Mississippi Foreclosure Activity Declines Slightly in October

Foreclosure filings down 1 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 516 Mississippi properties during October, a one percent decrease from the previous month and down 4 percent from October of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Mississippi foreclosures were down slightly in October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in bank-owned properties, which fell 7 percent for the month. While the state’s unemployment rate is still above the national average, it has been dropping over the past few months, and home values here did not fall as far as most states earlier this year. These factors are likely contributing to the recent decline.”

Mississippi ranked 41st in the nation in total foreclosures reported for the October. Its foreclosure rate of one in every 2,456 housing units receiving a foreclosure filing during the month ranked it 45th among the 50 states.

Rankin County posts state’s top foreclosure rate for October

Rankin County posted the highest county foreclosure rate in Mississippi for the month, with one in every 458 housing units receiving a foreclosure filing during October — 5.3 times the state average. De Soto County registered the second highest foreclosure rate, with one in every 1,005 housing units receiving a foreclosure filing during the month — 2.4 times the state average. Hinds County was third highest, with one in every 1,402 housing units receiving a foreclosure filing — 1.8 times the state average.

 

Rankin County dominates state foreclosure activity in October

Foreclosure activity was heaviest in Rankin County, which reported 122 properties with foreclosure filings for the month. Hinds County tallied the second highest foreclosure level, reporting 76 properties with foreclosure filings. Third highest total was in De Soto County, where 60 properties with foreclosure filings were reported. Fourth highest was Harrison County, where 53 properties with foreclosure filings were reported. Jackson County filled out the top five for the month, reporting 39 properties with foreclosure filings.

 

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

Mississippi accounted for less than 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Mississippi

0

0

275

0

241

516

2,456

0.16

n/a

 

 

 

 

 

 

 

 

 

 

Rankin

0

0

114

0

8

122

458

0.85

5.36

De Soto

0

0

114

0

8

122

1,005

0.39

2.44

Hinds

0

0

39

0

37

76

1,402

0.28

1.75

Jackson

0

0

15

0

24

39

1,466

0.27

1.68

Harrison

0

0

16

0

37

53

1,527

0.25

1.61

 

 

Mississippi Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Mississippi

0

0

275

0

241

516

2,456

-1.53

-4.27

 

 

 

 

 

 

 

 

 

 

Rankin

0

0

114

0

8

122

458

125.93

134.62

Hinds

0

0

39

0

37

76

1,402

16.92

-3.80

De Soto

0

0

114

0

8

60

1,005

20.00

-71.15

Harrison

0

0

16

0

37

53

1,527

-40.45

278.57

Jackson

0

0

15

0

24

39

1,466

18.18

21.88

 

           

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