Mississippi Foreclosure Activity Unchanged in February

Statewide filings up 41 percent from February 2009

 

Foreclosure activity in Mississippi was unchanged in February with 416 properties with foreclosure filings but inclined 42 percent above the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Mississippi foreclosure activity stayed the same in February,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, the numbers are still up from this time last year. The largest increase was in auctions, which climbed 52 percent during the year. The state’s unemployment rate is still rising and is currently above the national average. This has likely contributed to the year-over increase.”

 

Mississippi ranked 40th in the country in total foreclosures reported for the month. With one in every 3,046 housing units receiving a foreclosure filing, its foreclosure rate ranked 45th among the 50 states.

 

Harrison County posts top foreclosure rate in the state for February

Harrison County posted the state’s highest county foreclosure rate in February, with one in every 334 housing units receiving a foreclosure filing — 9.1 times the state average. De Soto County was second, with one in every 1,945 housing units receiving a foreclosure filing — 1.6 times the state average. Itawamba County came in third highest, with one in every 2,594 housing units receiving a foreclosure filing.

 

Harrison County led the state in total foreclosures in February

Harrison County led the way, totaling 242 properties with foreclosure filings for the month. Hinds County was second, documenting 34 properties with foreclosure filings. De Soto County ranked third highest, reporting 31 properties with foreclosure filings for the month. Rankin came in fourth place, reporting 15 properties with foreclosure filings, while Jackson County came in fifth place, reporting 13 properties with foreclosure filings.

 

State contributes less than 1 percent to nation’s month foreclosure total

Mississippi accounted for less than 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 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: DefaultNotice 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Mississippi

0

0

83

0

333

416

3,046

0.14

n/a

 

 

 

 

 

 

 

 

 

 

Harrison

0

0

17

0

225

242

334

1.25

9.11

De Soto

0

0

8

0

23

31

1,945

0.22

1.57

Itawamba

0

0

0

0

4

4

2,594

0.16

1.17

Hinds

0

0

7

0

27

34

3,134

0.13

0.97

Hancock

0

0

0

0

6

6

3,168

0.13

0.96

 

 

 

Mississippi Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Jan 10

% Chg

Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Mississippi

0

0

83

0

333

416

3,046

0.00

41.50

 

 

 

 

 

 

 

 

 

 

Harrison

0

0

17

0

225

242

334

324.56

126.17

Hinds

0

0

7

0

27

34

3,134

-50.72

17.24

De Soto

0

0

8

0

23

31

1,945

-72.57

-61.25

Rankin

0

0

11

0

4

15

3,728

-40.00

-65.91

Jackson

0

0

6

0

7

13

4,397

-68.29

550.00

 

 

 

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