2012 Mississippi Housing Market

Mississippi has experienced its challenges over the years, especially when it comes to the economy and Mother Nature. But the Mississippi real estate market is showing improving signs of recovery, despite tough economic realities. Homes in South Mississippi along the Gulf Coast, which was all but destroyed by Hurricane Katrina are selling at a faster clip than a year ago. Home values have begun to show signs of a recovery as demand for … [Read more...]

Mortgage Delinquencies Drop

By Kevin Chiu The number of homeowners behind on their mortgages has dropped as a result of a higher number of mortgage modifications, according to one of the nation’s largest providers of mortgage data. The drop in mortgage delinquencies is a positive sign for the housing market, despite an uphill battle banks and mortgage companies are waging with the foreclosure crisis. Mortgage delinquencies fell 2.5% in August from July, according to … [Read more...]

Mortgage Defaults Surge Higher

By Kevin Chiu Mortgage defaults, the first step homeowners face in the foreclosure process, surged higher during the month of June demonstrating an increase in future anticipated foreclosures growing at the fastest rate in more than a year, according to Lender Processing Services, a real estate data supplier which tracks defaults. The surge in mortgage defaults shows the expected rise in foreclosures may be just months off as the housing … [Read more...]

BP Oil Spill Triggers Major Home Value Loss

By Mike Colpitts A study of home sales in Louisiana, Alabama, Mississippi and Florida along the Gulf of Mexico shows that home values have fallen an average of 15% so far as a direct result of the BP oil spill. The devastating impact from the massive oil spill has also contributed to the growing foreclosure crisis in the region with tens of thousands of people losing employment as a result of the mess. The study, conducted by Housing … [Read more...]

Spring Home Sales Decline

By Mike Colpitts Hindered by financing problems and weak consumer confidence, existing home sales declined in May, falling 3.8% to a seasonally adjusted annual rate of 4.81 million units, and are more than 15% behind last year’s pace, according to the National Association of Realtors. The slowdown in sales comes at a time when growing doubts about the U.S. economy recovering from its worst recession since at least the Great Depression … [Read more...]

Tornado, Flood Damage Tops $260 Billion

By Mike Colpitts Catastrophic flooding along the Mississippi River and the outbreak of tornadoes in the Midwest and South are destroying thousands of homes and businesses. The series of disasters are estimated to top $260 billion in property damage, according to initial estimates gathered from federal and state authorities. A tornado believed to be just shy of an F-5 with winds that were estimated to be 198-miles-per-hour just two m.p.h. … [Read more...]

America’s Watchdog to Rescue Disaster Victims

By Mike Colpitts An organization that gained national fame for helping homeowners and businesses in natural disasters, including Hurricane Katrina is offering free aid to homeowners and businesses that suffered property damage or were destroyed in the series of tornadoes that tore through the south-eastern corridor of the U.S. America's Watchdog is coming to the rescue of disaster victims in hurricanes, tornadoes and other natural … [Read more...]

Disaster Housing Relief Provided in 8 States

By Mike Colpitts As anxieties rise with the floodwaters along the mighty Mississippi River and residents flee for higher ground, the U.S. government is gearing up for the largest disaster aid commitment it has ever made. The Federal Emergency Management Agency has already dedicated funds to help disaster victims in eight states, including immediate foreclosure relief and funds for temporary housing. Eight Alabama counties have been … [Read more...]

Chinese Drywall Second Housing Crisis

By Kevin Chiu A second housing crisis is slowly working its way through 20 states as more victims fall ill from poisonous fumes emitting from their very residences. From the Gulf Coast of Louisiana, where workers are replacing toxic Chinese drywall in new homes built for victims of Hurricane Katrina across the country it’s being called “the silent hurricane.” Toxic emissions from the drywall spew into the indoor air streams and are … [Read more...]

Revolt Grows as More Homeowners Stop Paying Mortgages

By Mike Colpitts Millions of homeowners are living in their homes without paying mortgages as more mortgage holders revolt against banks and mortgage servicing companies in America’s growing foreclosure crisis. Some mortgage borrowers are trying to work with banks and mortgage companies. Others have tired over the hassles it takes to work with lenders to work out a loan modification, and still others are just taking a free ride until … [Read more...]