Foley foreclosures are quite enticing for people interested in making an investment in Alabama. When you will delve more into the details related to Alabama foreclosures, you will find that things were not too bad in recent months.
In fact, there was a decrease in the rate of foreclosure in February, 2009 as compared to January, 2009. It was also found by RealtyTrac that there were only 713 properties in foreclosure during the last month. It was also mentioned in the same report presented by RealtyTrac that though there was a decrease in foreclosure rate as compared to prior months in February but the foreclosure rate in this state was moving with a 25 percent monthly increase.
What it means is that though there is a decrease in foreclosed properties in this State but you can still find a lot of opportunities to invest in. Same sort of situation can be witnessed with Foley foreclosures where there are many opportunities for people interested in foreclosures affected properties. But, before you finally invest your money in the real estate market of Foley, it is better to learn a little more about the current market trends for which following graph is of immense importance.
The graph is taken from Trulia.com to help you understand the market trend for average price from Feb 25, 2009 to March 18, 2009. From this graph, it can easily be seen that there was an increase in price from Feb 25 to March 4. Though there was not a drastic increase in price during this period but price touched $208K mark on March 04, 2009. The increase in price after this point was quite significant and price touched the $215K mark on March 11, 09. But, the increase in price was only for a week and market started to experience a decline in the average price from this point till March 18, 2009.
Average price on March 18 was $214,836, which was a decrease of 0.1% as compared to the prior weeks. Also, there was a decrease in the average price per square foot in Foley. Precisely, the price was $74, which was a decrease of 26.7% compared to the last year.
What it means is that though investing in Foley foreclosures is a good option but the current market condition is not too encouraging for investors as average price is going down. However, you can still expect to earn some profit as there is an increase in the number of sales but do make sure that you have invested in the right property.
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