Alabama has Foreclosed Homes that Could Represent an Outstanding Deal for a New Homebuyer
Alabama foreclosures represents a smaller portion of the real estate market than in many surrounding states, like Florida and Georgia. Throughout the state of Alabama, there are only 14,000 foreclosed homes on the market with an average listed price of $114,000.
The economy of the state still has a large agricultural base. There has been an historic steel industry in and around Birmingham, as well as a growing presence in automobile production. Alabama is currently the fourth largest producer of cars in the United States with plants that make Honda, Hyundai, Mercedes, and Toyota automobiles. This shows in the unemployment rate, which has tracked remarkably close to the overall national rate for the last few years.
The foreclosure market in Alabama, while not large, does represent a fair number of homes in the overall real estate market in the U.S. The following towns show that the prices continue to fall, but the small number of foreclosure sales may have an effect on the average sale prices.
* The number of Anniston foreclosures available for sale in the market fell by 11.1 percent during the last month. The number of foreclosures available in the market is small with only 12 homes currently showing. The average price for a home in Anniston is $109,000.
* The price of Pelham foreclosures available for sale in the market fell by 17.6 percent during the last month. There are currently 115 foreclosed homes in the real estate market and the average price for foreclosures in Shelby County is $106,000. Pelham is in the Birmingham area.
* The price of Pinson foreclosures available for sale in the market fell by 22.5 percent during the last month. There are currently 93 foreclosed homes available to purchase at an average price of $109,900. Pinson is also in the greater Birmingham area.
* The price of McCalla foreclosures available for sale in the market fell by 2.68 percent during the last month. McCalla is an unincorporated part of Jefferson County and is a suburban area near Birmingham. There are currently 23 foreclosures available for purchase and the average sale price for foreclosed home in that area is $137,100.
The geography of Alabama extends from the southern end of the Appalachian Mountains in the northern end of the state to the bays and estuaries in Mobile Bay. A rich belt of dark black earth crosses the state from east to west and provides the location for much of the agricultural and farming operations that occur in Alabama.
Commonly known as “The Heart of Dixie,” Alabama has many foreclosed homes for new homeowners to review. With Alabama’s current low mortgage interest rates, buying a home there today would be in your best interest.
Find more Shelby Foreclosures
