Alabama foreclosures rise in February
After a nearly 30 percent drop in January, foreclosures were back on the rise in Alabama last month.
RealtyTrac, a national tracker of foreclosures, said 2,291 properties were reported to be in some form of foreclosure in the state in February, or one foreclosure for every 942 households.
That’s a more than 27 percent increase over January and a more than 221 percent increase over the same month a year ago, said a news release.
Nationally, foreclosures decreased by more than 2 percent over the previous month, but increased more than 6 percent over February 2009, the smallest year-over-year increase since 2006.
“This leveling of the foreclosure trend is not necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure prevention programs, legislation and other processing delays are in effect capping monthly foreclosure activity – albeit at a historically high level that will likely continue for an extended period,” said James J free online credit report. Saccacio, CEO at RealtyTrac.
RealtyTrac said more than 60 percent of the national total of properties in some form of foreclosure were in six states – California, Florida, Michigan, Illinois, Arizona and Texas.