Inside the Huntsville Foreclosures market

Huntsville in Alabama seems to be doing well when it comes to foreclosures as this small town has not seen too many foreclosures in the recent past. But that hasn’t stopped investors and first time home buyers from looking to buy Huntsville foreclosures. Auctions are still taking place in Huntsville and homes are selling cheap. The price of homes in Huntsville varies from $6,500 to $200,000. Investors can find 3-bed/1-bath, 1250sqft foreclosed homes in Huntsville for $35,000. So basically, foreclosures have opened a new market for all investors and first time homebuyers as a result of which now most people can afford to buy homes that they were earlier unable to buy.

The fact of the matter is that Huntsville foreclosures have made a contribution in the overall rate and number of foreclosures in Alabama. According to the latest reports, 520 Alabama foreclosures were reported by the end of the second quarter of 2008. This means that the rate of foreclosed homes in Alabama is one in 4057 households. This rate has definitely taken Alabama lower in the list of high foreclosures. Although Alabama is ranked 40, it has still seen a jump of 22% since last month. By the end of July, there were 774 homes in foreclosure and the rate of foreclosure increased to become one per 2,726 homes. But many experts around the country as well as in Alabama believe that the state is still better off than most of the other states in the US.

In spite of the low number of Alabama foreclosures, there are investors lining up for the foreclosure auctions. This is also the perfect time and place for first time homeowners to buy their pie of the Great American Dream!