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
Graffiti about crisis fills Athens' streets Artists are taking to the streets to express their views on the Greek crisis. More
My whirlwind 24 hours in Taiwan as a bridal supermodel Unlike the West, Taiwanese brides-to-be sit for hun sha ?? photo sessions before their actual wedding day. The photos are seen as a status symbol as well as a way to capture the brides' youth and glamor. More
8 startups that'll make your travel experience so much better Here are the new travel apps and services that will make trips easier, less time-consuming, and more fun for the every day business traveler. More

Special Offer