Tuesday, May 15, 2007

Defaults Up 244% In Alabama

The Birmingham Business Jopurnal reports from Alabama. "Foreclosures were still up in Alabama in April, according to RealtyTrac Inc.'s monthly market report. The foreclosure-data provider reported a total of 899 Alabama properties in some form of foreclosure. That's one for every 2,189 households, ranking Alabama 29th in the country."

"The data represents a nearly 12 percent increase over March and more than 244 percent increase over April of last year."

"'The company expects foreclosure activity to stay above last year's levels for the rest of 2007. The 'combustible mix of risky loans' taken out in the last few years - many in the subprime market, and slowing home price appreciation are not helping, he said."

"For the fourth month in a row, Nevada reported the highest foreclosure rate for the month - one for every 232 households, which is more than three times the national average, according to the report."

"Colorado had the second highest with one for every 314 households. Six out of the top 10 metropolitan cities with the highest foreclosure rates were located in California."


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