Foreclosures slow in Alabama, more bumps ahead - WSFA.com Montgomery Alabama news.

Foreclosures slow in Alabama, more bumps ahead

MONTGOMERY, Ala. (AP) - The increase in foreclosures in Alabama slowed during the first half of the year. But attorneys handling foreclosures say this doesn't mean the mortgage crisis is ending.

Kenneth Lay at Legal Services Alabama says the state has plenty of bumpy days ahead -- maybe 18 months -- before it can declare the mortgage crisis over. The slowdown apparently relates to the willingness of banks and other lenders to work with buyers who are having trouble making payments.

RealtyTrac, a company that follows foreclosures, says during the first six months of this year, 3,529 homes in Alabama were in some stage of foreclosure. That's up 10.1 percent from the 3,203 Alabama homes that were in foreclosure during the first half of 2007.

About one of every 600 homes in Alabama, or 16.7 percent of 1 percent, were in foreclosure during the first six months of this year.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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