Mississippi Foreclosure Activity Fell in May

Statewide foreclosure filings down 3 percent from April

 

Foreclosure activity in Mississippi fell 3 percent in May to 358 properties with foreclosure filings. This latest state total represents a 17 percent decrease from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Mississippi foreclosure activity improved slightly in May, with fewer filings than were reported last month or for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “With an unemployment rate of 11.5 percent, this drop in foreclosure activity likely comes as a welcome surprise for many struggling residents, though it doesn’t take much pressure off the urgency for those unemployed to find work quickly.”

 

The state’s foreclosure rate ranked 47th in the nation, as one in every 3,540 Mississippi housing units received a foreclosure filing during the month.

 

Rankin County led the state in foreclosure rate for May

Rankin County posted the highest foreclosure rate in Mississippi for May, with one in every 917 housing units receiving a foreclosure filing — 3.9 times the state average. De Soto County had the second highest foreclosure rate, with one in every 1,311 housing units receiving a foreclosure filing — 2.7 times the state average. Harrison County had the third highest foreclosure rate, with one in every 1,587 housing units receiving a foreclosure filing — 2.2 times the state average.

 

Rankin County also tops in foreclosure total for May

Rankin County also led the state in activity, reporting 61 properties with foreclosure filings for the month. Harrison County had the second highest total, documenting 51 properties with foreclosure filings. Reporting 47 properties with foreclosure filings for the month, Hinds County had the third highest total. De Soto County was fourth highest, reporting 46 properties with foreclosure filings.

 

State a minor contributor to nation’s monthly foreclosure total in May

Mississippi accounted for less than 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.

 

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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Mississippi

0

0

145

0

213

358

3,540

0.11

n/a

 

 

 

 

 

 

 

 

 

 

Rankin

0

0

51

0

10

61

917

0.44

3.86

De Soto

0

0

8

0

38

46

1,311

0.30

2.70

Harrison

0

0

10

0

41

51

1,587

0.25

2.23

Marshall

0

0

8

0

1

9

1,645

0.24

2.15

Alcorn

0

0

6

0

4

10

1,648

0.24

2.15

 

 

Mississippi Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Mississippi

0

0

145

0

213

358

3,540

-2.98

-17.51

 

 

 

 

 

 

 

 

 

 

Rankin

0

0

51

0

10

61

917

577.78

144.00

Harrison

0

0

10

0

41

51

1,587

4.08

628.57

Hinds

0

0

14

0

33

47

2,267

-4.08

-62.70

De Soto

0

0

8

0

38

46

1,311

-43.21

-59.65

Jackson

0

0

14

0

17

31

1,844

-39.22

1,450.00

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved