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Land Foreclosure Listings in Huntsville Declining

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By : John Cutts    99 or more times read
Land foreclosure listings in Huntsville have been declining as more property owners are able to rescue their distressed home lots and as more developers find ways to refinance their project loans.

Some online foreclosure listings do not even have foreclosed lots to offer, although they have plenty of nondistressed home lots. Those online listings that have land foreclosures contain foreclosed home lots located in residential developments like Legendwood and Brookes Landing. The ones in Brookes Landing range in price from $25,000 to a high of $1.17 million.

Nondistressed home lots also start at a low of $39,900, with many of them in the $150,000 range.

On one major online real estate website, there are currently 561 Huntsville bank owned homes for sale, with the two front-page homes priced at $76,952 and $167,158. The prices for the other foreclosures start at a low of $14,000 to a high of $3.175 million.

In April, Madison County, where Huntsville is located, posted 103 bank reo homes for sale, the fourth highest among Alabama counties. It represented 10.13 percent of the 1,017 homes that became bank owned homes in Alabama in April. The counties of Jefferson, Mobile and Baldwin posted higher REO numbers.

In May, home and land foreclosure listings in Alabama declined. A total of 1,928 filings were counted, down by a sharp 20 percent from the previous month and down by 2 percent from the May 2009 total. Compared to other states, Alabama has not been hit as hard as it has always been low on the foreclosure charts since the housing crisis started.

It ranked 37th in May, with a foreclosure rate of one filing for every 1,120 households in the state. Its rate was far below that of perennial top placer Nevada, which was one filing for every 79 homes.

In April, its rate was one filing for every 895 households, the 32nd in a ranking of state foreclosure rates.

With more improvements in the housing market, it is hoped that the pace of home and land foreclosure listings in Alabama will continue to slow down.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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