Slowdown In The Rate of Harvest Foreclosures
The first two quarters of 2008 has brought good news for homeowners in Alabama as there has been a significant slowdown in the rate of Harvest foreclosures as well as house foreclosures across the state. It is being seen as a good omen because of the fact that the rate of Alabama foreclosures fell as some of the other states saw an increase in the foreclosure rate.
By May 2008, the rate of foreclosures in Alabama had dropped by a good 25%, which is almost 22% less than what it was in April 2008. This means that the rate of Alabama foreclosures was one per 4,203 homes. On the other hand, the foreclosure rate increased nationally by 48% in May, which was 7% more than what it, was in April.
Harvest city in Alabama also saw a dip in the overall rate of foreclosure and recorded foreclosures in areas like Caroll Road, Ben mark Drive, Harvest Road, Yarbrough Road, Loneoak Drive, Farmington Drive etc. The auction price of foreclosure homes in Harvest City varies from $39,000 to $299,000 depending on the location, type, and size of the homes. Harvest foreclosures have added to the total tally of 642 foreclosed homes in the state of Alabama in April.
Most Harvest foreclosures have been caused by the increase in interest rates of adjustable rate mortgages and now homeowners unable to pay find themselves trapped in a corner. Homeowners are unable to even stop the foreclosures from taking place and as a result, there has been a high rate of foreclosures although the drop in the rate of foreclosures could be a new beginning! In the months to come, Harvest foreclosures might slowly creep up or crawl down but then that is something that homeowners will have to watch out for. At such times, a little help from the cit administration and lenders can be of great help to these ailing homeowners.
