In Alabama, most areas are enjoying a relatively low number of foreclosures as of June 2010. There are no entirely unmanageable levels of residential or commercial foreclosures. There are also signs showing a decline in the number of mortgages that are delinquent by 90 days or more. When compared with national foreclosure levels, all areas, including Fairhope, AL, foreclosures are lower than national levels.
When compared to the national statistics, the foreclosed homes for sale in Montgomery, AL, and many other major cities in the state, continue to record very low numbers. At the end of June 2010, foreclosure rates in the state averaged to 1.21%, which is a minor increase from June 2009 when rates were at 1.12%. These statewide rates are still lower than the national rate of 3.06%.
The number of Alabama foreclosure homes is also not expected to record drastic increases in the coming months as delinquency rates are also down. In the Muscle Shoals region, only 3.69% of homeowners are delayed in paying their mortgages for at least three months or 90 days as of June 2010. This makes it the sixth consecutive months that the region has posted a delinquency decline from the January high of 4.4%.
Moreover, Shoals is doing well for commercial and residential foreclosures, with a local rate of 0.78%. Not since October of 2009 has the foreclosure rate been so low. The foreclosure and delinquency rates in Shoals are both far better than the national averages.
The national delinquency rate is over 8 percent at the end of June 2010, which is significantly higher that the Alabama rate of under 6. This indicated that the foreclosure home listings are not likely to grow to huge proportions anytime soon.
There are also some factors outside of the housing market that may have an impact one way or the other on Alabama’s foreclosure rate, like a dramatic jump in the price of Gasoline.
The state of Alabama is still quite stable, though the price of gas rose almost 3.5 cents for every gallon. Their government even stands to gain $5 million form bond refinancing.
Additionally, the residential and commercial foreclosure homes that are not as volatile will lead to steadier overall property prices. This is helpful to know when searching Fairhope, AL foreclosures.
Gary Lambert Jr. is a seasoned associate broker specializing in Fairhope, AL foreclosures as well as bank owned properties. Discover how you can leverage the current housing market to save thousands when you buy Fairhope, AL foreclosures.
categories: foreclosures,foreclosure,home foreclosure
|
|