Archive for the ‘Economy’ category

Alabama Dodges Mortgage Woes

August 22, 2007

To this point, and despite having some of the most ruthless foreclosure laws in America, Alabama has managed to dodge the mortgage foreclosure nightmares that have plagued the rest of the country.

Some might say it’s the result of sheer irrelevancy. Unlike many other states, Alabama has not seen its housing prices skyrocket since the late 1990’s. For example, here’s some examples of Housing Price Index charts (via – TheBurstingBubble) for some other states. (Click on the charts for a closer look)

HPI Chart for NY HPI Chart for DC HPI Chart for CA
HPI – New York HPI – Washington, DC HPI – California

Notice how, in each example, there is a brief plateau in the early 1990s where housing prices stayed roughly the same, followed by a huge increase in the late 90s and early 2000s. Admittedly, these are the extreme examples in the country.