State's foreclosure rate among lowest, up 92% from year ago

Alabama Foreclosure News

Article Abstract:  Alabama’s foreclosure rate increased by 73 percent in July.  This compared to the current Alabama foreclosure rate, which is reflecting an increase of 92 percent, Or an increase of 19 percent.  For the full Alabama foreclosure increase statistic please see the article below. 

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Madison County 3rd quarter sees 21% rise over 2nd

Foreclosures in Alabama remain low compared with other states', but the housing slump is still felt here.

The state had 2,173 homes at some point in the foreclosure process in the third quarter, according to RealtyTrac's U.S. Foreclosure Market Report released today. That's up 92 percent from a year earlier and 19 percent from the second quarter.

In Madison County, 177 properties were reported in some stage of foreclosure during the third quarter, compared with 10 filings in the same quarter last year and 21 in the second quarter.

Despite those increases, Alabama still can claim one of the nation's lowest foreclosure rates.

It ranked No. 45 for the third quarter, RealtyTrac said. The highest foreclosure rates in the quarter belonged to, in descending order, Nevada, California, Arizona, Florida and Colorado. West Virginia had the lowest rate.

Nationwide, foreclosure filings were reported on 765,558 U.S. properties in the third quarter. That's up 71 percent over the year-ago period but just 3.5 percent from the second quarter.

In September alone, Alabama had the ninth-lowest rate with one of every 2,915 households in foreclosure. By comparison, the U.S. average in September was one for every 475 households, and No. 1 Nevada had one for every 82 households.

Nationally, foreclosure filings in September were up 21 percent from September 2007 but down 12 percent from August.

 

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