Mississippi Foreclosure Activity Falls in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Mississippi fell 3 percent during the first quarter of 2010, but was still up 76 percent from the same period last year. In all, the state reported 1,353 properties with foreclosure filings during the quarter.

 

In March the state reported 518 properties with foreclosure filings, a 25 percent increase from the previous month and 134 percent above the level reported in March 2009. One in every 2,446 Mississippi housing units received a foreclosure filing during the month, the 45th highest state foreclosure rate.

 

“Foreclosure activity declined in Mississippi between the fourth quarter of 2009 and the first quarter of 2010, though it jumped up between February and March, and remained high compared to the first quarter of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “A chief concern for Mississippi is heightened unemployment, which remains above 11 percent in a state with many residents living below the poverty line.”

 

One in every 937 Mississippi housing units received a foreclosure filing during the first quarter — the 45th highest state foreclosure rate in the nation.

 

Harrison County tops state in foreclosure rate and total for the first quarter

Harrison County had the highest county foreclosure rate in Mississippi during the first quarter, with one in every 230 housing units receiving a foreclosure filing — 4.1 times the state average. De Soto County had the second highest foreclosure rate, with one in every 261 housing units receiving a foreclosure filing — 3.6 times the state average. Hinds County came in third, with one in every 507 housing units receiving a foreclosure filing — 1.9 times the state average. Jackson County had the fourth highest rate, with one in every 520 housing units receiving a foreclosure filing — 1.8 times the state average. 

 

Harrison County led state in total foreclosures for the first quarter

Harrison County also led Mississippi in total foreclosures, reporting 352 properties with foreclosure filings during the first quarter. De Soto County had the second highest foreclosure total, reporting 231 properties with foreclosure filings. Hinds County came in third, reporting 210 properties with foreclosure filings for the quarter. Jackson County was fourth, reporting 110 properties with foreclosure filings. Rankin County was fifth, reporting 55 properties with foreclosure filings.

 

State a minor contributor to quarterly foreclosure total

Mississippi represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Mississippi

0

0

611

0

742

1,353

937

0.15

n/a

 

 

 

 

 

 

 

 

 

 

Harrison

0

0

92

0

260

352

230

0.60

4.07

De Soto

0

0

124

0

107

231

261

0.53

3.59

Hinds

0

0

101

0

109

210

507

0.27

1.85

Jackson

0

0

61

0

49

110

520

0.27

1.80

Marshall

0

0

13

0

8

21

705

0.20

1.33

 

 

Mississippi Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Mississippi

0

0

611

0

742

1,353

937

-2.87

76.17

 

 

 

 

 

 

 

 

 

 

Harrison

0

0

92

0

260

352

230

245.10

206.09

De Soto

0

0

124

0

107

231

261

-41.52

-40.77

Hinds

0

0

101

0

109

210

507

-6.67

346.81

Jackson

0

0

61

0

49

110

520

7.84

1471.43

Rankin

0

0

42

0

13

55

1,017

-66.26

-44.44

 

 

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