AL: Central Birmingham Real Estate Still Stuck in Low Gear

Birmingham, ALNearly five years after the foreclosure crisis started to take hold in metro Birmingham, neighborhoods at the core of the city remain hotspots for such activity, with little relief in sight.

In Ensley, Five Points West and East Lake, almost 5 percent of homes with a mortgage are in foreclosure, a level that surpasses the national rate of 3.63 percent, according to the latest data from researcher CoreLogic. The overall metro rate is 2.05 percent. Affluent communities skirting the city center haven’t been immune to the crisis, as foreclosures continue to climb there, too, spawning bargain basement prices for once high-dollar homes.

Despite signs that the nation’s housing market had started to turn a corner late last year, more recent data indicates that’s not the case, said John Kottmeyer, a banking professor at Samford University’s Brock School of Business.

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