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Alabama (AL) Job Growth and Home Equity Loans
The University of Alabama's Center for Business and Economic Growth anticipates that Alabama job and economic growth will outpace the nation at least through 2006. Corporate profits and capital spending have bolstered the Alabama economy, while the nation has faltered. Consequently, Alabama's 72.5% rate of home ownership outstrips the U.S. rate of 67%.The technical, scientific, and professional fields can expect to see the biggest hiring jumps, but even manufacturing employment is expected to hold fairly constant. Of Alabama's four largest metropolitan areas, Birmingham remains the "hottest" housing market.
Housing prices have continued to rise at a modest pace, increasing the equity in many Alabama residents' homes. As of 2005, average Alabama home prices hovered at an affordable $85,000. Alabama mortgage lenders offer many mortgage financing options for new employees moving to the area, professionals moving up to larger homes, and residents who wish to refinance their existing mortgages.
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