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Article Excerpt
For the month immediately following Hurricane Katrina, the Hattiesburg housing market sat at 7.17, meaning a little more than seven months' supply of houses were on the market in September 2005. By the end of the following month, that supply had been almost cut in half, with only 3.88 months' supply.
"Right after Hurricane Katrina, homebuilders thought the building activity couldn't come to an end because they were selling everything they built--and quickly," said Zeke Powell, a retired banker who closely follows Pine Belt real estate trends.
In 2006, the housing market had adjusted to an average of 7.44 months' supply of inventory. Then in mid-2007, the inventory started moving upward. For Sept. 2007, the last reporting period available at press time,...
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