I am pleased to present what I believe to be the best local foreclosure data. Unlike the national “foreclosure filing” data which represents delinquent loans which may or may not result in an actual foreclosure, that is most often reported, this is real foreclosure data, filed at the courthouse, from actual transactions reported on a consistent basis and timely basis. We were pleased to help Alabama Title with presentation ideas for this data.
Key Points for the Month (August 2009)
Jefferson County foreclosures rose in July to 430 from 277 the prior month. In August 268 foreclosures were filed. Overall, foreclosures year-to-date are down 15.2 percent in Jefferson County.
Shelby County: Shelby County foreclosures jumped from 57 in July to 73 in August. However, year-todate foreclosures are down slightly by two percent. Generally, Shelby County foreclosure numbers have remained more stable than those of Jefferson County.
Despite a mini-surge in foreclosures in Jefferson County in early August, the real news for the month is the continued decline of mortgage activity. Despite a short boom in refinances during the first quarter of the year, mortgage filings fell to their lowest level since December 2008, when credit markets faltered after a series of large corporate failures.
Mortgage filings typically decrease in the Fall reflecting the seasonality of the housing market. However, the steep decline over last year’s numbers – absent a decrease in interest rates such as occurred last December – does not bode well for the mortgage market.
via: The Alabama Title Company Mortgage and Foreclosure Report Sept 24, 2009