Alabama Foreclosures Rise in November

Filings up 39 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,754 Alabama properties in November, up 39 percent from the previous month and 28 percent above the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

“Foreclosure activity was up substantially in Alabama for both November and compared to last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 48 percent for the month. The state’s unemployment rate has risen slightly in recent months, and its home values and sales have declined further than the national average during the past year. These trends need to turn around before we see foreclosures really start to come down.”

Alabama ranked 23rd in the nation in total foreclosures for the month. Its foreclosure rate of one in every 784 housing units receiving a foreclosure filing during the month ranked it 23rd among the 50 states.

Baldwin County achieves top foreclosure rate honors in November

One in every 294 housing units received a foreclosure filing in Baldwin County in November — 1.7 times the national average and 2.7 times the state average. Mobile County reported the second highest foreclosure rate in the state with one in every 339 housing units receiving a foreclosure filing for the month — 1.5 times the national average and 2.3 times the state average. Saint Clair County came in third, with one in every 387 housing units receiving a foreclosure filing — 1.3 times the national average and twice the state average.

 

Jefferson County dominates state foreclosure activity in November

Foreclosure activity was heaviest in Jefferson County, which reported 685 properties with foreclosure filings for the month. Mobile County tallied the second highest foreclosure level, reporting 533 properties with foreclosure filings. Third highest total was in Baldwin County, where 353 properties with foreclosure filings were reported. Madison County can in fourth, reporting 335 properties with foreclosure filings. Shelby County filled out the top five for the month, reporting 150 properties with foreclosure filings.

 

State a minor contributor to nation’s foreclosure total

Alabama accounted for 1 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Alabama

0

0

1,773

0

981

2,754

784

0.63

n/a

 

 

 

 

 

 

 

 

 

 

Baldwin

0

0

187

0

166

353

294

1.67

2.67

Mobile

0

0

365

0

168

533

339

1.45

2.31

Saint Clair

0

0

54

0

27

81

387

1.27

2.02

Madison

0

0

231

0

104

335

424

1.16

1.85

Jefferson

0

0

507

0

178

685

453

1.08

1.73

 

 

Alabama Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Alabama

0

0

1,773

0

981

2,754

784

39.02

28.39

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

507

0

178

685

453

11.75

-6.55

Mobile

0

0

365

0

168

533

339

72.49

87.68

Baldwin

0

0

187

0

166

353

294

86.77

54.15

Madison

0

0

231

0

104

335

424

123.33

193.86

Shelby

0

0

63

0

87

150

526

-6.83

15.38

 

 

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