The real estate slump in Hattiesburg is in recovery mode

HATTIESBURG, MS (WDAM) - Mississippi residents aren't doing so bad when it comes to foreclosure rates.

According to a California-based company, Realty Trac, Mississippi ranked 47th among the states and the District of Columbia in foreclosure related actions.

In the Pine Belt, President of The Hattiesburg Area Association of Realtors Billy King said between January and June of 2011, 95 homes in foreclosure were sold and 57 remain on the market.

King said overall the city of Petal has seen the highest spike in foreclosures. However, July numbers show the amount of homes in foreclosure tapering down some.

"The 57 on the market at this time is about 5 percent of the total homes that is on our market," said King. "So, it is not a large portion. Now of the sales there is probably about 17 percent, so they have sold maybe a little bit better or faster on average because they were foreclosures and they might be a better deal."

Pine Belt Realtors are seeing a positive shift in the overall market, 541 homes have been sold within the first six months of this year, that is more sales than they have seen in the last two years.

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