NORTHWEST MISSISSIPPI FORECLOSURE MARKET REPORT

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

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:

 Foreclosure Graph

 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:   Pie Chart

 

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.

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Rainer
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Rick Bengson
Showing Suite, Inc. - San Diego, CA

I saw your blog posting about foreclosed properties. We offer a great tool to help you in competitive REO listings. www.foreclosurefeedback.com . The Asset manager's can login and see all of the feedback on their REO properties, see what you are doing to market them and print reports to document the need for price reductions. Call in to sign up instead of online and tell them Rick said to give you the first 90 days for free to try it out at 858-270-1055 ext 113. If your competition doesn't offer this, you will definitely have a leg up on them.

 

Rick

Jan 05, 2009 07:17 AM #1
Rainmaker
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Mobile Austin Notary
Apostille/Authentication/Embassy Legalization, Notary Public, Loan Signing Agent & Process Server Services - Austin, TX
www.mobileaustinnotary.com

I enjoyed reading your post. feather pin

Feb 16, 2009 06:37 PM #2
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Pam Simpson

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