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Mississippi Bad Mortgage Lenders

Now might be a bad time to consider buying a house in Mississippi. The recent disaster of Hurricane Katrina has demolished the housing market, with the value of unaffected homes skyrocketing and renters being unfairly evicted to make way for wealthier tenants.

A statistical analysis of Mississippi reveals that over 20 percent of all Mississippi, families are below poverty and over 50% of all female-headed families within the state live below poverty. More than 25 percent of all the state's households experience what is referred to as cost-burdened housing or spending more than 30 percent of their income for housing costs. More than 40 percent of the renter households spend in excess of 30 percent of their monthly income for housing. All in all, Mississippi has been hit hard by the Hurricane and the economy and housing market is still feeling that hurt.

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Excessive housing costs affect all households’ especially young families, single-parent families and the elderly who are trying to either purchase a home or find affordable rental housing. Whatever the level of income, the purchase of adequate housing is the single largest investment that most people make in a lifetime. As such, it should be made with relative caution and excessive risk should likely be avoided.

Buying a home in Mississippi currently would be risky business, with unscrupulous individuals and companies looking to take advantage of the situation. Until the aftermath of Katrina has finished affecting the market, one would be advised to avoid entering into the housing market in Mississippi without exercising extreme caution.

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Compared to the home one could afford in surrounding states that didn’t feel the same damage from the disaster, a home in Mississippi is costly to say the least. Supply and demand dictates that as the supply of inhabitable homes disappears, the demand and cost of those homes will rise drastically. Until the market balances back out again, shopping around to avoid paying the inflated cost of a house in Mississippi is strongly advised.

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