River Region Market Report
Real
Estate & Mortgage Growth/Rebound
In light of recent concerns over
the real estate industry, Prudential Ballard Realty is continually
providing its customers and clients with updates and facts about
our local market. Our company is carefully watching and
monitoring the River Region market and its forecast for the real
estate and mortgage lending market in the River Region reflect the
findings of an article which was recently published by CNNMoney.com.
According to this publication, Montgomery was identified in
this national report as #5 in the 10 top cities which are good
investment opportunities.
"While layoffs from
domestic carmakers depress the economies of northern Rust Belt
cities, South Korean care company Kia is injecting jobs into
Alabama's Interstate 85 corridor. The new jobs will boost
the local economy and light a fire under housing prices.
With the city's buildable land filling up, prices will
spike."
Mortgage lenders are positive and
optimistic about home sales in our area, interest rates continue
to be at an all-time low and homes continue to sell in our market
area. Sales may have slowed down somewhat, but we always
expect slower sales during the last quarter of the year.
However, we look forward to more thriving and productive market in
2008.
It is our opinion that the
national media frenzy regarding the mortgage and home sales issues
across the country will subside and that the consumers realize
that the situation is not as dire as the reports we have
heard. We are fortunate here in Alabama, and the
Montgomery/River Region communities, in that we have not
experienced some of the housing issues in other parts of the
country.
The Multiple Listing Service
reports that as of the end of August 2007 versus August 2006 there
are 1,164 more active listings with 155 fewer closings for the
same period.
River Region
Foreclosure Rates 70% Lower Than State Average
Foreclosure rates are but one
indicator of the overall health of a local economy.
According to RealtyTrac,
the average foreclosure rate for the three counties that comprise
the Montgomery River Region are Montgomery, Elmore, and Autauga
for October 2007 was 1 household in every 8,135. This
compares to the state average of 1 in 2,512. The October
report attributed more than half of the state's foreclosures to
Mobile County on Alabama's Gulf Coast. Mobile County has
seen 1 household in 522 experience foreclosure -- a rate which is
4.8 times higher than the state average.
Nationally, Alabama ranks 38th in
the number of foreclosures according to RealtyTrac. This
compares very favorably to neighboring states in the Southeast
U.S. including Georgia (6) and Tennessee (11). Mississippi's
foreclosure rate is among the lowest 10 in the nation and is more
comparable to Alabama's rate.
Our company, Prudential Ballard Realty, remains positive about our local market and look forward
to a great turn-around in 2008!
* * * * * *
Prudential Ballard Realty is,
and has always been, dedicated to keeping our clients and
customers informed and educated on what is going on in our
industry. As most of you are already aware, there are
national and local concerns and issues with mortgages and home
sales.
The River Region Market Report
was produced by Prudential Ballard Realty, Inc. -- a leader in residential sales and leasing in the greater Montgomery, Alabama area. You can contact Prudential Ballard Realty by calling (334) 279-8920 or by visiting the web at
http://prudentialballard.com . You may also contact Prudential Ballard Realty via e-mail at
info@prudentialballard.com . Prudential Ballard Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
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