Baldwin County Foreclosures for Sale

Although Alabama has not been hit as hard by the foreclosure crisis as many other states, the figures are still up by 15% on last month and up a staggering 233% on the same time last year. In Baldwin County, the focus for reducing the number of foreclosures has been by looking deeper into the economy and specifically employment. A study group in Baldwin County has been examining how greater research into the energy reserves in the area could create more jobs, and stimulate the local economy, thus reducing the foreclosure rate.

In the month of December there were 58 properties at some stage of the foreclosure process in Bay Minette alone, and this will be having a significant effect on the local morale of the residents. Many of these homes may be genuine bargains for property investors or even folks looking for a cheaper first home. However, be warned that many of them may be in need of serious maintenance having been on the marker for a long time, and perhaps in a poor condition.

The number of foreclosures for sale in Baldwin County is also having a wider effect on the housing market as prices are dropping by up to 30% in some parts of the County. It is difficult to sell your house when next door is lying abandoned as a result of foreclosure.

Many of Alabama’s residents are now in negative equity, around 7% in fact, which amounts to 17,713. This may sound like a lot, but in comparison the nation’s worst hit areas in Nevada and Las Vegas, it is a trifle, where negative equity accounts for nearly 48% of property owners and is a huge 291,190 houses.

It is not all bad news in Baldwin County as homeowners Randy and Cindy Balzer were recently able to hold onto their modest Township home following a close brush with repossession. They managed to renegotiate a deal with the lender Wells Fargo and secure manageable interest rate following repayment hikes that they could not afford. However, it is a bitter sweet pill as the price of the house is now $80,000 more than the original purchase price of $50,000 in addition to all the fees and penalties incurred throughout the process – at least they still have their home.

The Balzer story is not a common theme across the nation though as many millions of people suffer huge increases in monthly repayments as a result of sub-prime mortgages going sour; they are unable to meet the costs or renegotiate a deal and find themselves losing their homes.