Mississippi Foreclosures Up Slightly in August

Mississippi foreclosure activity rose in August, up to 493 properties with foreclosure filings for the month, a 3 percent increase from the previous month and 108 percent above the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Mississippi foreclosures are up in August and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although it is improving some, the state’s home sales were among the lowest in the nation during the past year. This has likely contributed to the overall rise.”

 

Mississippi ranked 40th in the country in total foreclosures reported for the month. With one in every 2,545 housing units receiving a foreclosure filing, its foreclosure rate ranked 43rd among the 50 states.

 

De Soto County posts state’s top foreclosure rate in August

De Soto County posted the highest county foreclosure rate in the state for August, with one in every 347 housing units receiving a foreclosure filing — 7.3 times the state average. Tate County had the second highest foreclosure rate, with one in every 634 housing units receiving a foreclosure filing during the month — four times the state average. Marshall County posted the third highest foreclosure filing rate, where one in every 809 housing units received a foreclosure filing — 3.1 times the state average.

 

Five counties accounted for 76 percent of state’s foreclosure activity for August

De Soto County led the way, tallying 169 properties with foreclosure filings for the month. Hinds County reported the second highest foreclosure total, documenting 71 properties with foreclosure filings. Reporting 63 properties with foreclosure filings for the month, Rankin County posted the third highest total in the state. Harrison County was fourth highest, reporting 54 properties with foreclosure filings, while the fifth highest total was in Marshall County, where 18 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in August

Mississippi accounted for less than one percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units 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 Top Foreclosure Rates by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Mississippi

10

1

360

0

122

493

2,545

0.14

n/a

 

 

 

 

 

 

 

 

 

 

De Soto

0

0

98

0

71

169

347

1.03

7.33

Tate

0

0

12

0

5

17

634

0.56

4.02

Marshall

1

0

7

0

10

18

809

0.44

3.15

Rankin

2

0

57

0

4

63

868

0.41

2.93

Harrison

1

0

49

0

4

54

1,485

0.24

1.71

 

 

Mississippi Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Mississippi

10

1

360

0

122

493

2,545

3.14

108.02

 

 

 

 

 

 

 

 

 

 

De Soto

0

0

98

0

71

169

347

5.63

40.83

Hinds

0

0

67

0

4

71

1,491

-13.41

91.89

Rankin

2

0

57

0

4

63

868

8.62

3,050.00

Harrison

1

0

49

0

4

54

1,485

-21.74

1,250.00

Marshall

1

0

7

0

10

18

809

5.88

1,700.00

 

 

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