Montgomery AL Foreclosure Trends - January 2014
In January, the number of properties that received a foreclosure filing in Montgomery, AL was 2% lower than the previous month and 56% higher than the same time last year, according to RealtyTrac.com.
Montgomery AL Foreclosure Status Distribution
The current distribution of foreclosures based on the number of active foreclosure homes in Montgomery, AL.
Auctions accounted for 65.0% of foreclosure activity in January 2014 and Bank-owned properties accounted for 35.0%.
Montgomery AL Foreclosure Activity by Month
The number of Bank-Owned properties decreased 18.0% compared to the previous month and dropped 37.9% from the previous year in January. The number of Auctions increased 10.0% compared to the previous month and increased 744.4% from the previous year.
Montgomery AL Foreclosure Geographical Comparison
Montgomery AL foreclosure activity was 0.03% above national statistics, 0.07% higher than Alabama numbers and the same as Montgomery County statistics in January 2014.
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If you financed 100% of the cost of a $250,000 home at 4.5% interest for 30 years, the payment would be $1,266.71 per month. If the mortgage rate went up to 5%, the payment would be $1,342.05. If the home increased 5% in value, the $262,250 loan at the lower 4.5% rate would have payments of $1,330.05.
Usually, when you take money out of an individual retirement account before you reach age 59 1/2, the IRS considers these premature distributions. In addition to owing any tax that might be due on the money, you'll face a 10 percent penalty charge on the amount. This is not the case, however, when you use the money to buy your first investment property. (Note: Technically, you don't have to be purchasing your very first home or building. You qualify under the tax rules as long as you, or your spouse, didn't own a principal residence at any time during the previous two years.) You can use up to $10,000 in IRA funds toward this purchase. If you're married, and you and your spouse are both first-time buyers, you can each pull from retirement accounts, giving you $20,000 to use.
