MISSISSIPPI FORECLOSURE ACTIVITY UP 25 PERCENT IN AUGUST

Statewide Foreclosure Activity Up 45 Percent From a Year Ago

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 237 Mississippi properties in August, an increase of 25 percent from the previous month, and 45 percent above the level reported for August 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

Mississippi foreclosures are up both in August and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state currently holds the second highest unemployment rate in the country. This, in addition to the overall decline in the housing market, is likely contributing to the rise.”

 

Mississippi ranked 42nd in the country in total foreclosures reported for the month. With one in every 5,238 households receiving a foreclosure filing, its foreclosure rate ranked 46th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five Mississippi counties accounted for 74 percent of all foreclosure activity in the state for August. De Soto County led the way, reporting 120 properties with foreclosure filings. Hinds County came in second, documenting 37 properties with foreclosure filings. Madison County came in third, reporting seven properties with foreclosure filings. Lafayette County came in fourth, where six properties with foreclosure filings were reported. Panola County came in fifth also with six properties with foreclosure filings.

 

De Soto County posts top foreclosure rate for August

De Soto County tallied the highest county foreclosure rate in Mississippi in August, with one in every 465 households receiving a foreclosure filing for the month — 11.3 times the state average. Tate County posted the second highest foreclosure rate, with one in every 1,763 households receiving a foreclosure filing during the month — three times the state average. Tunica County posted the third highest foreclosure rate, where one in every 2,223 households received a foreclosure filing in August — 2.4 times the state average.

 

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

Mississippi accounted for less than 1 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents more than a 12 percent increase from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households receiving 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 Foreclosure Market Data by County – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X  HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Mississippi

7

0

147

0

83

237

5,238

0.08

n/a

 

 

 

 

 

 

 

 

 

