NW Mississippi Foreclosure Market Report
by Pam Simpson
The Kudzu Vine
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:
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.
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:
Mistakes to avoid when buying a foreclosure
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.