Alabama Bucks Nationwide Foreclosure Trend - WSFA.com Montgomery Alabama news.

Alabama Bucks Nationwide Foreclosure Trend

Montgomery, Al. (WSFA) --Closing the deal on a new home can be stressful.

Imagine, however, if you lost the house you'd lived in for years--all because you couldn't pay your mortgage.

That's what's happening to countless Americans.

A new report released by California-based RealtyTrac says more than 240,000 homes were foreclosed last month nationwide.

That's one foreclosure for every 519 houses.  A record high.

Here in Alabama, however, the trend goes against the grain.

"I don't know from a buyers standpoint what more you could ask for," explained Joey Long, a Montgomery realtor.

While Arizona, California, and Nevada have the most trouble, Alabama's ahead of the pack.

The state ranked 42nd in the U.S. with only 642 homes under foreclosure in April.  That's nearly a 29% drop from April 2007.

"With all the strengths we have here locally, we're just not seeing the problems that other markets are," Long said.

So why the difference here at home?

Realtors say a booming economy and strong industry help pave the way for a different trend.

Don't forget fixed rate mortgages, a popular choice for buyers here in Alabama.

"There's not a need to save an extra 1% when our average sales price is around $160,000," Long explained.

For Alabamians suffering from a slumping economy, brokers say the best way to make sure you don't lose your house is to work out a solution with your lender.

"Usually they have a whole department that handles a repayment schedule.  They don't want your house back. They want to help you stay in it," explained mortgage broker Vicki Williams.

 

Reporter:  Cody Holyoke

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