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Foreclosed Home and Commercial Properties Listings Problems Persist

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By : John Cutts    99 or more times read
Commercial properties listings and foreclosed houses are expected to continue to pose problem on certain areas of Alabama as unemployment rates continue to post high numbers. According to real estate market analysts, majority of foreclosures in the state are caused by unemployment, particularly in areas like Calhoun County.

Foreclosed Home and Commercial Properties Listings Problems PersistThe story is true for almost all parts of the state, with properties under Auburn foreclosure auctions still numbering by the hundreds. This trend is expected to continue for most counties and cities of Alabama as state unemployment drops to 10.3% rate for June 2010. Although statewide unemployment for June dropped slightly, it is still considered high.

Aside from high numbers of foreclosed properties under home auctions in Alabama, local areas, like Calhoun County, are also facing unemployment troubles. The county's unemployment rate is pegged at 10% for June 2010. Statistics from the Alabama Department of Industrial Relations showed that the County's unemployment rate has increased from May to June.

Foreclosed properties under residential and commercial properties listings also increased in the county, with the local Probate Office reporting a county total of 117 foreclosures during the 2010 second quarter. This included 45 properties in April, 29 properties in May and a total of 43 for June. According to local analysts, this is the highest number of foreclosure recorded in the county by quarter.

The highest number of properties under listings of foreclosure houses prior to the current high of 117 was 113 which happened in the first quarter of 2010. Analysts also revealed that foreclosures first reached their peak in the county during the 2008 second quarter when the total reached 107.

Local economists have explained that the high rates of foreclosures in all parts of the country are associated with the high rates of unemployment. According to them, homeowners are unable to meet their mortgage obligations due to lack of income sources. They added that if unemployment rates remain between 9.5 and 10%, foreclosure will continue to be a major problem nationwide.

Economists have stated that the combined issue of high unemployment and a slowdown in manufacturing is contributing to the problem of foreclosure and is further increasing the number of properties under residential and commercial properties listings. This trend is expected to continue throughout the 2010 period.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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