Northwest Mississippi Foreclosure Market Report
by Pam Simpson, Broker-Assoc.
The Kudzu Vine
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 their homes under market value to generate multiple offers. And it is working. Many of the Olive Branch foreclosure homes have multiple offers within 2-3 days of listing.
If you are considering purchasing a forelcosure home in Northwest Mississippi, especially a HUD home, please read this HUD Home FAQ.
*Numbers taken from NWMAR MLS and believed accurate but not guaranteed.
Pam Simpson, Broker-Assoc.