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Birmingham AL Real Estate Foreclosures – 05/14/2011

Real Estate Agent with Mutual of Omaha

May 14, 2011 06:36 AM

Birmingham AL Real Estate Foreclosures – 05/14/2011

Your Birmingham AL Real Estate Foreclosures Daily List has been posted. These are Single Family Homes ‘Active’ on the Birmingham MLS.

http://bhammls.net/BAARReports/ListitLib/show_report.aspx?ID=7015573107

These homes are ripe for the picking. Dont Let them pass you by. ACT NOW!! Birmingham AL Real Estate Foreclosures Are on the rise and will not last long.

Home prices rebounded 2.2% in March with median home prices rising to $159,600. This is 5.9% below the year-ago level and keeps the median price close to 2002 levels. Continuing February’s trend, two out of every five homes sold during March, or 40% of sales, were distressed properties( Birmingham AL Real Estate Foreclosures), which typically sell at a 10%-20% discount. The decline in home prices is less indicative of individual home values and more reflective of a large number of less expensive homes selling and bargains that are getting snapped up. Investors represented 22% of sales, and all-cash buyers were at a record high of 35% of sales in March. Prices and mortgage rates remain favorable for buyers for the spring selling season. The supply of homes measured in months on the market, if sales continue at their current pace, remained stable compared to the previous month. This is the third-lowest level since June. Inventory levels remain 33% below its peak of 12.5 months in July and only slightly above where it was last year when the tax credit was in full-swing.

After rising above 5% for the first time in ten months in early February, rates have remained stable in the 4.8% range. They are still expected to follow an upward trend throughout the year. As overall economic recovery remains on track, rates will likely rise to keep inflation in check. Buyers wanting to capture the savings in monthly payments that a historically low interest rate affords are expected to move quickly to take advantage of excellent buying conditions.