If there is rose within the thorns, then Huntsville Alabama mortgage market is one. The local market is a complete opposite of the reality of the mortgage market the nation is now experience. The following article by Channel 48 says it all.
The nationwide slump in the housing market seems to have skipped over North Alabama. One credit union is breaking its own records for mortgage lending.For first quarter 2009, Redstone Federal Credit Union has closed more home loans than it ever has before, and a Huntsville realtor said the foreclosure market is just as hot. The Tennessee Valley has shown to be an economic bright spot, in spite of the financial woes that plague many parts of the county.
“Huntsville has been very fortunate with the low unemployment rate, the prices of homes has remained steady, whereas most of the country has seen a decline in home value,” said Nathan Lombard, assistant vice president of direct retail for Redstone Federal Credit Union.
Lombard said they’ve closed just about as many mortgage loans in the first six months of 2009 as they closed in all of last year. Lombard said many people are refinancing their current mortgages.”We’ve had a record breaking low-interest rate environment and it’s been very attractive for people to come back and re-do the loans they already have on file,” he said.
Eric Moton, a real estate agent with Landmark Realty, said he can see why.”Because prices on homes right now are an extremely good value, it doesn’t surprise me that they’re doing a lot of business,” Moton said. Moton specializes in pre-foreclosures. He said the good deals are keeping him busy too.
“When I started doing this about five years ago, seven years ago, I would say I would have 75 foreclosure properties a month. Right now I have 300,” Moton said. Rates are at about five percent right now. Lombard said they expect that waves of BRAC bringing new jobs and families to North Alabama will only increase Redstone’s volume of home loan applications.
