Natchez — Home foreclosures have drawn national news coverage during recent months, focusing on homeowners who have been unable to pay their mortgages, and as a result, have lost their homes.

While the issue of home foreclosure is very serious, it is important to understand that not all markets are affected in the same way.

In fact, while foreclosures remain a media issue, they may also cloud consumers’ perceptions of their real estate market overall.

For this reason, it is important to examine foreclosures on a very local level. Butch Stewart, owner/broker of Coldwell Banker Stewart Realty has provided information below on the most important local real estate factors affecting foreclosures in the Miss-Lou.

In spite of other areas of the country, foreclosures in the Miss-Lou account for only about 5 percent of the market’s inventory.

“Although we certainly feel for anyone affected by foreclosure, the reality is simply that the Miss-Lou has not experienced nearly the same rate of foreclosures that are being reported nationally.

“In fact, in the Miss-Lou area, out of 252 homes on the market, there are only approximately 12 in foreclosure and it is important to note that 69 percent of all U.S. homes lost to foreclosure, according to Realty Trac, come from only eight states — Florida, California, Arizona, Nevada, Michigan, Ohio, Georgia and Texas,” Stewart said.

In some instances, the government has also stepped in to help consumers avoid foreclosures.

An economic impact study conducted by the National Association of Realtors® estimated that increasing the FHA, Fannie Mae and Freddie Mac conforming loan limits could result in as many as 500,000 new refinanced loans and help reduce foreclosures by as much as 210,000 nationally.