foreclosure: Foreclosures in Northwest MS - Fall 2010 - 10/01/10 04:55 AM
Foreclosures in Northwest MS - Fall 2010

The above graph represents the foreclosure activity in Tate County MS and DeSoto County MS during July, August and September of  2010.  The black line represents how many new foreclosures were placed on the market each week while the green line represents the number of foreclosures that went under contract during the same time period.
The city of Olive Branch MS has the highest number of foreclosures on the market right now (this is total number, not a per capita number).

The number of available homes for sale that are foreclosures is … (0 comments)

foreclosure: Northwest MS Foreclosure Market Report - June 2009 - 06/09/09 02:31 AM
Northwest MS Foreclosure Market Report - June 2009by Pam SimpsonThe Kudzu Vine
The week ending June 5, 2009 saw 29 homes added to the foreclosure inventory in Northwest MS.  There were 13 price reductions during that week and 18 went under contract.
Here is a chart showing the Northwest MS Foreclosure Market Activity from May of 2008 to the present.  The blue line represents homes added to the foreclosure inventory each week and the red line represents foreclosures which have sold each week. 

At the time of this report, the foreclosure market consisted of approximately 6.1% of all active residential … (0 comments)

foreclosure: Hernando MS Real Estate Market Report - March 2009 - 04/10/09 06:16 AM
Hernando MS Real Estate Market Report - March 2009by Pam SimpsonThe Kudzu Vine
Hernando MS (the county seat of Desoto County MS) saw 18 residential sales in March with an average price of $146,275 and average days on the market of 114.  Here are the comparisons for last month and March of 2008:
Feb. 2009Sales  19     Avg $163,219     Avg DOM  144
March 2008Sales  36     Avg $186,843     Avg DOM  116
The sales were not concentrated in any one specific area but were spread evenly throughout Hernando.
**Note:  44% of the homes that sold in Hernando in March were foreclosure sales.
There are currently 268 active residential listings in … (0 comments)

foreclosure: Olive Branch MS Real Estate Market Report - March 2009 - 04/10/09 06:01 AM
Olive Branch MS Real Estate Market Report - March 2009by Pam SimpsonThe Kudzu Vine
Olive Branch MS saw 53 residential sales in March with an average price of $177,576 and average days on the market of 137.  Here are the comparisons for last month and March of 2008:
Feb. 2009Sales  51     Avg $179,403     Avg DOM  119
March 2008Sales  63     Avg $181,765     Avg DOM  124
The area with the most sales was the Plantation Lakes / Henry's Plantation areas in north Olive Branch.
**Note:  51% of the homes that sold in Olive Branch in March were foreclosure sales.
There are currently 601 … (0 comments)

foreclosure: Tate County MS Real Estate Market Report - March 2009 - 04/10/09 05:35 AM
Tate County MS Real Estate Market Reportby Pam SimpsonThe Kudzu Vine
Here's how the numbers look for March 2009 -
There were 12 residential sales in Tate County, MS with an average sales price of $107,742.  The average Days On Market for these sold properties was 126.  3 of those sales were foreclosures (25%).
Here are the same numbers from last month and March of last year:
Feb 2009Sales:  15     Avg $124,987    Avg DOM 70March 2008Sales:  10    Avg $112,700    Avg DOM 79
Here is a graph showing where most of the sales were located:

Currently, there are 176 Active residential listings … (1 comments)

foreclosure: 5 Steps to Buying a HUD Home - 03/27/09 09:20 AM
5 Steps to Buying a HUD Homeby Pam SimpsonThe Kudzu Vine
Since I get a lot of calls and emails from buyers who are thinking about buying a HUD home, I thought I would try to list the steps required to complete this unique type of purchase.  Please note that this information is applicable to HUD home purchases in Northwest MS and may be different in you area.
 
1.  Get pre-approved for loanAfter deciding that home ownersip is right for you and your family, this should be the first step you take in ANY home purchase, but is an absolute necessity … (3 comments)

foreclosure: Northwest Mississippi Foreclosure Market Report - March 2009 - 03/07/09 09:52 AM
Northwest Mississippi Foreclosure Market Reportby Pam SimpsonThe Kudzu Vine
Desoto County MSTate County MSPanola County MSMarshall County MS
For the week ending 3/6/2009, there were 19 foreclosures added to the Northwest MS MLS.  There were 24 price reductions in existing foreclosures and 19 went under contract.
Here is a chart showing the Foreclosure Activity in the 4-county area since March of 2008:

About 6.9% of the active listings in the Northwest MS market are foreclosures (including HUDs, REO, VA, Fannie Mae).  That is a drop from 8.2% back in January.  Here is a breakdown of the foreclosure market by community:

