Foreclosure Connections Blog

Saraland Foreclosures at its lowest rate since the start of the crisis

In a time when the country is showing a high growth and rapid increase in number of foreclosures; Saraland Foreclosures has taken a dip. In fact, at the end of the second quarter of 2008, Saraland doesn’t have any big numbers to show for their foreclosure. Situated in the Mobile County, Saraland has a population of 12,507 and the median household income is $38,318. Since it is a low population area in Alabama, hence there has not been too much of housing construction in the city till about now. The housing industry in Saraland, AL is expected to boom anytime in the near future. It has a good economy and strong infrastructure and offers all the basic amenities. This is one of the important reasons why investors are looking at Saraland as a future and lucrative real estate market.

The low rate of foreclosures in Saraland has contributed to the dip in Alabama foreclosures. At the end of July, 2008 Alabama is ranked 40 on the list of US States. In spite of the drop in the number of home foreclosures, the rate has jumped by 22% since June 2008. According to the latest data, the total number of foreclosures in Alabama at the end of July was 774 homes while the rate of foreclosure was one per 2,726 homes. Even though the foreclosure rate has not been affected as it has been in the rest of the country, experts feel that there might be an increase in the number of foreclosure homes in the near future. This may well mean that first time homebuyers and investors will get an opportunity to bid on these homes and buy them.