Alabama Bank Foreclosure Homes for Sale Decline in Third Quarter- By: John Cutts
The number of bank foreclosure homes for sale and foreclosure activities in general declined in Alabama for the 2010 third quarter. For the July-September period, the state recorded a total of 4,972 foreclosures which translate to a ratio of one household out of every 434 being under some phase of foreclosure.
Foreclosure homes in Montgomery, AL and in almost all areas of the state recorded lower totals for the period, with the state posting a 12% decline for the third quarter when compared with the 2010 second quarter. Compared with the 2009 third quarter, the decline is over 16%.
For the month of September alone, foreclosed homes in Alabama totaled 1,596, giving the state a ratio of one household in foreclosure for every 1,352 properties. This represents a 16% drop when compared with August 2010 and translates to a 34% decline when compared with September 2009.
Foreclosed house listings in the state have fewer entries for the July-September 2010 period compared with the national foreclosure rate. In the whole U.S., foreclosure rate jumped by almost 4% compared with the second quarter of the current year. However, national foreclosure rate did record a decline of less than one percent when compared with the 2009 third quarter.
Bank foreclosure homes for sale accounted for the biggest share in foreclosure totals in Alabama. Housing market analysts explain that this is the result of the record number of real estate repossessed by banks during the month of September. Nationally, foreclosure total for September rose by around 2.5% compared with August and jumped by over 1% compared with September 2009.
Foreclosure rates in Alabama and the whole country are expected to decline further in the coming fourth quarter of the current year. Analysts are predicting that the moratorium on foreclosed property sales imposed by major lenders will be reflected in the last quarter of 2010 and probably until the first quarter of 2011.
Meanwhile, Alabama has joined other states in investigating mortgage firms' foreclosure processes. The effort is meant to look into how these firms are processing bank foreclosure homes for sale and whether the documents used are valid and legal. The investigation was launched following allegations that mortgage companies are using faulty paperwork to foreclose on properties.
Article Source :
Author Resource :
John Cutts has been educated in the finer points of the foreclosure market over 5 years.