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Montgomery Alabama Local Market Conditions October 2008
In August (latest month with available statistics), Montgomery MSA (Metropolitan Servicing Area) is listed as having a civilian labor force of 173,700 with 164,300 employed and an unemployment rate of 5.4%. Since January 2008 the unemployment rate has varied from 4.1%(Jan), and 4.4%(Feb) to a high of 5.5% (July). Alabama's August rate was below the national rate of 6.1%. Government jobs represent the highest number of jobs in Montgomery with 42.9% of the local work force. (U.S. Department of Labor Bureau, Labor Statistics)
The market continues to slow with buyers looking for the better deals. Market concerns may be a factor for some buyers along with difficulty in obtaining mortgage money. Investors are still in the market helping in the sale of some depressed homes. Some builders holding vacant new homes are making great deals and in some cases offering properties for rent and lease purchase to assist their bottom line. A number of homes are being sold on the foreclosure market and these range in price from 19k up to over 350k. As we go into October some sellers are taking their homes off the market for the November/December holiday season and will probably put their home back on the ... more

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