLOSURES INCREASE 40 PERCENT IN SEPTEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 196 Percent From a Year Ago

 

IRVINE, Calif. – Oct. 11, 2006 – Alabama reported 529 properties entering some stage of the foreclosure process, a 40 percent gain from the 379 properties reported in August, and a 196 percent increase from the 179 properties reported for the same month last year, according to the RealtyTrac™ September 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

“Despite economic growth within the state, Alabama‘s personal bankruptcy filings remain high,” said James J. Saccacio, chief executive officer of RealtyTrac. “In addition, property insurance costs are still elevated for homeowners following Hurricane Katrina in August 2005, especially along Alabama‘s coastal region where some insurance carriers are actually refusing to cover properties at all.”

 

Alabama ranked 28th in the country in total foreclosures reported for September. The state’s foreclosure rate of one new foreclosure filing for every 3,712 households — well below the national average — ranks it 32nd among the 50 states.

 

Jefferson County tops in foreclosure activity

Jefferson County had the largest share of the state’s foreclosure activity for September, reporting 354 properties entering some stage of the foreclosure process. Mobile County had the second highest total, reporting 61 properties entering some stage of foreclosure. Third highest was Montgomery County, reporting 20 properties in foreclosure.

 

Highest foreclosure rate reported in Jefferson County

Jefferson County also posted the state’s highest foreclosure rate in September, with one new foreclosure filing for every 814 households — 4.6 times the state average and 1.3 times the national average. Reporting one new foreclosure filing for every 2,707 households — 1.4 times the state average — Mobile County had the second highest foreclosure rate in the state.

 

Alabama has minor impact on national total

Alabama‘s foreclosure activity accounted for less than 1 percent of the 112,210 properties entering some stage of foreclosure nationwide in September. The national total represents an almost 1 percent decrease in activity from the 113,300 foreclosures reported in August. The national foreclosure rate increased to one new foreclosure filing for every 1,030 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

   

                   Alabama Foreclosure Market by County – September 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

25,379

43,840

6,285

19,338

17,368

112,210

1,030

Alabama

0

297

0

0

232

529

3,712

0.28

 

 

 

 

 

 

 

 

 

 

Autauga

0

0

0

0

0

0

0.00

0.00

Baldwin

0

4

0

0

6

10

7,429

0.14

0.50

Barbour

0

0

0

0

0

0

0.00

0.00

Bibb

0

0

0

0

0

0

0.00

0.00

Blount

0

0

0

0

0

0

0.00

0.00

Bullock

0

0

0

0

0

0

0.00

0.00

Calhoun

0

4

0

0

0

4

12,831

0.08

0.29

Cherokee

0

0

0

0

0

0

0.00

0.00

Chilton

0

0

0

0

0

0

0.00

0.00

Clarke

0

0

0

0

0

0

0.00

0.00

Cleburne

0

0

0

0

0

0

0.00

0.00

Coffee

0

1

0

0

0

1

19,837

0.05

0.19

Colbert

0

2

0

0

0

2

12,490

0.08

0.30

Conecuh

0

1

0

0

0

1

7,265

0.14

0.51

Coosa

0

0

0

0

0

0

0.00

0.00

Crenshaw

0

0

0

0

0

0

0.00

0.00

Cullman

0

1

0

0

0

1

35,233

0.03

0.11

Dale

0

1

0

0

0

1

21,779

0.05

0.17

Dallas

0

2

0

0

0

2

10,225

0.10

0.36

De Kalb

0

1

0

0

0

1

28,051

0.04

0.13

Elmore

0

0

0

0

0

0

0.00

0.00

Etowah

0

1

0

0

0

1

45,959

0.02

0.08

Franklin

0

0

0

0

0

0

0.00

0.00

Geneva

0

0

0

0

0

0

0.00

0.00

Henry

0

1

0

0

0

1

8,037

0.13

0.46

Houston

0

4

0

0

0

4

9,893

0.10

0.38

Jackson

0

2

0

0

0

2

12,084

0.09

0.31

Jefferson

0

142

0

0

212

354

814

1.27

4.56

Lauderdale

0

1

0

0

0

1

40,424

0.03

0.09

Lee

0

2

0

0

0

2

25,165

0.04

0.15

Limestone

0

1

0

0

0

1

26,897

0.04

0.14

Lowndes

0

0

0

0

0

0

0.00

0.00

Macon

0

0

0

0

0

0

0.00

0.00

Madison

0

16

0

0

0

16

7,518

0.14

0.49

Marion

0

2

0

0

0

2

7,208

0.14

0.51

Marshall

0

1

0

0

0

1

36,331

0.03

0.10

Mobile

0

60

0

0

1

61

2,707

0.38

1.37

Montgomery

0

19

0

0

1

20

4,772

0.22

0.78

Morgan

0

7

0

0

0

7

6,770

0.15

0.55

Randolph

0

0

0

0

0

0

0.00

0.00

Russell

0

1

0

0

0

1

22,831

0.05

0.16

Saint Clair

0

0

0

0

8

8

3,413

0.30

1.09

Shelby

0

15

0

0

3

18

3,295

0.31

1.13

Talladega

0

0

0

0

1

1

34,469

0.03

0.11

Tallapoosa

0

1

0

0

0

1

20,510

0.05

0.18

Tuscaloosa

0

3

0

0

0

3

23,716

0.04

0.16

Walker

0

1

0

0

0

1

32,417

0.03

0.11

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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