{"id":225201,"date":"2010-01-25T06:34:50","date_gmt":"2010-01-25T11:34:50","guid":{"rendered":"http:\/\/www.foreclosuredeals.com\/wp\/?p=4873"},"modified":"2010-01-25T06:34:50","modified_gmt":"2010-01-25T11:34:50","slug":"foreclosed-home-sale-to-step-up-in-birmingham","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/225201","title":{"rendered":"Foreclosed Home Sale to Step Up in Birmingham"},"content":{"rendered":"

Foreclosed home sale in Birmingham<\/a>, Alabama<\/a> is expected to step up in 2010 despite significant improvements in house sales in the area in October and in November and despite a slowdown in price decline rates.<\/p>\n

\"Foreclosed<\/div>\n

Birmingham analysts said that job losses and shaky consumer confidence levels will push more foreclosures this year, as shown in the rise of mortgage default rates in the last months of 2009.<\/p>\n

In November last year, the rate of pre-foreclosures<\/a> increased on a year-over-year basis. More than 7 percent of all mortgage loans in the Birmingham area were in default by three months or more, a substantial rise from only 4.6 percent in November 2008.<\/p>\n

Based on figures from First American CoreLogic, 1.65 percent of residential units in the Birmingham area were in foreclosure as of November last year, compared to the November 2008 rate of 0.84 percent.<\/p>\n

According to Birmingham real estate professionals like businessman Jim Lawrence, the housing market will never return to its boom levels in 2005 to 2008, but the Birmingham market is showing positive signs, such as increased calls, listings and contracts.<\/p>\n

The availability of cheap foreclosed homes<\/a>, the decrease in home loan rates and the federal tax credits<\/a> will encourage more people to buy homes, according to them.<\/p>\n

In November, foreclosed home sale prices pushed average prices in the area to fall by 1.7 percent from price levels in November 2008. However, the price decline slowed down significantly, as the price drop in October last year was 2.6 percent and the decline in September was 4.2 percent.<\/p>\n

Total house sales in Birmingham in 2009 hit 10,568 units, a drop of 15 percent from the total sales of 12,454 units in 2008 and a sharp drop from the record 17,533 units sold in 2006.<\/p>\n

Home sales, however, soared on a year-over-year basis in October and in November last year. October sales marked a 13-percent increase while November sales marked a 46-percent increase. December sales marked a drop of 4 percent, but real estate agents said there were a lot of sales deals that were not closed.<\/p>\n

According to Darin White, marketing professor at Samford University Brock School of Business, unsolved issues such as unemployment and the health care debate affect the moods of buyers.<\/p>\n

The jobless rate in Alabama in December climbed up to 11 percent from the November rate of 10.5 percent. As of December, 225,596 residents were unemployed, increasing the likelihood of more houses entering foreclosed home sale lists<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Foreclosed home sale in Birmingham, Alabama is expected to step up in 2010 despite significant improvements in house sales in the area in October and in November and despite a slowdown in price decline rates. Birmingham analysts said that job losses and shaky consumer confidence levels will push more foreclosures this year, as shown in […]<\/p>\n","protected":false},"author":4093,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-225201","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/225201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4093"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=225201"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/225201\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=225201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=225201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=225201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}