BIRMINGHAM, Ala. (AP) - Foreclosure filings in July in Alabama jumped 73 percent over the same month a year ago, but the state still has one of the lowest foreclosure rates in the nation.
The RealtyTrac report released Thursday shows there were filings on 863 Alabama properties last month, rising 11.5 percent from June and a whopping 73 percent from July 2007. The trend may continue as more subprime adjustable rate mortgages are scheduled to reset in the second half of the year.
Despite the spike, Alabama has maintained its low foreclosure rate, ranking No. 41 with one in every 2,445 state households receiving a filing compared to one in every 464 nationwide.
Foreclosure filings across the country in July rose 8 percent from June and 55 percent from July a year ago.