NW Mississippi Foreclosure Market Report - Nov. 2008

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Real Estate Agent with Bob Leigh & Assoc., LLC

NW Mississippi Foreclosure Market Report
by Pam Simpson
The Kudzu Vine

Desoto County
Tate County
Panola County
Marshall County

I gather foreclosure data on my market every week.  This week (ending 11/14/08) there were 13 foreclosure homes placed on the market, 32 had price reductions and 16 went under contract.  That price reduction number got my attention because it usually hovers around 12-15.

Here is a chart that shows the Foreclosure Activity in the 4-county area from mid-March to present:

Foreclosure Market Graph

 As you can see, it's been a WILD roller coaster ride.  With as many price reductions as we had this week, I believe the Pending/Sold trend will rise.

About 6.8% of the Active Listings in the Northwest Mississippi market are foreclosures.  That is a jump from the last report I did in mid-September 2008 where the number was 5.4%.

Here is a graph showing the location of the foreclosures.  It is broken down into counties with Desoto County being further divided into the various towns.

NW MS Foreclosure Chart

Olive Branch continues to dominate in the amount of foreclosures.  I am also seeing a trend that foreclosures in Senatobia (Tate County) are being snapped up quicker than those in other areas.

If you are considering purchasing a foreclosure home in Northwest Mississippi, you may wish to read the following articles:

HUD Homes FAQ

Loans for Fixer-Uppers

HUD - $100 Downpayment

Mistakes to avoid when buying a foreclosure
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About the author:

Pam Simpson is a Broker-Associate with Bob Leigh & Associates, LLC in Northwest Mississippi
Copyright© 2008 By Pam Simpson, All Rights Reserved...**NW Mississippi Foreclosure Market - Nov. 2008**

Disclaimer:  All information provided by this author is based on information collected from several sources and is believed accurate but not guaranteed.

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Tags:
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Rainer
42,441
Karen Staha
Gaston & Sheehan Realty - Round Rock, TX
CRS, GRI, ABR, REALTOR, Austin & Surrounding Areas Texas

Hi Pam:  That's some very informative data you gathered on foreclosures.  If I were looking for a foreclosure in your area, you would be the Realtor I contact. 

Nov 14, 2008 11:10 AM #1
Rainmaker
116,152
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Thank you, Karen.  When I first got my license, I became interested in HUD homes.  Representing buyers on purchasing foreclosure homes has been a substantial portion of my business.

Nov 14, 2008 12:10 PM #2
Rainer
1,455
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 07:08 AM #3
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Rainmaker
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Pam Simpson

GRI, Broker-Assoc.
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