AL Foreclosures Starting To Rise In Affluent Areas

Alabama Foreclosure & Real Estate News

Article Abstract:  Foreclosure in Alabama’s more affluent areas are on the rise. These increases in AL foreclosure may stem from economical struggles facing everyday American such as job loss or illness. Please see below for the Alabama foreclosure news report. 

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BIRMINGHAM, Alabama- After more than a year of plaguing more modest neighborhoods the foreclosure crisis is starting to spread into more affluent areas.

Lawyers and real estate agents say they have noticed an increasing number of owners of homes valued at $500,000 defaulting on their mortgages. They say that's a sign the tanking economy and credit crisis are starting to hit wealthier households.

Experts have said problems in middle-class and lower-income areas were primarily a product of unsophisticated buyers and risky loans. But that's not usually the case in more affluent areas.

Experts say high-dollar home owners may have been caught off guard by adjustable rate mortgages. Another factor could be the loss of jobs or reduced income caused by the struggling economy.

Web Producer- Brett Haas

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