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Alabama figures down more than 26% since October

A new report shows the number of Alabama foreclosures was down more than 26 percent from October to November and dropped seven percent from last November.

 

In Alabama, 613 properties entered foreclosure, or one for every 3,442 households, in November, according to RealtyTrac, based in Irvine, Calif. In October, the state had 836 properties enter foreclosure, or one for every 2,524 households.

Alabama is ranked 39th among all states in foreclosure filings, including default notices, auction sale notices and bank repossessions. Properties included inRealtyTrac's count must have at least one foreclosure filing reported for the month.

Madison County reported 52 homes in foreclosure in November. The breakdown for the number of homes in foreclosure across the county was Huntsville, 27; Toney and New Market, six each; Madison and Hazel Green, four each; Harvest, two; and New Hope, Meridianville and Owens Cross Roads, one each. There were no homes in foreclosure in Gurley during November.

Nationwide, RealtyTrac recorded 259,085 properties with foreclosure filings during the month, a 7 percent decrease from the previous month but still up 28 percent from November 2007. The report also shows one in every 488 U.S. housing units received a foreclosure filing in November.

Foreclosure activity in November hit the lowest level since June, according to James J. Saccacio, CEO of RealtyTrac, because of recently enacted laws extending the foreclosure process in some states as well as more aggressive loan modification programs and self-imposed holiday foreclosure moratoriums introduced by some lenders.

"There are several indications, however, that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months," Saccacio said in the release.

RealtyTrac publishes the largest and national database of foreclosure and bank-owned properties, with more than 1.5 million properties from more than 2,200 counties across the country.

 

Article courtesy of the Huntsville Times, from staff reports

 

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