Foreclosure Activity in Alabama Increases in July

Statewide filings up 23 percent from previous month

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,792 Alabama properties in July, up 23 percent from June, but 7 percent below the level reported for July 2010, according to the latest 2011 RealtyTrac® Foreclosure Market Report.

 

One in every 1,218 Alabama housing units received a foreclosure filing in July, the nation’s 28th highest state foreclosure rate.

 

Jefferson County posts top foreclosure rate and total for July

Jefferson County posted the top foreclosure rate in the state for July with one in every 554 housing units receiving a foreclosure filing — 1.1 times the national average and 2.2 times the state average. Jefferson County also had the highest foreclosure total, reporting 563 properties with foreclosure filings for the month.

 

Mobile County had the second highest rate for July, with one in every 573 housing units receiving a foreclosure filing — 1.1 times the national average and 2.1 times the state average. Baldwin County was third highest rate for July, with one in every 578 housing units receiving a foreclosure filing — 1.1 times the national average and 2.1 times the state average.

 

Mobile County had the second highest total, reporting 319 properties with foreclosure filings for July. Baldwin County had the third highest total, reporting 183 properties with foreclosure filings. Madison County came in fourth, tallying 158 properties with foreclosure filings. Shelby County was fifth, reporting 123 properties with foreclosure filings for July.

 

State a minor contributor to nation’s foreclosure total in July

Alabama accounted for 1 percent of the 212,764 properties with foreclosure filings reported nationwide in July. Total U.S. activity decreased 4 percent from June, and was down 35 percent from the level reported for July 2010. One in every 611 U.S. housing units received a foreclosure filing during July.

 

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure. 

 

“Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio continued. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery.” 

 

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 – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

n/a

n/a

Alabama

0

0

756

0

1,036

1,792

1,218

0.50

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

282

0

281

563

554

1.10

2.20

Mobile

0

0

140

0

179

319

573

1.07

2.12

Baldwin

0

0

47

0

136

183

578

1.06

2.11

Shelby

0

0

41

0

82

123

650

0.94

1.87

Saint Clair

0

0

18

0

21

39

815

0.75

1.49

 

 

 

Alabama Top Foreclosure Totals by County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 11

% Chg July 10

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

-4.48

-34.58

Alabama

0

0

756

0

1,036

1,792

1,218

22.91

-7.20

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

282

0

281

563

554

36.98

-5.54

Mobile

0

0

140

0

179

319

573

14.34

-14.71

Baldwin

0

0

47

0

136

183

578

17.31

-16.06

Madison

0

0

62

0

96

158

913

37.39

58.00

Shelby

0

0

41

0

82

123

650

44.71

-15.17

 

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