There are plenty of Montgomery bank owned homes for sale. Based on the listings of a major real estate seller, there are currently 1,329 foreclosed houses for sale in Montgomery, Alabama, with prices starting from just several thousand dollars.
The two foreclosure homes on the front page are priced $63,880 and $124,693. There are also 1,658 pre-owned homes for sale and the average listing price for all types of homes is $94,476.
On another property website, there are 641 foreclosed homes and 1,426 pre-owned homes in the area. The average listing price for all types is $179,638 and the price median for all homes sold in April was $95,000.
The prices of Montgomery bank owned homes for sale are also expected to plummet for some period as the BP oil spill problem is being resolved, and investors are going to take advantage of the situation and find bargains for future profitable resale deals.
Investors finding great purchase deals in bank reo foreclosures have good profit prospects, as the Montgomery area is a popular tourist destination. Its beaches, lakes, camping grounds and sites for hiking, snowboarding, backpacking, skiing, paddling, fishing, golf and whitewater adventures are great attractions.
In May, there were 239 bank owned properties in Alabama that got sold at an average sales price of $187,926, lower by 22 percent compared to the sales price of nondistressed units. Since January, a total of 1,091 units have been sold at an average sales price of $183,562, with buyers getting discounts averaging 16 percent.
A total of 1,928 foreclosure notices were filed, putting the total number of foreclosure postings since January to 10,726. Compared to other states like California, Florida and Nevada, Alabama is not as battered. It ranked 37th in May, as its foreclosure rate is much lower at one filing for every 1,120 households.
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