As you may be aware, yesterday I read a report and reported on it for the Memphis Market and showed that the market is severely undervalued. Right now we are at 242 for markets in the "overvaluation reporter" and the market is 21.7% under value.
So last night I was pondering what all of this means. This also means that to my son and others that happen to be around when I'm pondering become extremely bored with me.
Memphis has over the past few years had a number of major shots to the economy. The Defense Depot for years was a MAJOR employer in this area in addition to FedEx, International Paper, Buckeye Technologies and other companies.
Yesterday in the paper they were talking about the number of people between 2000 and 2010 that moved from the city to a small thriving hamlet outside of Memphis, Olive Branch, MS. Did this flight over city management has this impact on the city? No. Actually the Olive Branch area is considered a part of the Memphis region and is part of the 21.7%.
So what has created this. Well the Memphis area has always been undervalued in my opinion. Memphis has leadership that has not worked on the development of the housing market in the suburbs. They tend to focus on entertainment areas of the city and not on ways to bolster the housing market. Also there are so many foreclosures and such in the area that contribute to the situation in the city. We have to come up with ways to get this market at the right value.
It is an uphill fight but we have to work on these things together.
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