Mississippi Foreclosure Activity Lower in Second Quarter

Activity level drops 24 percent from Q1

Foreclosure filings increase 3 percent mid-year; down one percent in June

 

Mississippi reported 1,022 properties with foreclosure filings for the second quarter of 2010, a 24 percent decrease from the first quarter of the year and is nearly 31 percent below the level reported for the second quarter of 2009.

 

Activity level in the Magnolia State dropped during the first half of 2010, and dropped in June. For the first six months of the year, Mississippi reported 2,243 properties with foreclosure filings, a 39 percent drop in activity from the second half of 2009, but 3 percent above the level reported mid-year 2009. In June the state tallied 355 properties with foreclosure filings, a decrease of one percent from the previous month and down 53 percent from June 2009.

 

Mississippi foreclosures fell during the second quarter and during the month of June,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s recent home sales and year-over home values did not decline as far as the national average recently. This has likely contributed to the decline.”

 

One in every 1,240 Mississippi housing units received a foreclosure filing during the quarter, giving the state the 47th highest foreclosure rate in the nation.

 

De Soto County posts state’s top foreclosure rate for the quarter

De Soto County posted the highest county foreclosure rate in Mississippi during the second quarter, with one in every 319 housing units receiving a foreclosure filing in the county — 3.9 times the state average. Jackson County reported the second highest foreclosure rate, with one in every 497 housing units receiving a foreclosure filing — 2.5 times the state average. Harrison County reported the third highest foreclosure rate, with one in every 522 housing units receiving a foreclosure filing during the second quarter — 2.4 times the state average.

 

De Soto County also leads state in total foreclosures for the second quarter

De Soto County also led Mississippi in foreclosure activity, reporting 189 properties with foreclosure filings for the quarter, while Harrison County documented the second highest foreclosure total, reporting 155 properties with foreclosure filings. Reporting 133 properties with foreclosure filings for the quarter, Hinds County came in third. Jackson County was fourth, reporting 115 properties with foreclosure filings. Fifth highest total was Rankin County, where 92 properties with foreclosure filings were reported for the quarter.

 

State contributes less than 1 percent to nation’s quarterly total

Foreclosure activity in Mississippi represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Mississippi

0

0

485

0

537

1,022

1,240

0.12

n/a

 

 

 

 

 

 

 

 

 

 

De Soto

0

0

114

0

75

189

319

0.45

3.89

Jackson

0

0

75

0

40

115

497

0.29

2.49

Harrison

0

0

57

0

98

155

522

0.28

2.38

Rankin

0

0

70

0

22

92

608

0.24

2.04

Hinds

0

0

47

0

86

133

801

0.18

1.55

 

 

Mississippi Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Mississippi

0

0

485

0

537

1,022

1,240

-24.46

-30.71

 

 

 

 

 

 

 

 

 

 

De Soto

0

0

114

0

75

189

319

-18.18

-44.08

Harrison

0

0

57

0

98

155

522

-55.97

106.67

Hinds

0

0

47

0

86

133

801

-36.67

-52.67

Jackson

0

0

75

0

40

115

497

4.55

1,177.78

Rankin

0

0

70

0

22

92

608

67.27

-73.86

 

 

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