Developers say housing market will do fine - WLOX.com - The News for South Mississippi

Developers say housing market will do fine

HARRISON COUNTY, MS (WLOX) -

The argument over the debt crisis has dominated headlines the past few weeks and left many wondering where the country will go from here. With the announcement of nation's credit rate dropping, more questions have risen, especially concerning the housing market.

Developers at Tradition, located north of Biloxi, say regardless of all that's going on, they are choosing to focus on the positive.

"Today's announcement may cause people to pause, but no one really knows what impact it's going to have," said Brynn Joachim with Tradition Properties.

"It's a concern, but I don't think the downgrading will affect interest rates dramatically," said Gerald Blessey, Tradition Property President. "There may be a small tick, but that happens in the marketplace anyway from time to time."

Blessey's navigated tough times before. The former mayor remembers South Mississippi before the casino boom and said the ups and downs of the housing market are nothing new. In fact, he believes there are bigger issues to worry about, like stimulating all sectors of the economy

"The general economy overall is much more of a concern. We need to restore jobs in Harrison County. You know, we're about 10,000 fewer jobs today than we were before Katrina, so that's really the economic need right now." 

Despite the drop in the credit rating, the folks at Tradition say this is actually a great time to purchase a home.

"Now is a good time to buy. Interest rates are very low, compared to years gone by. Construction costs are much lower than years gone by. So this is a great time for a buyer to buy a home, to build a home. And we think we'll see more and more people taking advantage of that," Blessey said.

"This is a symptom of an overall problem that our country is facing," Joachim said. "It didn't happen overnight, it's not going to be solved overnight. And I think prudence is probably in order, you know, rather than panicking."

So whether or not interest rates increase as a result of the announcement, Tradition property owners strongly believe it's still a great time to buy.

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