Housing market improves
HATTIESBURG, MS (WDAM)- Last summer the housing market was feeling the heat. Foreclosures were popping up left and right, and fewer people were buying homes. Now things are improving.
"People are out looking for bargains," said Ric Corts, a member of the Hattiesburg Area Association of Realtors.
Existing home sales rose over seven percent last month. Hattiesburg has about 1,100 homes on the market right now. Corts said over 130 of those homes are pending.
"We have had continual increases in residential home units selling every month since January," said Corts.
Corts said the increase is in response to homebuyers taking advantage of the new home buyers credit and low interest rates.
"Hopefully the low interest rates, the stability in home pricing will offset some the lack of consumer confidence in the real estate market," said Corts.
Nationwide many of the homes on the market are foreclosed homes. Normally 2% of the homes in Mississippi are foreclosed. That number jumped slightly to 2.6% last quarter.
Realtors say the number of increased sales is positive, but they say there’s still a long way to go.
"We always need to do better, we always need to do better and it’s getting better every month with sales and with pendings," said Corts.