Sales of Residential Tax Lien Foreclosures and Other Homes Fell
Sales of housing units, including residential tax lien foreclosures, fell in Birmingham, Alabama in 2010 when compared with 2009 figures. Meanwhile, housing prices remained almost flat for both median and average rates. Foreclosed dwellings still accounted for a big percentage of total housing unit sales.
The total number of dwellings from Birmingham foreclosure auctions and from other sales channels that were sold last year represented a 9% decline when compared with the previous year, according to data presented by the Birmingham Association of Realtors. The data also showed that 9,500 residential structures were purchased by buyers during the period, down from the 2009 total of 10,568.
Sales from Alabama foreclosure auctions and state-based sellers also posted some declines last year, mirroring trends in most housing regions in the U.S. Despite the sales decline, Birmingham home prices did not suffer from considerable losses like other metro areas in the U.S. In 2010, average and median prices of dwellings declined by only 1% compared with the previous period. Average price was pegged at $171,000, while median price was at $144,500.
As with other U.S. housing markets, sales of homes, such as residential tax lien foreclosures, dropped considerably in Birmingham during the last month of the year. December 2010 figures showed that 684 houses were sold in the metro area for the month, representing an 11% decrease compared with December 2009. Average housing price for December was $162,343, representing a fall of 13%. Median price, on the other hand, was at $138,900 – 8% short than the median price recorded in December of 2009.
The city listed a total of 9,942 residential properties at foreclosure home auctions or as available for sale. The figure is 6% more than the total dwellings listed as for-sale in December 2009. Out of the total number of housing units sold during the month, 257 were foreclosed properties. This means that 38% of total houses sold during the month were accounted for by foreclosed dwellings.
According to the Realtors, foreclosed houses were purchased for an average of $90,677 during the last month of the year, including tax lien foreclosures. Most analysts are expecting prices and sales to continue to drop in the metro area in 2011 as foreclosure numbers surge.
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