Home foreclosures in the Birmingham area were lower in the first quarter of 2008 as compared to the first quarter of 2008. In a way this means that homeowners have been paying their monthly mortgages on time and lenders have also been able to keep their credit standards very tight. Birmingham foreclosures have been low enough to take Birmingham-Hoover metro area’s ranking to 97 in the list of 100 largest cities.
The rate of foreclosure houses in Birmingham was one per 1,187 homes while the rate in the first quarter was one per 194 homes. In the first quarter of 2008, there were 386 homes in some stage of foreclosure and this is 49% less than what it was in the last year and 24% less than what it was in the 4th quarter of 2007. Due to the lower Birmingham foreclosures and the rate of foreclosures falling in other counties and regions of Alabama, the states foreclosure rate was not too high as compared to last year.
The rate of Alabama foreclosures was quite solid as the state ranked at No. 43 in the list of US states. The rate recorded in the first quarter was one filing per 1,241 homes while the nationwide foreclosure rate was one filing per 194 homes.
According to Foreclosureconnections, a total of 1,700 homes were in some stage of foreclosure in Alabama in the first quarter itself, which is an increase of 8.2% from last year. But the truth is that this is just a small part of the national increase. It seems like the dip in Birmingham foreclosures has helped in bringing down the average rate of Alabama foreclosure. It remains to be seen whether this positive trend will continue into next year or not.
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