Alabama Foreclosures See Sharp Increase
November 10th, 2006Alabama foreclosures rose significantly in the third quarter, particularly in the urban area surrounding Birmingham. Birmingham ranked 62nd out of a list of the top 100 urban areas in the country with the highest foreclosure rates. Experts attribute this to rising interest rates, fading property values, and economic sluggishness in the area.
Areas with the highest foreclosure rates during the same period included Detroit and Ft. Lauderdale, Florida.
[via Birmingham Business Journal]
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