MISSISSIPPI FORECLOSURE ACTIVITY UP 27 PERCENT IN MARCH

State Foreclosure Filings Up 100 Percent From March 2007

 

IRVINE, Calif. – April 30, 2008 – Mississippi reported 188 properties with foreclosure filings in March, a 27 percent increase in activity from the previous month, and double the level reported for March 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 million properties from nearly 2,500 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.

 

“After a small decline in February, Mississippi reported a significant increase in foreclosure activity during March, mostly in trustee’s sales and in bank-owned properties,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment there has been well above the national average, and home prices are still appreciating, although at a declining rate. These two factors are making it more difficult for distressed homeowners to avoid foreclosure, thus the increase in activity we are seeing.

 

Mississippi’s foreclosure total ranked 43rd among the 50 states. One in every 6,604 Mississippi households received a foreclosure filing during the month, giving the state one of the five lowest foreclosure rates in the country.

 

Hinds, De Soto counties account for bulk of state’s foreclosure activity in March

Two Mississippi counties accounted for 77 percent of all foreclosure activity in the state for March. Hinds County led the state, reporting 75 properties with foreclosure filings, followed by De Soto County, reporting 69 properties with foreclosure filings for the month. Madison County had the third highest total for the month, reporting 11 properties with foreclosure filings.

 

De Soto County posts state’s top foreclosure rate

De Soto County tallied the highest county foreclosure rate in the state for March, with one in every 808 households receiving a foreclosure filing for the month — 8.2 times the state average. Hinds County posted the state’s second highest rate, with one in every 1,401 households receiving a foreclosure filing during the month — 4.7 times the state average. Third highest rate in the state was reported in Madison County, where one in every 3,207 households received a foreclosure filing in March — 2.1 times the state average.

 

State makes a minor contribution to nation’s total in March

Total foreclosure filings in Mississippi accounted for less than 1 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households received 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 by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Mississippi

0

0

109

0

79

188

6,604

0.08

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

0

0

0

n/a

0.00

0.00

Alcorn

0

0

0

0

0

0

n/a

0.00

0.00

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

1

0

0

1

3,591

0.15

1.84

Bolivar

0

0

0

0

0

0

n/a

0.00

0.00

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

0

0

n/a

0.00

0.00

Coahoma

0

0

1

0

1

2

5,819

0.09

1.13

Copiah

0

0

0

0

0

0

n/a

0.00

0.00

Covington

0

0

0

0

0

0

n/a

0.00

0.00

De Soto

0

0

5

0

64

69

808

0.67

8.17

Forrest

0

0

0

0

1

1

32,369

0.02

0.20

Franklin

0

0

0

0

0

0

n/a

0.00

0.00

George

0

0

0

0

0

0

n/a

0.00

0.00

Greene

0

0

1

0

0

1

5,125

0.11

1.29

Grenada

0

0

0

0

0

0

n/a

0.00

0.00

Hancock

0

0

0

0

0

0

n/a

0.00

0.00

Harrison

0

0

2

0

1

3

26,231

0.02

0.25

Hinds

0

0

70

0

5

75

1,401

0.38

4.71

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

0

0

1

1

54,900

0.01

0.12

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

1

0

0

1

27,887

0.02

0.24

Kemper

0

0

0

0

0

0

n/a

0.00

0.00

Lafayette

0

0

1

0

0

1

18,535

0.03

0.36

Lamar

0

0

0

0

0

0

n/a

0.00

0.00

Lauderdale

0

0

2

0

0

2

17,385

0.03

0.38

Lawrence

0

0

0

0

0

0

n/a

0.00

0.00

Leake

0

0

0

0

0

0

n/a

0.00

0.00

Lee

0

0

1

0

0

1

33,155

0.02

0.20

Leflore

0

0

0

0

0

0

n/a

0.00

0.00

Lincoln

0

0

0

0

2

2

7,286

0.07

0.91

Lowndes

0

0

0

0

0

0

n/a

0.00

0.00

Madison

0

0

11

0

0

11

3,207

0.17

2.06

Marion

0

0

0

0

0

0

n/a

0.00

0.00

Marshall

0

0

1

0

0

1

14,239

0.04

0.46

Monroe

0

0

1

0

0

1

16,729

0.03

0.39

Montgomery

0

0

0

0

0

0

n/a

0.00

0.00

Neshoba

0

0

0

0

0

0

n/a

0.00

0.00

Newton

0

0

0

0

0

0

n/a

0.00

0.00

Noxubee

0

0

0

0

0

0

n/a

0.00

0.00

Oktibbeha

0

0

0

0

0

0

n/a

0.00

0.00

Panola

0

0

0

0

0

0

n/a

0.00

0.00

Pearl River

0

0

1

0

1

2

12,270

0.04

0.54

Perry

0

0

0

0

0

0

n/a

0.00

0.00

Pike

0

0

1

0

0

1

17,314

0.03

0.38

Pontotoc

0

0

0

0

0

0

n/a

0.00

0.00

Prentiss

0

0

0

0

0

0

n/a

0.00

0.00

Quitman

0

0

1

0

0

1

3,968

0.14

1.66

Rankin

0

0

1

0

1

2

26,590

0.02

0.25

Scott

0

0

0

0

0

0

n/a

0.00

0.00

Sharkey

0

0

0

0

0

0

n/a

0.00

0.00

Simpson

0

0

2

0

0

2

5,811

0.09

1.14

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

0.05

0.62

Tallahatchie

0

0

0

0

0

0

n/a

0.00

0.00

Tate

0

0

0

0

1

1

10,578

0.05

0.62

Tippah

0

0

0

0

0

0

n/a

0.00

0.00

Tishomingo

0

0

0

0

0

0

n/a

0.00

0.00

Tunica

0

0

0

0

0

0

n/a

0.00

0.00

Union

0

0

0

0

0

0

n/a

0.00

0.00

Walthall

0

0

0

0

0

0

n/a

0.00

0.00

Warren

0

0

2

0

1

3

7,106

0.08

0.93

Washington

0

0

1

0

0

1

25,044

0.02

0.26

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

1

0

0

1

8,739

0.06

0.76

Yalobusha

0

0

0

0

0

0

n/a

0.00

0.00

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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