River Region Real Estate Escapes Housing Crisis Pain So Far - WSFA.com Montgomery Alabama news.

River Region Real Estate Escapes Housing Crisis Pain So Far

MONTGOMERY, AL (WSFA) - We begin our story at the Ryan Ridge subdivision off Chantilly Parkway in east Montgomery.

Realtor William Fain calls this neighborhood a microcosm of what's going on in the River Region, averaged priced homes range from $150,000 to $160,000, and according to Fain, houses are selling and builders are building, just not as fast as say a year or so ago.

In short Fain isn't closing as many deals as he would like.

"We've definitely felt the affects," said Fain.

While many parts of the country are still suffering through a horrific housing slump due to the sub-prime mess, the River Region seems to have escaped the pain.

"We're actually seeing investors taking a look. You've got the military, state government and Hyundai," said Fain.

There is another reason. Alabama is a conservative state and lenders didn't dabble in exotic loans.

"Those programs never arrived here and I think it's paid off," said Vicki Williams of Anchor Mortgage Services, Inc.

While the housing market in the River Region may not be going through the roof, Fain says it sure beats the alternative; a total collapse.

As of last month, more than 3,000 homes were on the market through the River Region.

Reporter: Bryan Henry

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