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Sales of Government Home Foreclosures and Non-Foreclosures Rose in AL

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By : John Cutts    99 or more times read
Sales of residential properties, including government home foreclosures, increased in some areas of Alabama during January 2011 when compared with the same 2010 month. Prices also improved in certain areas, with Madison County recording increases in both sales and median selling prices.

Foreclosures in Montgomery and in the rest of the state have remained high last year, resulting in lower selling prices for most of the state's local markets. However, 2011 is starting to be a good year for some areas, particularly for Huntsville and the rest of the Madison County market. Sales of housing units increased in the region by 10.97% last month compared with January 2010, based on data issued by the Huntsville Area Association of Realtors.

Foreclosed homes for sale in Alabama, just like in other U.S. regions, are being sold at heavily discounted prices, which results in lower selling prices for most of the local markets. Madison, however, started the current year with a rise in median selling price. Single family dwellings in Madison sold for a median rate of $175,000 last month, representing an increase of 4.17% from the same 2010 month.

But month-over-month sales and price figures declined, showing that bank and government home foreclosures still affect the market in a big way. Sales in the region declined by 2.23% last month when compared with December 2010, while median selling rates also posted lower figures over the same two-month period. Despite the month-over-month decline, local realtors are optimistic that the area's housing market is on the right track for the rest of 2011.

According to realtors, they feel optimistic about the rest of the current year, based on the strong start of the housing market. Most of them expect a steady growth in housing sales and median prices for most of the year in Huntsville and in the rest of the Madison County region, even for foreclosure sale.

Realtors further stated that data for the first month showed that the area has weathered the housing and economic downturns well. Although bank and government home foreclosures are projected to continue to be at high levels this year, local analysts believe that Madison's housing industry will be in a better position than other U.S. markets.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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