Hattiesburg realtors hold press conference - WDAM-TV 7-News, Weather, Sports-Hattiesburg, MS

Hattiesburg realtors hold press conference

HATTIESBURG, MS (WDAM) - Realtors, bankers and builders held a press conference Monday to discuss the state of the local economy and how it impacts their profession.  

More than four months into the new year, and national reports show the economy is recovering slowly but surely.

In fact, some are predicting it to increase about 3.5 percent this year.

Mortgage Division President at The First, in Hattiesburg, Hayden Mitchell, said that's a good sign for the nation, when it comes to home buying and building.

"Currently, rates are about 4.75 percent for 30 year funds, and 3.75 percent for 15 year fixed rates. that's very affordable."

The issue remaining is consumer confidence and the fear of not being approved for a loan. Mitchell said new federal regulations have changed underwriting requirements, making it a little tougher on consumers,

"There is much more documentation and loan quality issues, than there were five years ago," but it's not impossible, at least here in the pine belt.

If you ask local realtor, Don Nace, the economic downturn is a lot worse in other parts of the country. So far this year, median property values in the greater pine belt area are down about 8 percent, which he says, is good.

"The greater Hattiesburg market never experienced a bubble build up like that, so we didn't have too far to fall, and our situation is just so much better."

For home builder, Craig Flanagan, cautious consumers have changed the way his industry operates. The slow moving pace of the economy is the new norm for construction companies.

"March and April, we've seen a really good increase in interest, interested people with new home sales and a lot of that was due to them selling their existing homes that had been on the market."

Folk's in the Mississippi housing industry are optimistic the market will continue to rebound, as long as consumer confidence kicks in, and people get more into the home buying mode.

They met at The First bank located along Old Hwy 11 Hwy 98 in Hattiesburg.

Copyright 2011 WDAM. All rights reserved.

  • Local NewsLOCALMore>>

  • One dead in Hwy. 15 crash in Jasper Co.

    One dead in Hwy. 15 crash in Jasper Co.

    Monday, May 21 2018 5:45 PM EDT2018-05-21 21:45:18 GMT
    Mississippi Highway Patrol is working a fatal two-vehicle crash on Highway 15 just south of Bay Springs. (Photo source: WDAM)Mississippi Highway Patrol is working a fatal two-vehicle crash on Highway 15 just south of Bay Springs. (Photo source: WDAM)

    Mississippi Highway Patrol is working a fatal two-vehicle crash on Highway 15 just south of Bay Springs.

    More >>

    Mississippi Highway Patrol is working a fatal two-vehicle crash on Highway 15 just south of Bay Springs.

    More >>
  • NRA links school violence to Ritalin but experts deny link

    NRA links school violence to Ritalin but experts deny link

    Sunday, May 20 2018 6:51 PM EDT2018-05-20 22:51:57 GMT
    Monday, May 21 2018 5:44 PM EDT2018-05-21 21:44:52 GMT
    (Elizabeth Conley/Houston Chronicle via AP). Flags fly at half staff in front of the justice center at Santa Fe, Texas on Sunday, May 20, 2018. Congregations in this deeply religious community near Houston gathered Sunday for their first worship servic...(Elizabeth Conley/Houston Chronicle via AP). Flags fly at half staff in front of the justice center at Santa Fe, Texas on Sunday, May 20, 2018. Congregations in this deeply religious community near Houston gathered Sunday for their first worship servic...
    The National Rifle Association's incoming president is linking school shootings to using medications such as Ritalin.More >>
    The National Rifle Association's incoming president is linking school shootings to using medications such as Ritalin.More >>
  • Hattiesburg voters to decide school bond issue Tuesday

    Hattiesburg voters to decide school bond issue Tuesday

    Monday, May 21 2018 5:32 PM EDT2018-05-21 21:32:02 GMT
    City officials are asking Hattiesburg residents to approve a bond renewal to improve aging school facilities. (Photo source: WDAM)City officials are asking Hattiesburg residents to approve a bond renewal to improve aging school facilities. (Photo source: WDAM)

    Tuesday is a big day for the Hattiesburg Public School District. Hattiesburg residents will head to the polls bright and early to vote in a special election to approve or reject a bond renewal.

    More >>

    Tuesday is a big day for the Hattiesburg Public School District. Hattiesburg residents will head to the polls bright and early to vote in a special election to approve or reject a bond renewal.

    More >>
Powered by Frankly