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Northwest MS Foreclosure Market Report

By
Real Estate Agent with Bob Leigh & Assoc., LLC

Foreclosure Market Report for Desoto and Tate Counties in Northwest Mississippi  6/20/08

I have been keeping track of the foreclosure market in my area (Desoto, Tate, Marshall, and Panola counties) for a couple of years. 

This week there were 6 new foreclosure homes placed on MLS, 10 had price reductions, and 11 went under contract.

That is a reverse from what had been happening in previous weeks.  In the past month, the trend was double digit additions of forelcosure homes to the MLS with a lesser number going under contract.  Future weeks will let us know if this is a "blip" or a trend towards fewer foreclosures entering our market.

As a side note, before this year I don't think I ever saw a new construction home as a foreclosure.  This week I counted 10 new construction homes listed as foreclosures.

According to the NWMAR MLS, there are 2,630 active listings of single family homes in Desoto, Tate, Marshall, and Panola counties.  I have counted 119 foreclosure listings in this same market.  So, the percentage of foreclosures in our market is under 5%.

NOTE:  These numbers were taken from MLS and Hooks van Holm sources.  I believe the numbers are correct but are not guaranteed.

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