Mississippi Foreclosure Activity Declines in October

Statewide filings down 62 percent from September

 

Mississippi foreclosure filings dropped 62 percent from the previous month to 539 properties with foreclosure filings in October, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is still 174 percent ahead of the state foreclosure level reported one year ago, however.

 

Mississippi foreclosures headed downward in October but were still significantly higher than this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest declines for the month were in default notices, down 100 percent, and bank-owned properties, down 84 percent. The state’s unemployment rate still remains below the national average, and home sales have picked up drastically this year. If these trends persist, we may see foreclosures continue to fall in the coming months.”

 

Mississippi ranked 39th in the country in total foreclosures for the month. With one in every 2,328 housing units receiving a foreclosure filing, its foreclosure rate ranked 42nd among the 50 states.

 

De Soto County posts state’s top foreclosure rate in October

With one in every 282 housing units receiving a foreclosure filing — 1.4 times the national average and 8.3 times the state average — De Soto County posted the highest county foreclosure rate in the state for October. Rankin County ranked second highest, reporting one in every 1,052 housing units receiving a foreclosure filing — 2.2 the state average. Pearl River County had the third highest rate, with one in every 1,249 housing units receiving a foreclosure filing — 1.9 times the state average. Fourth highest foreclosure rate was in Hinds County, where one in every 1,340 housing units received a foreclosure filing during the month — 1.7 times the state average. Fifth highest rate was reported in Alcorn County, where one in every 1,370 housing units received a foreclosure filing during the month — also 1.7 times the state average.

 

Five counties dominate state in foreclosure total for October

Five counties accounted for 73 percent of all foreclosure activity in the state for October. De Soto County led all counties, totaling 208 properties with foreclosure filings for the month. Hinds County was second highest, documenting 79 properties with foreclosure filings. Reporting 52 properties with foreclosure filings for the month, Rankin County was third highest. Jackson County came in fourth, reporting 32 properties with foreclosure filings, while the fifth highest total was in Lee County, where 24 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure total in October

Mississippi accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Mississippi Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Mississippi

0

0

347

0

192

539

2,328

0.17

n/a

 

 

 

 

 

 

 

 

 

 

De Soto

0

0

125

0

83

208

282

1.36

8.25

Rankin

0

0

40

0

12

52

1,052

0.37

2.21

Pearl River

0

0

18

0

2

20

1,249

0.31

1.86

Hinds

0

0

56

0

23

79

1,340

0.29

1.74

Alcorn

0

0

8

0

4

12

1,370

0.28

1.70

 

 

Mississippi Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Mississippi

0

0

347

0

192

539

2,328

-61.96

173.60

 

 

 

 

 

 

 

 

 

 

De Soto

0

0

125

0

83

208

282

37.75

407.32

Hinds

0

0

56

0

23

79

1,340

-89.27

107.89

Rankin

0

0

40

0

12

52

1,052

-66.67

92.59

Jackson

0

0

21

0

11

32

1,743

-25.58

1,500.00

Lee

0

0

21

0

3

24

1,395

-17.24

300.00

 

 

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