Dermott located in Chicot County, Arkansas grew into a railroad town in the year 1880. Its economy was agriculture as well as timber dependent.

And Dermott was doing very well until the Great depression when the economy lost its vigor.
There is one positive point though. During that period many smaller towns did not survive. But Dermott did. Since then it is striving to regain its original state. Unfortunately, it hasn’t been able to completely turn around but the people of the town haven’t written it off completely.

Real Estate In Dermott

When the mortgage disaster took over most of the economies around the globe, Dermott real estate wasn’t spared. Residents of Dermott are still striving hard to return to a normal life. With foreclosures on the rise and voluntary walking away from homes (strategic mortgage defaults), you cannot expect a scenario in Dermott, Arkansas to be different from any other town or city in United States. The only difference is that some cities, town and states were hardly hit while few were spared. But none of the states could escape the wrath of the drowning mortgage market.

Housing Prices

The figures given below indicate how home values have changed over the years in Dermott real estate market. Not only that the figures also show the number of foreclosures in Dermott real estate market. Check them out.
* Median value of condominium in Dermott (2008) –USD$47, 906
* Median condo value in 2000 – USD$30, 900
* Mean value of housing units in 2008 – USD$69, 747
* Value (mean) of attached units in 2008 – USD$42, 798
*Price of detached units in 2008 – USD$69, 236
* Cost of mobile homes in Dermott (2008) – USD$18, 981
* Median cost of 2 unit construction units – USD$53, 239
* Median price of homes (as of March 22nd 2010) – USD$59, 500
* Median cost of foreclosed homes (as on Mar 22nd 2010) – USD$ 31, 882


Why did number of people filing foreclosure in Dermott escalate?
* Increase in foreclosure filings in Dermott real estate market can be attributed to a number of reasons. Two main reasons can be summarized as below –
* Taking out mortgage, the size of which was inappropriate
* Falling behind on mortgage payments or increasing mortgage delinquencies

Effect of foreclosure on credibility of consumers in Dermott real estate market

It is a well known fact that if you have foreclosure in your credit report, it gets recorded for a period of 7 years just as filing Chapter 13 bankruptcy does. You will be barred from availing fresh credit till the time you don’t have a clean credit report. And there are no shortcuts to repairing your credit report overnight. So, if you have foreclosure in your credit file availing fresh mortgage is usually a far cry.