Developers wait for bottom in Alabama's slumping vacation home market - Breaking News from The Birmingham News - al.com

Developers wait for bottom in Alabama's slumping vacation home market - Breaking News from The Birmingham News - al.com: "On the coast

On Alabama's Gulf Coast, the market has been especially dire. Huge blocks of condos have been auctioned off to the lowest bidders and some estimates indicate there are years' worth of home inventory still on the market.

Last year, vacation home sales across the U.S. dropped to 512,000, down 31 percent from 2007, according to a National Association of Realtors survey. Sales of investment homes fell 17.2 percent, to 1.1 million."