Realtrac, sees notices of default being processed by the banks, only a small percentage of which actually result in foreclosure. So the headlines about big increases in foreclosures, may or may not presage a real increase in actual foreclosures. In the case of the Realtors who have also been reporting on foreclosures, they only see those homes that are being sold by Realtors, that have been designated as foreclosures, in fact these listings are way after the fact and may also reflect repeat listings for homes that don’t sell after they have been foreclosed…
So this report from Alabama Title Company reflects actual foreclosure deeds filed in the county. Interestingly they paint a considerably brighter picture, which I certainly hope to be a more accurate reflection of what is really happening.
From their report:
Despite recent reports that foreclosures are surging in the state, foreclosures in Jefferson and Shelby counties, as measured by the actual number of foreclosure deeds filed in those Probate offices, continue to decline, by 13 percent for the year in Jefferson County and by five percent in Shelby County. In the mortgage market, Jefferson County saw a marked increase in filings, but the number remained relatively weak compared with 2008.
Foreclosure filings in the Jefferson County Probate Office fell to 263 in September from 268 in August. Year-to-date, foreclosures in Jefferson County are down 13 percent compared with the same period in 2008.
Foreclosures declined in Shelby County from 73 in August to 36 in September. Overall, foreclosures year-todate are down nearly five percent in that county.