MISSISSIPPI FORECLOSURE ACTIVITY UP 63 PERCENT IN 2008

More than 2,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 2,293 Mississippi properties in 2008, an increase of 63 percent from 2007 and an increase of 181 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Magnolia State reported 132 properties with foreclosure filings in December, a 1 percent decrease from the previous month and a 14 percent decrease from December 2007.

 

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.

 

“Although Mississippi foreclosures were up in 2008, they remained lower than most states,” said James J. Saccacio, chief executive officer of RealtyTrac. “Mississippi’s unemployment rate of 7.6 percent in December was slightly above the national average of 7.2 percent. Home values also did not experience the same national level of decline. These factors are helping the state to weather the foreclosure crisis better than most of the country.”

 

Mississippi ranked 43rd in the country in total foreclosures reported for the year. With one in every 541 housing units 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 2008. De Soto County led all others, reporting 883 properties with foreclosure filings for the year. Hinds County came in second, reporting 558 properties with foreclosure filings. Rankin County registered the third highest total, reporting 111 properties with foreclosure filings. Madison County documented the fourth highest foreclosure total, reporting 96 properties with foreclosure filings. Marshall County came in fifth, documenting 54 properties with foreclosure filings.

 

De Soto County posts top foreclosure rate for 2008

Three Mississippi counties led the state in foreclosure rate for 2008. De Soto County topped the list, with 1.58 percent of its housing units receiving at least one foreclosure filing during the year. Hinds County came in second, with 0.53 percent of its housing units receiving at least one foreclosure filing. Marshall County posted the third highest foreclosure rate, where 0.38 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Tate County (0.34 percent) and George County (0.28 percent).

 

State contributes less than 1 percent to nation’s foreclosure total for 2008

Mississippi accounted for less than 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Mississippi

2,293

0.18

62.74

 

 

 

 

 

34

Adams

8

0.05

166.67

55

Alcorn

5

0.03

66.67

73

Amite

0

0.00

n/a

73

Attala

0

0.00

-100.00

58

Benton

1

0.03

n/a

40

Bolivar

7

0.05

16.67

57

Calhoun

2

0.03

n/a

66

Carroll

1

0.02

n/a

38

Chickasaw

4

0.05

300.00

62

Choctaw

1

0.02

0.00

64

Claiborne

1

0.02

n/a

71

Clarke

1

0.01

-50.00

41

Clay

4

0.04

0.00

22

Coahoma

8

0.07

60.00

16

Copiah

11

0.10

57.14

17

Covington

7

0.08

600.00

1

De Soto

883

1.58

83.96

33

Forrest

17

0.05

142.86

61

Franklin

1

0.02

0.00

5

George

22

0.28

633.33

46

Greene

2

0.04

n/a

24

Grenada

7

0.07

n/a

42

Hancock

10

0.04

233.33

30

Harrison

44

0.06

266.67

2

Hinds

558

0.53

-7.00

62

Holmes

2

0.02

100.00

73

Humphreys

0

0.00

-100.00

73

Issaquena

0

0.00

n/a

47

Itawamba

4

0.04

300.00

36

Jackson

27

0.05

68.75

73

Jasper

0

0.00

n/a

60

Jefferson

1

0.03

n/a

69

Jefferson Davis

1

0.02

-50.00

43

Jones

12

0.04

100.00

73

Kemper

0

0.00

-100.00

14

Lafayette

19

0.10

n/a

32

Lamar

9

0.05

350.00

29

Lauderdale

20

0.06

42.86

73

Lawrence

0

0.00

-100.00

31

Leake

5

0.06

n/a

12

Lee

35

0.11

250.00

18

Leflore

12

0.08

71.43

8

Lincoln

29

0.20

123.08

52

Lowndes

9

0.03

-10.00

6

Madison

96

0.27

43.28

59

Marion

3

0.03

n/a

3

Marshall

54

0.38

500.00

39

Monroe

8

0.05

0.00

68

Montgomery

1

0.02

-50.00

70

Neshoba

2

0.02

100.00

54

Newton

3

0.03

n/a

49

Noxubee

2

0.04

100.00

44

Oktibbeha

8

0.04

700.00

9

Panola

24

0.17

700.00

37

Pearl River

12

0.05

300.00

48

Perry

2

0.04

n/a

50

Pike

6

0.03

200.00

27

Pontotoc

7

0.06

75.00

21

Prentiss

8

0.07

n/a

35

Quitman

2

0.05

n/a

7

Rankin

111

0.21

825.00

72

Scott

1

0.01

-66.67

73

Sharkey

0

0.00

n/a

19

Simpson

9

0.08

200.00

73

Smith

0

0.00

n/a

10

Stone

7

0.12

250.00

26

Sunflower

7

0.07

133.33

67

Tallahatchie

1

0.02

n/a

4

Tate

36

0.34

414.29

53

Tippah

3

0.03

50.00

45

Tishomingo

4

0.04

n/a

25

Tunica

3

0.07

200.00

20

Union

8

0.07

100.00

56

Walthall

2

0.03

n/a

15

Warren

21

0.10

-4.55

13

Washington

26

0.10

116.67

11

Wayne

11

0.12

266.67

65

Webster

1

0.02

n/a

73

Wilkinson

0

0.00

n/a

51

Winston

3

0.03

n/a

28

Yalobusha

4

0.06

300.00

23

Yazoo

7

0.07

75.00

 

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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