Buying foreclosure homes is a great option for people who want to buy good houses but do not have the budget required to buy a property of their liking. It is a true fact that most of us like things that are generally beyond our budget, be it clothes, cars or homes. However, the recent trend of foreclosures in the country has made it possible for a large number of people to buy good homes at a discount of at least 20% to 40%. At the same time, the increasing rate of foreclosures in the country is a warning to all those who aspire to buy houses whose repayment might prove to be tough with even a slight change in the status quo like a prolonged illness or an accident.
Therefore, if you are planning to buy a house, then the first thing you should do is to consider buying a foreclosed property because it generally sells for much cheaper than its actual rate. And if you are planning to buy a foreclosed property in Alabama, then you better move fast, because this is one of the few states in the country where foreclosure rates are going down.
The number of Alabama foreclosures has never been very high to begin with. Most south western states have much higher foreclosure rates and while California and Florida are among the top five states with the maximum number of foreclosures, Alabama, which ranked 31st in 2007 now ranks as the 43rd state when it comes to the number of homes being put up for foreclosures. The only places in Alabama where the rate of foreclosures is showing no signs of going down are Baldwin and Mobile counties.
Compared to last year, the number of Alabama properties that are up for foreclosure has gone down by more than 20%. While this is good news for the economy in general and home owners in particular, it does not bode well for homebuyers who will now find a lesser number of discount properties being put up for sale.
When compared to the national real estate market figures where 1 out of every 538 properties is foreclosed, only 1 property out of 3,251 in Alabama is a foreclosure. Simply put , it means that there are very few foreclosure properties in Alabama and if you want to buy one, then you better make a move before the number of Alabama foreclosures goes down even more.
Therefore, if you are planning to buy a house, then the first thing you should do is to consider buying a foreclosed property because it generally sells for much cheaper than its actual rate. And if you are planning to buy a foreclosed property in Alabama, then you better move fast, because this is one of the few states in the country where foreclosure rates are going down.
The number of Alabama foreclosures has never been very high to begin with. Most south western states have much higher foreclosure rates and while California and Florida are among the top five states with the maximum number of foreclosures, Alabama, which ranked 31st in 2007 now ranks as the 43rd state when it comes to the number of homes being put up for foreclosures. The only places in Alabama where the rate of foreclosures is showing no signs of going down are Baldwin and Mobile counties.
Compared to last year, the number of Alabama properties that are up for foreclosure has gone down by more than 20%. While this is good news for the economy in general and home owners in particular, it does not bode well for homebuyers who will now find a lesser number of discount properties being put up for sale.
When compared to the national real estate market figures where 1 out of every 538 properties is foreclosed, only 1 property out of 3,251 in Alabama is a foreclosure. Simply put , it means that there are very few foreclosure properties in Alabama and if you want to buy one, then you better make a move before the number of Alabama foreclosures goes down even more.
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