Alabama Foreclosures For Sale
Although the pre-war history of Alabama has been focussed on agriculture as a primary means of income generation, there has been a shift towards more heavy manufacturing and also investment by the government in military installations for the Army and US Navy. Despite Montgomery being the State capital, Birmingham is the largest city by population.
Alabama has the 41st highest number of registered foreclosures listed in the country, a figure that has increased 53% this last September compared to the same period the previous year. Perhaps this is not all bad news though, as at least this 53% figure is a 12% decrease on the preceding month. According to RealtyTrac, an organisation that has been charting the unfolding foreclosure crisis since 2007, there are 724 properties under some form of foreclosure as of September. 724 houses translate to one in every 2,915 household, which is pretty stark statistic if you live in the State.
The national average is one household in 475 being at some form of foreclosure sale point, so it is easy to see how the figures from Alabama are having a real impact on the local community. The 12%
decrease is being largely attributed to changes in State laws which have been amended in favour of the householder.
In Saccacio there new laws in place, making it compulsory for lenders to inform the homeowner 30 and 45 days in advance of any Notice of Default or foreclosure notice being issued. This is hoped to encourage more interaction between those people who are no longer able to meet their mortgage repayments, and the banks, who do not want to become de facto homeowners. One of the major reasons given for foreclosure homes becoming available as Alabama foreclosures for sale is that homeowners remain in denial of their problems of meeting repayments. Many hardworking families simply think their home cannot be taken from them and become a foreclosure for sale, so they do not proactively get in touch with their lenders to negotiate a solution before repossession.
There appears to be no real slow down in the numbers of people struggling to meet their repayments however, as these figures purely represent filings. The unemployment rate in Alabama is at 5.6%, which is the highest for nearly 5 years according to October’s figures released by the State Department. The general economic slowdown does not bode well for families trying to earn extra income in advance of the expensive holiday season that is nearly upon us. Many Alabama residents will be focussed on retaining their jobs rather than having a lavish holiday.