Olive … (0 comments)

foreclosure: Olive Branch MS Real Estate Market Report - Feb 2009 - 03/03/09 10:54 AM
Olive Branch MS Real Estate Market Report - Feb 2009by Pam SimpsonThe Kudzu Vine
Olive Branch saw 51 sold residential properties for the month of February with an average sales price of $179,403 and an average days on market of 119.  Both the average sales price and the average DOM increased from the previous month.
January 2009     Sold: 29    Avg. $175,280     Avg. DOM  115February 2008    Sold: 59    Avg. $189,728     Avg. DOM  100
The neighborhoods with the most sales activity were Lees Crossing and Robinson Crossing.
There are 617 Active residential listings in Olive Branch which represents a 14.6 month supply of inventory based on a 90-day … (0 comments)

foreclosure: Tate County MS Real Estate Market Report - Feb 2009 - 03/03/09 10:41 AM
Tate County MS Real Estate Market Report - Feb 2009by Pam SimpsonThe Kudzu Vine
Tate County MS saw 15 sold residential properties for the month of February with an average sales price of $124,987 and an average days on market of 70.  Both the average sales price and the average DOM dropped from the previous month.
January 2009   Sold: 7     Avg. $125,986     Avg. DOM   120February 2008  Sold:  17  Avg. $117,659    Avg. DOM  187
Here is a graph showing a breakdown of the location of the sold properties:

There are 174 Active residential listings in Tate County which represents a 14.1 month supply of inventory based … (0 comments)

foreclosure: Hernando MS Real Estate Market Report - Feb 2009 - 03/03/09 10:06 AM
Hernando MS Real Estate Market Report - Feb 2009by Pam SimpsonThe Kudzu Vine
Hernando saw 19 sold residential properties for the month of February with an average sales price of $163,219 and an average days on market of 144.  Both the average sales price and the average DOM dropped from the previous month.
January 2009    Sold:  7    Avg. $213,657     Avg. DOM  250February 2008   Sold: 24   Avg. $203,908     Avg. DOM  171
The neighborhood with the most sales was Edgewater.
There are 274 Active residential listings in Hernando which represents a 20 month supply of inventory based on a 90-day average for sales.  … (0 comments)

foreclosure: Olive Branch MS Market Report - Jan 2009 - 02/05/09 01:12 PM
Olive Branch MS Market Report - Jan 2009by Pam SimpsonThe Kudzu Vine
I do so much business in Olive Branch that I decided to start doing Market Reports for this area like I do for Hernando MS and Tate County MS.  This is my first market report for Olive Branch MS.
There were 29 residential sales in Olive Branch for the month of January 2009.  The average sales price was $175,280 and the average days on market (DOM) was 115.
The neighborhoods which saw the most activity were Lexington Crossing, Creekside Estates, and Hunters Ridge.
There are currently 628 Active residential … (6 comments)

foreclosure: Hernando MS Market Report - Jan 2009 - 02/05/09 12:59 PM
Hernando MS Market Report - Jan 2009by Pam SimpsonThe Kudzu Vine
January saw 7 sold residential transactions in Hernando MS.  The average sales price increased to $213,657 but the average days on market (DOM) also increased to 250.
Here are the comparisons to last month/last year:
Dec 2008     15 sold     Avg $187,828     DOM 90Jan 2008     13 sold     Avg $213,896     DOM 174
The January 2009 sales for Hernando were spread across the city and were not concentrated in any particular area.
There are 266 Active residential listings in Hernando MS.  Using a 90-day average, that represents a 22.2 month supply of inventory.  … (0 comments)

foreclosure: Tate County MS Real Estate Market Report - Jan 2009 - 02/05/09 12:45 PM
Tate County MS Real Estate Market Report - Jan 2009by Pam SimpsonThe Kudzu Vine
There were only 7 closed residential sales in Tate County for the first month of 2009.  The average sales price was up a little over last month to $125,986.  The average days on market (DOM) for those sold properties dropped dramatically over December 2008 number to 120 days.
Comparisons for last month/last year:
Dec 2008     15 sold     Avg $124,553     DOM 220Jan 2007     14 sold     Avg $136,971     DOM 165
Here is a graph that breaks down the sales by area:

There are currently 181 Active residential listings … (0 comments)

foreclosure: Northwest Mississippi Foreclosure Market Report - Jan. 2009 - 01/16/09 06:06 AM
Northwest Mississippi Foreclosure Market Report - Jan. 2009by Pam SimpsonThe Kudzu Vine
Desoto CountyTate CountyPanola CountyMarshall County
For the week ending 1/16/2009, there were 24 homes added to the foreclosure inventory in Northwest Mississippi.  There were 31 price reductions this past week, and 11 went under contract.
Here is a chart showing the foreclosure activity in the 4-county area from mid-March 2008 to the present.

