ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL- 11/03/2011

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 11/03/2011

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE

These are Single Family Homes ‘Active’ on the Birmingham MLS. These homes

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Foreclosures continued to plague the U.S. housing market last quarter, while a a growing backlog has caused the length of the foreclosure process to drag on and on.Nationwide, foreclosure filings totaled 610,337 in the third quarter, an increase of less than 1% from the previous quarter, said RealtyTrac, an online marketplace for foreclosed properties.”This marginal increase in overall foreclosure activity was fueled by a 14% jump in new default notices, indicating that lenders are cautiously throwing more wood into the foreclosure fireplace after spending months spent trying to clear the chimney of sloppily filed foreclosures,” he said.

Month-over-month, there were fewer foreclosures. Nationwide filings totaled 214,855 in September, a decrease of 6% from August and a 38% decrease from September, 2010. “While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up.”

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

Meanwhile, the time it takes to process foreclosures continued to grow. During the third quarter, once a bank began the foreclosure process it took an average of 336 days to complete, according to RealtyTrac. That’s up from a nationwide average of 318 days during the second quarter. It’s also the longest average foreclosure period going back to the first quarter of 2007, before the housing crisis began.

In Alabama, depending on the timing of the various required notices, it usually takes approximately 60-90 days to effectuate an uncontested non-judicial foreclosure. This process may be delayed if the borrower contests the action in court, seeks delays and adjournments of sales, or files for bankruptcy. The laws that govern foreclosures are contained in Alabama Code (1975) Foreclosure sales are covered in Title 35 (Property) Articles 1, 1A, 2, 3 §35-10-1 et. seq. (Powers Contained in Mortgages, Foreclosure by Power of Sale). To view these statutes on the Web, you can visit:http://alisdb.legislature.state.al.us/acas/ACASLogin.asp
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