Foreclosures in Town?
Posted by CityBlogMS on May 28th, 2007
Can anyone speak to the issue of foreclosures in Madison, Mississippi? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Madison?
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According to an article published by CNNMoney.com in early March, this could be the best time to buy in four years. The CNN article cited a report that stated “Home prices have dropped so quickly and so far that valuations - the difference between what a home should cost and its actual price - are the lowest they’ve been since 2004,”
Locally speaking, figures from another source show that the Jackson Metro Area ranked in the top ten of the most undervalued markets in the U.S. in 2007 with housing prices that were 15% under valued.
The Lost Rabbit Times reports some better than expected news in the Housing market as Housing Starts for April rose at a seasonally adjusted annual rate of 1.032 million, far more than the 940,000 estimated and up from the higher revised March number of 932,000. Building Permits increased at a seasonally adjusted annual rate of 978,000 beating estimates of 912,000.