Alabama Foreclosures Up in 2010

Foreclosure filings rise 5 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 20,869 Alabama properties for 2010, up 5 percent from a year ago and 169 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 1,953 Alabama properties in December 2010, a 29 percent decrease from November and 23 percent below the level reported in December 2009. One in every 1,105 Alabama housing units received a foreclosure filing during the month.

 

“Foreclosure activity jumped up in Alabama in 2010 to a level slightly above what was reported for 2009 and well more than double what was reported for 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state continued to rise moving into the end of 2010 as well, recently hitting 9.1 percent and leaving many struggling residents unsettled as to what 2011 may bring.”

 

One in every 103 Alabama housing units received a foreclosure filing in 2010, the 33rd highest state foreclosure rate in the nation for the year.

 

Baldwin County posts state’s top foreclosure rate in 2010

Baldwin County posted the highest foreclosure rate in Alabama in 2010, with one in every 44 housing units receiving a foreclosure filing — 2.4 times the state average. Jefferson County came in second, with one in every 52 housing units receiving a foreclosure filing in 2010 — twice the state average. The next highest was Mobile County, where one in every 56 housing units received a foreclosure filings during the year — 1.9 times the state average.

 

Jefferson County led the state in foreclosure activity in 2010

Jefferson County led Alabama in foreclosure activity, reporting 6,023 properties with foreclosure filings. Mobile County had the second highest total, with 3,242 properties with foreclosure filings. Baldwin County was third highest, reporting 2,371 properties with foreclosure filings for the year. Madison County came in fourth, tallying 1,500 properties with foreclosure filings. Fifth highest total for the year was in Montgomery County, where 1,411 properties with foreclosure filings were reported.

 

State a minor contributor to total foreclosure activity in 2010

Alabama accounted for 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Alabama

0

0

10,289

0

10,580

20,869

103

0.43

n/a

 

 

 

 

 

 

 

 

 

 

Baldwin

0

0

929

0

1,442

2,371

44

1.03

2.36

Jefferson

0

0

3,837

0

2,186

6,023

52

0.87

2.01

Mobile

0

0

1,453

0

1,789

3,242

56

0.81

1.85

Shelby

0

0

585

0

794

1,379

57

0.79

1.81

Saint Clair

0

0

146

0

334

480

65

0.69

1.58

 

 

Alabama Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Alabama

0

0

10,289

0

10,580

20,869

103

4.89

168.79

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

3,837

0

2,186

6,023

52

-4.14

351.84

Mobile

0

0

1,453

0

1,789

3,242

56

27.84

85.15

Baldwin

0

0

929

0

1,442

2,371

44

9.72

199.37

Madison

0

0

571

0

929

1,500

95

10.95

97.37

Montgomery

0

0

439

0

972

1,411

73

-3.82

82.77

 

 

 

Alabama Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Alabama

0

0

1,305

0

648

1,953

1,105

0.45

n/a

 

 

 

 

 

 

 

 

 

 

Shelby

0

0

164

0

49

213

371

1.35

2.98

Baldwin

0

0

169

0

95

264

393

1.27

2.81

Mobile

0

0

253

0

121

374

484

1.04

2.29

Madison

0

0

202

0

54

256

554

0.90

1.99

Montgomery

0

0

50

0

86

136

759

0.66

1.46

 

 

Alabama Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Alabama

0

0

1,305

0

648

1,953

1,105

-29.08

-22.71

 

 

 

 

 

 

 

 

 

 

Mobile

0

0

253

0

121

374

484

-29.83

9.04

Jefferson

0

0

247

0

75

322

965

-52.99

-59.80

Baldwin

0

0

169

0

95

264

393

-25.21

-0.38

Madison

0

0

202

0

54

256

554

-23.58

53.29

Shelby

0

0

164

0

49

213

371

42.00

180.26

 

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