Northwest Mississippi Foreclosure Market Report - Jan. 2009

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

Northwest Mississippi Foreclosure Market Report - Jan. 2009
by Pam Simpson
The Kudzu Vine

Desoto County
Tate County
Panola County
Marshall County

For the week ending 1/16/2009, there were 24 homes added to the foreclosure inventory in Northwest Mississippi.  There were 31 price reductions this past week, and 11 went under contract.

Here is a chart showing the foreclosure activity in the 4-county area from mid-March 2008 to the present.


Foreclosure Chart

 After remaining fairly stable from November through the holidays, the number of homes added to the market jumped over the past 2 weeks.  On the flip side, the number of pending sales has dropped off steadily since mid-November.  Keep in mind this graph represents the 4-county Northwest Mississippi market.  There are many "pockets" where the sales activity has remained very active.

About 8.2% of the active listings in Northwest Mississippi are foreclosures (including VA, HUD, Fannie Mae, and REO).  That is a jump from 6.8% around mid-November and 5.4% in mid-September.  Here is a breakdown of the foreclosure market by community:

Foreclosure by Community

As with other areas of the country, a good percentage of the homes sold over the past 3-6 months have been foreclosures as opposed to non-distressed resales.  However, homes that are priced true to our market are seeing rapid sales, regardless of whether they are resales or foreclosures. 

We are seeing an increase in the number of builder (new home) foreclosures.  This trend is expected to continue as some builders are unable to weather the weaker housing market.  Some parts of our 4-county area saw a tremendous increase in speculative building over the past 5 years which has contributed to the bloated inventory.  

This is proving to be a fantastic opportunity for qualified buyers.  Many are taking advantage of the low interest rates and great home prices.

If you are considering purchasing a HUD home in Northwest Mississippi, please read this HUD Home FAQ.

Related Articles:

So You've Found A Fixer-Upper

HUD Homes For $100 Down

5 Surefire Ways To Let That Foreclosure Slip Through Your Hands
__________________________________________________________________________________________________

FOR BUYERS:  Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates

FOR SELLERS:  Pricing, Selling Tips   

LOCAL COMMUNITY INFOTate County Community, Memphis Community, Southaven Community

MARKET REPORTS:  Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF:  NAR, Real Estate and Media, Real Estate Agents

OTHER:  Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

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

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Rainer
53,146
Ron Withers ----Retired Mortgage Professional
Kissimmee, FL

Pam,

It's sad to see that your area is not exempt from this contagion. It is somewhat interesting to see the various spikes. A  local/well known Real Estate Brokerage that was really into BPO's saw their foreclosure listings skyrocket. They finally created a separate office to deal with this aspect of the market. Sometime back they had in access of 600 foreclosure listings. Absolutely mind boggling!

Jan 17, 2009 03:44 AM #1
Rainmaker
116,152
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Ron - that is mind boggling!  We have a couple of real estate offices in the area whose business is about 98% REO.  One of the things that is driving our local foreclosure numbers up is the amount of builders who are going under.  They built a number of spec homes and they just go to the bank and hand over the keys.

Jan 19, 2009 12:17 AM #2
Rainer
413,903
Terry Miller
Miller Homes Group - Tyler, TX
Miller Homes Group and Tyler Apartment Locator

I love stats, thanks for the information. Have a great 2009 and I hope we all make a lot of money and friends.

Jan 23, 2009 02:56 AM #3
Rainmaker
116,152
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Terry - I like stats, too.  Keeping up with these numbers has helped me tremendously with pricing and a lot of people in my area want to know this information.

Jan 23, 2009 07:38 AM #4
Rainmaker
70,830
Mobile Austin Notary
Apostille/Authentication/Embassy Legalization, Notary Public, Loan Signing Agent & Process Server Services - Austin, TX
www.mobileaustinnotary.com

It is sad to see the way our economy is effecting things like this. feather pin

Feb 16, 2009 06:10 PM #5
Rainmaker
116,152
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Jenette-Yes, it is sad.  A lot of the foreclosed homes I go in have bedrooms decorated in "kid" colors and decorations.  That is the sad part for me, how all this is affecting our children.  I have seen a little leveling off of the foreclosures in the past 2 weeks.  I will be interested to see the graphs when I post a new foreclosure report in a few weeks.

Feb 17, 2009 01:43 AM #6
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Rainmaker
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Pam Simpson

GRI, Broker-Assoc.
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