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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