Lenders,Continue,Initiate,Fore business, insurance Lenders Continue to Initiate Foreclosure Process in Alabama
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A big number of lenders continued initiating foreclosure processcases against properties in Alabama last year. Several local markets inthe state recorded foreclosure rate increases, while mortgagedelinquencies also surged in most areas. Unemployment was cited as theprimary factor behind the surge in foreclosures.Foreclosure listings in Montgomeryand in other cities of Alabama increased last year, but one area thatposted one of the biggest increases in foreclosure rate in the statewas Mobile. The metro area's foreclosure rate in 2010 was 1.79%, up 28%compared with the 2009 rate. One household out of every 56 housingunits was under foreclosure in Mobile in 2010. According to housingmarket observers, the increase was largely due to high unemploymentlevels.More properties were included in Alabama Foreclosure Listingslast year as the economy of the region took a beating after industrieslike construction and real estate declined. In Mobile, job lossesincreased in 2010 as the Gulf oil spill affected the fish and seafoodbusiness. The metro region's unemployment rate was 10.1% as of November2010, but it surged to 12.6% during the start of last year. This was ahuge jump, given that the unemployment rate of the city three yearsearlier was less than 3%. Economists stated that the impact of the foreclosure process andthe recession has hit Mobile later than other metro regions in the U.S.However, they stated that things have started to get better by the endof 2010 as hiring activities had started to escalate at that time. Theyrevealed that the ship building market is contributing to job creationas well as the development of a steel factory estimated to be worthmore than $5 billion.Foreclosed homesare still relatively higher than other key markets of Alabama, butoverbuilding has been stopped and supply is starting to get level withdemand. However, the new home building market is still down, whichresulted in major job losses for construction employees. Analysts expect more foreclosure process to be initiated againstproperties in 2011 as delinquencies started rising again last year.Mobile was ranked 92nd in 2010 among 206 metropolitan areas in the U.S.in terms of foreclosure rate. Article Tags: Foreclosure Process, Last Year, Foreclosure Rate
Lenders,Continue,Initiate,Fore