Alabama Foreclosures up 73%

This article was originally posted on DothanHomeSearch.com

How is that for a sensational headline? Do you think the media is trying to influence your thinking?

This indeed was the headline of a post this week from the Birmingham Business Journal. As is usually the case though, the headline doesn’t really tell the story. Context is very important.

If you go on to read the entire piece, you will see that the 73% increase is from July of 2007. There was a small 11.5% increase over June, 2008, and it is important to note that the number of foreclosures in Alabama had actually been dropping slightly up until early summer.

Speaking of putting something in context, below is a link to an excellent analysis of the current housing “crisis”.

In my opinion, a more appropriate label would be “correction”. A couple of points to take away from this video. First, the State of California has more foreclosures than 40 other states COMBINED. Second, it really does seem that the only time we as Americans can be mobilized to do something is if we call it a crisis.

Hat tip to Bob Fortner (Raleigh Real Estate Talk) and Kathy Drewien (Property Lines Atlanta Real Estate) for the video

Tags: CNBC, housing+crisis, foreclosures