Mississippi Foreclosure Activity Up Significantly in 2009

Statewide filings up 136 percent from 2008; Up 83 percent from November

 

Mississippi foreclosures were up in 2009, with 5,402 properties with foreclosure filings, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total represents a 136 percent increase from the total reported for 2008, and is 284 percent higher than the level reported for all of 2007.

 

Mississippi foreclosures more than doubled in 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate grew nearly 3 percent during the year and is currently above the national average. However, home sales are picking up significantly. If this trend continues, we may see foreclosures begin to decline in 2010.”

 

Mississippi ranked 39th in total foreclosures reported for 2009 when compared to the 50 states. With one in every 232 housing units receiving a foreclosure filing, Mississippi’s foreclosure rate ranked 42nd in the nation for the year.

 

Reporting 609 properties with foreclosure filings for December, Mississippi had an 83 percent increase from the previous month, and was 362 percent above December 2008. The state’s foreclosure rate — one in every 2,061 housing units received a foreclosure filing — ranked 42nd.

 

De Soto County posts state’s highest foreclosure rate for 2009

De Soto County posted the highest county foreclosure rate in Mississippi for the year, with one in every 46 housing units receiving a foreclosure filing in 2009. Rankin County had the second highest foreclosure rate, with one in every 68 housing units receiving a foreclosure filing. Hinds County came in third highest, with one in every 79 housing units receiving a foreclosure filing. Tate County was fourth highest with one in every 154 housing units receiving a foreclosure filing, followed by Marshall County, with one in every 157 housing units receiving a foreclosure filing.

 

Hinds County led state in foreclosure activity in 2009

Hinds County led the state in total foreclosures in 2009, reporting a total of 105,892 properties with foreclosure filings for the year. Harrison County came in second, documenting 80,167 properties with foreclosure filings. De Soto County had the third highest total in the state, reporting 58,677 properties with foreclosure filings for the year. Jackson County was fourth highest, reporting 55,784 properties with foreclosure filings, followed by Rankin County in fifth place, tallying 54,709 properties with foreclosure filings for all of 2009.

 

State contributes less than 1 percent to nation’s foreclosure total in 2009

Mississippi accounted for less than 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Mississippi

5,402

0.43

232

135.59

283.39

 

 

 

 

 

 

De Soto

1,285

2.19

46

45.53

167.71

Rankin

801

1.46

68

621.62

6,575.00

Hinds

1,346

1.27

79

141.22

124.33

Tate

70

0.65

154

94.44

900.00

Marshall

93

0.64

157

72.22

933.33

 

 

Mississippi Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Mississippi

5,402

0.43

232

135.59

283.39

 

 

 

 

 

 

Hinds

1,346

1.27

79

141.22

124.33

De Soto

1,285

2.19

46

45.53

167.71

Rankin

801

1.46

68

621.62

6,575.00

Harrison

465

0.58

172

956.82

3,775.00

Madison

177

0.49

205

84.38

164.18

 

 

Mississippi Top Foreclosure Rates by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Mississippi

0

0

424

0

185

609

2,061

0.18

n/a

 

 

 

 

 

 

 

 

 

 

De Soto

0

0

92

0

47

139

422

0.87

4.88

Rankin

0

0

62

0

9

71

771

0.47

2.67

Jackson

0

0

50

0

11

61

914

0.40

2.25

Hinds

0

0

70

0

32

102

1,038

0.35

1.98

Marshall

0

0

11

0

2

13

1,120

0.33

1.84

 

 

Mississippi Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Mississippi

0

0

424

0

185

609

2,061

82.88

361.36

 

 

 

 

 

 

 

 

 

 

De Soto

0

0

92

0

47

139

422

41.84

826.67

Hinds

0

0

70

0

32

102

1,038

78.95

500.00

Rankin

0

0

62

0

9

71

771

65.12

108.82

Jackson

0

0

50

0

11

61

914

408.33

1,120.00

Harrison

0

0

29

0

24

53

1513

51.43

1225.00

 

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved