Mississippi Foreclosure Activity Up in Third Quarter

Total foreclosure filings up 40 percent compared to the second quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,432 Mississippi properties during the third quarter, a 40 percent increase from the previous quarter, but down 36 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Mississippi reported 524 properties with foreclosure filings, an 11 percent decrease from the previous month and 63 percent below the level reported for the same month last year. One in every 2,418 Mississippi housing units received a foreclosure filing in September, the 45th highest foreclosure rate among the 50 states.

 

“Mississippi foreclosure activity heated up in the third quarter of 2010 with substantially more filings than were reported in the previous quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, activity remained well below the level reported in Mississippi for the same period last year, which is an accomplishment considering that the state’s unemployment rate is above the national average at 10 percent and its poverty level is one of the highest in the nation.”

 

One in every 885 Mississippi housing units received a foreclosure filing during the quarter, the 46th highest state foreclosure rate in the nation.

 

De Soto County led state with top foreclosure rate in third quarter

De Soto County posted the highest foreclosure rate in Mississippi during the third quarter of 2010, where one in every 319 housing units received a foreclosure filing — 2.8 times the state average. Rankin County posted the second highest foreclosure rate, where one in every 397 housing units received a foreclosure filing during the period — 2.2 times the state average. Harrison County documented the third highest foreclosure rate, where one in every 401 housing units received a foreclosure filing — 2.2 times the state average.

 

Hinds County posts state’s top foreclosure total in third quarter

Hinds County led the state, reporting 211 properties with foreclosure filings for the quarter. Harrison County was second, reporting 202 properties with foreclosure filings. De Soto County was third, tallying 189 properties with foreclosure filings. Rankin County was fourth highest, reporting 141 properties with foreclosure filings. Jackson County had the fifth highest total, reporting 101 properties with foreclosure filings for the quarter.

 

State a minor contributor to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Mississippi. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Mississippi

0

0

705

0

727

1,432

885

0.16

n/a

 

 

 

 

 

 

 

 

 

 

De Soto

0

0

102

0

87

189

319

0.43

2.77

Rankin

0

0

114

0

27

141

397

0.35

2.23

Harrison

0

0

68

0

134

202

401

0.35

2.21

Hancock

0

0

9

0

38

47

404

0.34

2.19

Hinds

0

0

105

0

106

211

505

0.27

1.75

 

 

Mississippi Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Mississippi

0

0

705

0

727

1,432

885

40.12

-35.50

 

 

 

 

 

 

 

 

 

 

Hinds

0

0

105

0

106

211

505

58.65

-75.32

Harrison

0

0

68

0

134

202

401

30.32

10.38

De Soto

0

0

102

0

87

189

319

0.00

-52.15

Rankin

0

0

114

0

27

141

397

53.26

-47.19

Jackson

0

0

46

0

55

101

566

-12.17

94.23

 

 

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