Mississippi Reports Nearly 500 Properties With Foreclosure Filings in July

Statewide filings down 37 percent from June; up 152 percent from year ago.

 

Mississippi reported 478 properties with foreclosure filings for July, a 37 percent decrease from the previous month, but still 152 percent above the level reported in July 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 

 

“Foreclosure activity fell in Mississippi between June and July, though it was more than double the amount reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate, which has been teetering around 10 percent in recent months, remains a concern among struggling homeowners looking for a way to stay in their homes.”

 

Mississippi ranked 40th in the country in total properties with foreclosure filings for July. One in every 2,625 Mississippi housing units received a foreclosure filing during the month, ranking 45th among the 50 states.

 

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

With one in every 367 housing units receiving a foreclosure filing — 7.2 times the state average — De Soto County posted the highest county foreclosure rate in the state for July. Marshall County came in second highest, with one in every 857 housing units receiving a foreclosure filing during the month — 3.1 times the state average. Third highest rate was documented in Rankin County, where one in every 943 housing units received a foreclosure filing — 2.8 times the state average.

 

Five counties responsible for bulk of state foreclosure activity in July

Five counties accounted for 81 percent of all foreclosure activity in Mississippi during July. De Soto County tallied the highest activity level, reporting 160 properties with foreclosure filings for the month. Hinds County came in second, documenting 82 properties with foreclosure filings. Harrison County tallied 69 properties with foreclosure filings, the third highest total in the state. Rankin County was fourth, reporting 58 properties with foreclosure filings, followed by fifth place Madison County, where 19 properties with foreclosure filings were reported for the month.

 

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

Mississippi contributed less than 1 percent of the 360,149 properties with foreclosure filings reported nationwide in July. Total U.S. activity rose almost 7 percent from the previous month and was more than 32 percent ahead of July 2008. One in every 355 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 – July 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,939

71,565

104,830

33,557

87,258

360,149

355

n/a

n/a

Mississippi

0

0

354

0

124

478

2,625

0.14

n/a

 

 

 

 

 

 

 

 

 

 

De Soto

0

0

95

0

65

160

367

0.97

7.16

Marshall

0

0

15

0

2

17

857

0.41

3.06

Rankin

0

0

55

0

3

58

943

0.38

2.78

Harrison

0

0

58

0

11

69

1,162

0.31

2.26

Hinds

0

0

70

0

12

82

1,291

0.28

2.03

 

 

Mississippi Top Foreclosure Totals by County – July 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 09

% Chg July 08

 

 

 

 

 

 

 

 

 

 

United States

62,939

71,565

104,830

33,557

87,258

360,149

355

6.74

32.32

Mississippi

0

0

354

0

124

478

2,625

-36.69

151.58

 

 

 

 

 

 

 

 

 

 

De Soto

0

0

95

0

65

160

367

10.34

72.04

Hinds

0

0

70

0

12

82

1,291

-1.20

90.70

Harrison

0

0

58

0

11

69

1,162

6.15

2,200.00

Rankin

0

0

55

0

3

58

943

-80.00

5,700.00

Madison

0

0

18

0

1

19

1,914

0.00

-5.00

 

 

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