Last January, residential and commercial foreclosed properties for sale in Alabama dropped. There was one filing out of 1,329 homes and only 1,642 homes entered some stage of foreclosure during the said month.
Compared to January 2009, the volume of foreclosed homes in Alabama declined by 16 percent. Meanwhile, foreclosures nationally increased by about 1 percent in December and declined by 17 percent for the same month the previous year.
Based on the figure, it is the third straight month that the number of filings, which include residential and commercial foreclosed properties for sale, was below 300,000. It actually followed a 20-month streak wherein filings exceeded 300,000.
Although many are hopeful that the decline in filings could mean a sign that the housing market is recovering from the foreclosure crisis, which resulted to many foreclosed homes in Birmingham and other Alabama cities, it is likely that it is a result of lenders checking their foreclosure procedures, scrutinizing paperwork and defending themselves against allegations of illegal foreclosures.
Last year, several banking giants decided to impose a foreclosure moratorium to review their foreclosure procedure. There was the discovery of robo-signers, which are employees who sign foreclosure-related documents without reviewing them, increasing the chances of legal mistakes and irregularities. Some of the banks resumed with their foreclosure filings after determining there were no such mistakes made.
For the month of January, Nevada, California and Arizona continue to dominate the list of highest foreclosures rate, which means they all have large volumes of repossessed homes for sale. Bargain hunters would have a field day with how affordable a foreclosure property for sale is in these states.
On the other hand, residential and commercial foreclosed properties for sale in Florida, Michigan, Arizona, Texas and California accounted for half of the total number of foreclosure filed.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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