Alabama Foreclosures

The Deep South is usually thought of as an economically depressed area and as such, most folks don’t think about the people in this area being hit hard by the recent economic issues plaguing our country. Quite honestly, nothing could be farther from the truth. The southern states have not been spared the crisis. In fact the foreclosures in Alabama are as bad as they are everywhere else.

The main difference here, as it is in the other southern states, is that the economy has been bad a lot longer so things have been sliding here longer so there were a lot of problems before the current crash.

In early February of 2009 the filings for foreclosure were up a staggering fifty eight percent from January of 2008 and in January of 2009 alone one in every 2,323 properties in Alabama were in one form of foreclosure or another. That means that in January alone over nine hundred houses fell into foreclosure in the state.

While the overall numbers are not that bad, the percentage is what is shocking here. Many of these homes were family residences where the owners had gotten mortgages to cover other bills and then due to job or other income loss had to be surrendered to the bank.

Sadly, this is a story that is resounding across the country and is not singled out to just the State of Alabama alone. And there appears to be no slow down in the numbers in the foreseeable future and some predictions even say that the southern states may even join California and some others in the triple digit foreclosure range.

Most of the residents of the state are in fear of losing the homes they have lived in their entire lives due to the current state of the economy in our country.