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Alabama Foreclosure Rate

Alabama Foreclosure Rate remains low with slight increase as compare to the last year. Real Estate Market News are now showing some positive signs, which has given hope to many homeowners who are in the marsh of foreclosure. Madison county has been facing foreclosure more than any other county or city in the state. Although there has been growth in the foreclosure rate, yet the state of Alabama remained at the lowest as compare to other states in US. State of Nevada is in the most hapless condition. After which comes, Florida, Georgia, Tennessee and Mississippi. The state of West Virginia in terms of foreclosure rates is the most advantageous with lowest number of foreclosures, one in every 20,414 households.

Alabama Foreclosure Rate: Current Trend

The research done by the University of Alabama at Birmingham (UAB) also shows some growth in mortgage foreclosure rate. But the rates will remain more or less steady for a year. Growth in the rate is attributed to the fact that there are many home loans that are going with adjustable rate mortgage and other risky loan for which the monthly payment has increased. This has led to the growth in number of foreclosures as home loan seekers are now facing trouble in making the increased payment.

In Alabama there are around 2,173 homes that are in one or other stage of foreclosure process. With recession in the economic market, Alabama foreclosure rate is expected to drop further.

But to stop this, Government and private agencies are making all sorts of efforts. In this arena, the US Department of Housing and Urban Development and HOPE are doing great jobs. They have set many Counseling agencies in the state that are associated with HUD and provides counseling during each and every phase of foreclosure, home buying, selling etc. With this the Alabama foreclosure rate has dropped further.

Along with this, to further handle the situation, private lenders are helping their customer by modifying mortgage loans. In this many adjustable rate mortgages are now converted in fixed rate mortgage. These tremendous efforts have helped to control Alabama foreclosure rates further. Along with this many suggestions by scholars in the fields are pouring in to get rid of the bad loans as soon as possible so that Alabama foreclosure rate can be bought down.

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