NORTHWEST MISSISSIPPI MARKET REPORT 7/21/2008
Tate County Mississippi
Desoto County Mississippi
Marshall County Mississippi
Panola County Mississippi
The week ending 7/17/2008 showed 17 new foreclosure homes placed on the MLS, 12 price reductions and 12 went under contract.
Here is a graph showing the foreclosure market activity from mid-March to the present:
As you can see, the number of foreclosure homes that go under contract each week has remained fairly steady - between 10-15 on average. The number of new foreclosure homes placed on the MLS since the end of May has been sporadic.
FYI - There was a very large "spec" builder in our area that went under this year and their inventory is now starting to show up on the foreclosure side. On the morning of 7/21/08, I counted 16 active brand new construction homes that are foreclosures.
There were 2,642 Active residential listings in the 4-county area. Of this number, 128 are foreclosures which represent around 5% of the market. Here is a chart showing the breakdown of foreclsoures by community:
As could be expected, the community with the most explosive growth over the previous couple of years (Olive Branch) is also experiencing the highest number of foreclosures.
If you are considering purchasing a foreclosure home in Tate, Marshall, Desoto, or Panola counties - especially a HUD home, please read THIS first.
Numbers taken from NWMAR MLS and are deemed accurate but no guaranteed.