Feet on the Street Biloxi MS
The bottom line: This 'playground of the South' coastal community is on the upswing of recovery post Hurricane Katrina and amid challenging market conditions
This summer, we were in Biloxi, MS visiting our Affiliates at the Biloxi Sun Herald. According to our local newspaper Affiliates, this housing market has taken a big hit similar to other markets across the country. Unlike other markets, however, their foreclosure transactions are relatively low. There are fewer foreclosures because many homes were damaged by Hurricane Katrina in 2005, with an estimated 10,000-12,000 homes affected by the storm.
For months following the initial destruction, the Sun Herald was one of the main sources of news when electricity was not available. Fortunately, the newspaper was still able to publish regular issues since it was located ΒΌ mile off the beach and above shore level.
Today the Biloxi area is still recovering. Some homes are not being rebuilt as insurance is very high and some local insurance firms are not issuing new policies. The job market was also adversely affected so there are few out-of-town buyers and many builders have since left the area after the rebuilding was completed. Currently, gambling and tourism are some of the biggest industries in this community. Yet with 26 miles of sandy beachfront and a moniker as one of the 'playgrounds of the South,' Biloxi continues to offer its weight in real estate gold: location.
During our visit, we also met with many agents and brokers in the area including RE/MAX by the Bay (Bay St Louis), Latter & Blum Coastal Properties (Bay St Louis) and Gollott Lyons Real Estate (Biloxi, MS).
Equal Housing Opportunity