Adams

0

0

1

0

0

1

15,403

0.03

0.34

Alcorn

0

0

2

0

0

2

8,179

0.05

0.64

Amite

0

0

0

0

0

0

 n/a

0.00

0.00

Attala

0

0

0

0

0

0

 n/a

0.00

0.00

Benton

0

0

0

0

0

0

 n/a

0.00

0.00

Bolivar

0

0

1

0

0

1

15,410

0.03

0.34

Calhoun

0

0

0

0

0

0

 n/a

0.00

0.00

Carroll

0

0

0

0

0

0

 n/a

0.00

0.00

Chickasaw

0

0

0

0

0

0

 n/a

0.00

0.00

Choctaw

0

0

0

0

0

0

 n/a

0.00

0.00

Claiborne

0

0

0

0

0

0

 n/a

0.00

0.00

Clarke

0

0

0

0

0

0

 n/a

0.00

0.00

Clay

0

0

0

0

1

1

9,083

0.05

0.58

Coahoma

0

0

0

0

2

2

5,819

0.07

0.90

Copiah

0

0

0

0

1

1

11,440

0.04

0.46

Covington

0

0

0

0

0

0

 n/a

0.00

0.00

De Soto

2

0

67

0

51

120

465

0.89

11.28

Forrest

0

0

0

0

0

0

 n/a

0.00

0.00

Franklin

0

0

0

0

0

0

 n/a

0.00

0.00

George

0

0

1

0

0

1

7,998

0.05

0.65

Greene

0

0

0

0

0

0

 n/a

0.00

0.00

Grenada

0

0

0

0

0

0

 n/a

0.00

0.00

Hancock

0

0

0

0

2

2

11,457

0.04

0.46

Harrison

0

0

1

0

3

4

19,673

0.02

0.27

Hinds

1

0

33

0

3

37

2,840

0.15

1.84

Holmes

0

0

0

0

0

0

 n/a

0.00

0.00

Humphreys

0

0

0

0

0

0

 n/a

0.00

0.00

Issaquena

0

0

0

0

0

0

 n/a

0.00

0.00

Itawamba

0

0

0

0

0

0

 n/a

0.00

0.00

Jackson

0

0

1

0

0

1

54,900

0.01

0.10

Jasper

0

0

0

0

0

0

 n/a

0.00

0.00

Jefferson

0

0

0

0

0

0

 n/a

0.00

0.00

Jefferson Davis

0

0

0

0

0

0

 n/a

0.00

0.00

Jones

0

0

0

0

0

0

 n/a

0.00

0.00

Kemper

0

0

0

0

0

0

 n/a

0.00

0.00

Lafayette

0

0

6

0

0

6

3,089

0.13

1.70

Lamar

0

0

1

0

2

3

5,542

0.08

0.95

Lauderdale

0

0

1

0

0

1

34,770

0.01

0.15

Lawrence

0

0

0

0

0

0

 n/a

0.00

0.00

Leake

0

0

0

0

1

1

8,948

0.05

0.59

Lee

0

0

3

0

1

4

8,289

0.05

0.63

Leflore

0

0

1

0

0

1

14,894

0.03

0.35

Lincoln

0

0

0

0

0

0

 n/a

0.00

0.00

Lowndes

0

0

0

0

0

0

 n/a

0.00

0.00

Madison

1

0

3

0

3

7

5,040

0.08

1.04

Marion

0

0

0

0

0

0

 n/a

0.00

0.00

Marshall

0

0

1

0

0

1

14,239

0.03

0.37

Monroe

0

0

0

0

1

1

16,729

0.02

0.31

Montgomery

0

0

1

0

0

1

6,006

0.07

0.87

Neshoba

0

0

0

0

0

0

 n/a

0.00

0.00

Newton

0

0

0

0

1

1

9,627

0.04

0.54

Noxubee

0

0

0

0

0

0

 n/a

0.00

0.00

Oktibbeha

0

0

1

0

2

3

6,546

0.06

0.80

Panola

0

0

6

0

0

6

2,408

0.17

2.18

Pearl River

0

0

0

0

1

1

24,539

0.02

0.21

Perry

0

0

0

0

0

0

 n/a

0.00

0.00

Pike

0

0

0

0

0

0

 n/a

0.00

0.00

Pontotoc

0

0

0

0

0

0

 n/a

0.00

0.00

Prentiss

0

0

2

0

1

3

3,720

0.11

1.41

Quitman

0

0

0

0

0

0

 n/a

0.00

0.00

Rankin

0

0

1

0

1

2

26,590

0.02

0.20

Scott

1

0

0

0

0

1

11,577

0.04

0.45

Sharkey

0

0

0

0

0

0

 n/a

0.00

0.00

Simpson

0

0

1

0

0

1

11,622

0.04

0.45

Smith

0

0

0

0

0

0

 n/a

0.00

0.00

Stone

0

0

0

0

0

0

 n/a

0.00

0.00

Sunflower

0

0

1

0

0

1

10,703

0.04

0.49

Tallahatchie

0

0

0

0

0

0

 n/a

0.00

0.00

Tate

0

0

6

0

0

6

1,763

0.24

2.97

Tippah

0

0

0

0

2

2

4,643

0.09

1.13

Tishomingo

0

0

1

0

0

1

9,890

0.04

0.53

Tunica

0

0

1

0

1

2

2,223

0.19

2.36

Union

0

0

1

0

0

1

11,121

0.04

0.47

Walthall

0

0

0

0

0

0

 n/a

0.00

0.00

Warren

1

0

0

0

1

2

10,659

0.04

0.49

Washington

1

0

0

0

1

2

12,522

0.03

0.42

Wayne

0

0

0

0

0

0

 n/a

0.00

0.00

Webster

0

0

0

0

0

0

 n/a

0.00

0.00

Wilkinson

0

0

0

0

0

0

 n/a

0.00

0.00

Winston

0

0

0

0

1

1

8,739

0.05

0.60

Yalobusha

0

0

2

0

0

2

3,286

0.13

1.59

Yazoo

0

0

0

0

0

0

 n/a

0.00

0.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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