Foreclosures Slow In Alabama

MONTGOMERY, Ala. (AP) - The increase in foreclosures in Alabama
slowed during the first half of the year. But attorneys handling
foreclosures say this doesn't mean the mortgage crisis is ending.
Kenneth Lay at Legal Services Alabama says the state has plenty
of bumpy days ahead -- maybe 18 months -- before it can declare the
mortgage crisis over.
The slowdown apparently relates to the willingness of banks and
other lenders to work with buyers who are having trouble making
payments.
RealtyTrac, a company that follows foreclosures, says during the
first six months of this year, 3,529 homes in Alabama were in some
stage of foreclosure.
That's up 10.1 percent from the 3,203 Alabama homes that were in
foreclosure during the first half of 2007.
About one of every 600 homes in Alabama, or 16.7 percent of 1
percent, were in foreclosure during the first six months of this
year.