Birmingham, Ala.

The steel city is an undervalued market in terms of price, according to Local Market Monitor. But foreclosures spiked last year.
Median price end of 2007: $156,100
Median price end of 2006: $161,700
% change: – 3.5 %
Projected change through Q3 2008: + 3.5 %
Affordability rating: 4.6
Foreclosures in 2007:
(1 for every 192 households)
2,351
Foreclosures in 2006:
(1 for every 313 households)
1,441
Change in foreclosures: + 63.2%
Current rate comparison
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Price trends

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June ’06: National median price $227,100
Dec. ’06: National median price $221,900
Dec. ’06: Local median price $161,700
June ’07: National median price $229,200
Dec. ’07: National median price $198,700
Dec. ’07: Local median price $156,100
* Median prices for existing single-family homes