It has been reported that during March foreclosure activity in Alabama spiked significantly. The number of filings surged more than 200% over both the previous month and the year-ago period, according to information from mortgage research firm RealtyTrac. In March, there were 2,260 foreclosure filings across the state, a 217% rise from February and a 248% jump from March 2008. The numbers are in line with a national trend of rising foreclosure rates, as well as reports that banks have accelerated foreclosure activity against delinquent homeowners in recent weeks.
In February, the state’s foreclosure filings fell 22% from the previous month and stayed about even with the year-ago period. Yet, rising foreclosure rates are hitting states across the nation. For the first three months of 2009, foreclosure filings were reported on 803,489 U.S. properties, a 9% increase from the fourth quarter of 2008 and a 24% rise over the first quarter of 2008. For March alone, foreclosures across the nation rose 17.5% over the previous month and 46% over the year-ago period, with much of the activity in new foreclosure action. This suggests that many lenders were holding off on executing foreclosures due to moratoriums in the industry and legislative delays that have now been lifted. There were 3,669 foreclosure filings in Alabama during the first quarter, a 75% rise from the fourth quarter of 2008 and a 116% jump from the first quarter of 2008.
Source: Birmingham News
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