 After remaining fairly stable from November through the holidays, the number of homes added to the market jumped over the past 2 weeks.  On the flip side, the number of pending sales has dropped off steadily … (6 comments)

foreclosure: City Contemplates Lawsuit Againt Lenders For Forelcosures - 12/05/08 04:53 AM
City Contemplates Lawsuit Against Lenders For Foreclosuresby Pam SimpsonThe Kudzu Vine
Blight, due to a high rate of foreclosed homes is rampant in parts of Memphis and Shelby County, Tennessee.  One source estimates there were almost 12,000 foreclosures in Shelby County between January 2007 and September 2008. 
According to a local TV station, City of Memphis and Shelby County leaders are contemplating a lawsuit against unnamed (as yet) mortgage lenders.  The government officials blame subprime home loans for Memphis having the highest foreclosure rate in the state of Tennessee.
Memphis is closely watching Baltimore, MD to see what transpires with a lawsuit that … (1 comments)

foreclosure: Before You Buy That Foreclosure... - 11/20/08 06:06 AM
Before You Buy That Foreclosure...by Pam SimpsonThe Kudzu Vine
I came across an article the other day - Top 6 Mistakes of Foreclosure Home Buying - by Luke Mullins of U.S. News the other day.  I thought it made some excellent points, especially about factoring in the costs of repairs to the purchase price.
When I am representing a buyer who is considering a foreclosure, I like to take the price plus estimated repairs and compare to the recent solds in the area.  Sometimes what seemed like a steal at first turns out to be not such a great deal.  You have to go into the process being INFORMED.  That … (1 comments)

foreclosure: NW Mississippi Foreclosure Market Report - Nov. 2008 - 11/14/08 07:17 AM
NW Mississippi Foreclosure Market Reportby Pam SimpsonThe Kudzu Vine
Desoto CountyTate CountyPanola CountyMarshall County
I gather foreclosure data on my market every week.  This week (ending 11/14/08) there were 13 foreclosure homes placed on the market, 32 had price reductions and 16 went under contract.  That price reduction number got my attention because it usually hovers around 12-15.
Here is a chart that shows the Foreclosure Activity in the 4-county area from mid-March to present:

 As you can see, it's been a WILD roller coaster ride.  With as many price reductions as we had this week, I believe the Pending/Sold … (3 comments)

foreclosure: 5 Surefire Ways To Let That Foreclosure Slip Through Your Hands - 10/30/08 08:05 AM
5 Surefire Ways To Let That Foreclosure Slip Through Your Handsby Pam SimpsonThe Kudzu Vine
This blog article is prompted by something I saw at Trulia Voices the otherday.  A buyer was lamenting the fact that he had lost out on a foreclosure bidding war and of course, blamed his agent.  Not knowing the specifics of the situation, it could be that his agent was inexperienced in REO bidding.  But I find, more times that not, the buyer has unrealistic preconceived notions about purchasing a foreclosure that proves to be the real problem - too many late night "get rich quick" … (17 comments)

foreclosure: Realty Bid - What Am I Missing? - 10/23/08 07:43 AM
Realty Bid - What Am I Missing?by Pam SimpsonThe Kudzu Vine
I've noticed over the last couple of months a significant number of bank foreclosure listings in my area being placed on Realty Bid.  Realty Bid is an on-line auction service.  Their banner says "Benefiting Buyers, Agents & Sellers Alike".  
Since I have represented a number of REO buyers, I decided to poke around a little on the site.  I saw that a few of the properties up for auction in my area had bids, but apparently there are 'reserve' prices which had not been met.  I also noticed items labeled 'Fees' … (5 comments)

foreclosure: NORTHWEST MISSISSIPPI FORECLOSURE MARKET REPORT - 09/24/08 06:53 AM
Northwest Mississippi Foreclosure Market Reportby Pam Simpson, Broker-Assoc.The Kudzu Vine
Desoto CountyTate CountyPanola CountyMarshall County
For the week ending 9/19/2008, there were 17 new foreclosure homes added, 12 price reductions, and 12 went under contract.
Here is a chart showing the Foreclosure Activity in the 4-county area since mid-March to present:

About 5.4 % of the active listings in the Northwest Mississippi market are foreclosures.  Here is a breakdown of the foreclosure market by community:

The most active area for foreclosure activity continues to be Olive Branch.  It has been my experience that many foreclosure sellers are now pricing … (2 comments)

 
Pam Simpson, GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) Rainmaker large

Pam Simpson

GRI, Broker-Assoc.

Senatobia, MS

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Bob Leigh & Assoc., LLC

Office: (662) 449-3530

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