Foreclosures - New News for Some Local Markets

Our local market has been somewhat of a blessing over the last 2 years. As we watched many other markets around the country experience major increases in foreclosure activity and the inevitable weaker average pricing that follows. Our local Huntsville Alabama Real Estate Market remained stable and had one of the lowest foreclosure rates in the country.

The reason we felt, was the strength of our local economy which was receiving recognition time and time again from the likes of Forbes Magazine, etc, as one of the top places in the country to weather the economic downturn. True our economy is a very good one and will continue growing strongly into 2012 due to defense department BRAC job relocations.

However even with a large number of high paying jobs coming into the area, many of those that are relocating won’t be buying new homes until their homes sell and they are coming from DC, California, Colorado, etc,  where the real estate market is much worse than our own.

Then recently over the last quarter of the year things have really changed and RealtyTrac reported an 80% increase in local foreclosures year-over-year. While their comments attributed the quarter’s large increase to the end of an industry moratorium on foreclosing, it looks like at least for our local market things are going to get worse before they get better. …More information on this increase can be found here:  Huntsville Foreclosures.

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