Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

5 of 10
BACKNEXT
Brimingham, Ala.
Foreclosure rate: One in 61 homes
Percent increase: 267%
National rank: 85th
Unemployment rate: 9.5%

The recession did more damage to Alabama's economy than it did nationwide, according to University of Alabama economist Sam Addy. The unemployment rate swung from lower than the national average to greater than the national average.

In the Birmingham metro area it went to 9.5% in November from only 5.212 months earlier. Employers laid off many workers in the state's manufacturing sector.

The big run up in unemployment turned Birmingham from an area relatively free from the foreclosure plague to a foreclosure rate of one for every 61 households. That was still slightly lower than, but much closer to, the national average of one filing for every 45 households.

The rapid rise in foreclosures is almost totally related to the economy; home prices in the area have remained very favorable with a median price of around $130,000 according to the Wells Fargo-National Association of Home Builders. With prices so low, few buyers had to rely on exotic loans.

NEXT: Myrtle Beach, S.C.
Last updated February 01 2010: 3:46 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
Banned! 10 things you won't find in China China says it wants to open its economy more to the rest of the world, but Beijing keeps a tight grip on technology and access to media. These 10 items are still off limits. More
A morning at the AltSchool, an education startup that Silicon Valley is crazy about The AltSchool is a system of "micro schools" and an education software maker that has raised about $133 million from investors like Andreessen Horowitz and Mark Zuckerberg and Priscilla Chan's philanthropic fund. More
Coolest cars for $18,000 These are the best budget cars, according to the experts at Kelley Blue Book. More

Special Offer