Mississippi Foreclosures Decrease in 2010

Statewide filings drop 2 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 5,280 Mississippi properties for 2010, down 2 percent from a year ago but 130 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 1,024 Mississippi properties in December 2010, a 138 percent increase from November, and 68 percent higher than the level reported in December 2009. One in every 1,238 Mississippi housing units received a foreclosure filing during the month.

 

“Foreclosure levels were down slightly in Mississippi for 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auction notices, which fell 39 percent for the year. Although still above the national average, the state’s unemployment rate did come down a bit last year, and the number of home sales statewide did not fall as far as it did in many states. These are important contributing factors to the overall decline in foreclosure activity.”

Mississippi ranked 39th in the nation in total foreclosures for 2010. Its foreclosure rate of one in every 240 housing units receiving a foreclosure filing during the year ranked 45th among the 50 states.

De Soto County posts state’s top foreclosure rate in 2010

One in every 87 housing units received a foreclosure filing in De Soto County in 2010 — 2.8 times the state average. Hinds County reported the second highest foreclosure rate in the state with one in every 88 housing units receiving a foreclosure filing for the year — 2.7 times the state average. Harrison County came in third, with one in every 99 housing units receiving a foreclosure filing — 2.4 times the state average.

 

Hinds County dominates state foreclosure activity in 2010

Foreclosure activity was heaviest in Hinds County, which reported 1,205 properties with foreclosure filings for the year. Harrison County tallied the second highest foreclosure level, reporting 815 properties with foreclosure filings. Third highest total was in De Soto County, where 691 properties with foreclosure filings were reported. Fourth highest was Rankin County, where 512 properties with foreclosure filings were reported. Jackson County filled out the state’s top five, reporting 380 properties with foreclosure filings for the year.

 

State a minor contributor to nation’s total foreclosure activity in 2010

Mississippi accounted for less than 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 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 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Mississippi

0

0

2,234

0

3,046

5,280

240

0.19

n/a

 

 

 

 

 

 

 

 

 

 

De Soto

0

0

370

0

321

691

87

0.52

2.75

Hinds

0

0

281

0

924

1,205

88

0.51

2.71

Harrison

0

0

249

0

566

815

99

0.45

2.42

Rankin

0

0

444

0

68

512

109

0.41

2.20

Jackson

0

0

190

0

190

380

150

0.30

1.60

 

Mississippi Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

492

1.67

23.23

Mississippi

0

0

2,234

0

3,046

5,280

240

-2.26

130.27

 

 

 

 

 

 

 

 

 

 

Hinds

0

0

281

0

924

1,205

88

-10.48

115.95

Harrison

0

0

249

0

566

815

99

75.27

1,752.27

De Soto

0

0

370

0

321

691

87

-46.23

-21.74

Rankin

0

0

444

0

68

512

109

-36.08

361.26

Jackson

0

0

190

0

190

380

150

124.85

1,307.41

 

 

 

Mississippi Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Mississippi

0

0

258

0

766

1,024

1,238

0.40

n/a

 

 

 

 

 

 

 

 

 

 

Hinds

0

0

17

0

625

642

166

3.02

7.46

Rankin

0

0

55

0

8

63

888

0.56

1.39

De Soto

0

0

42

0

14

56

1,077

0.47

1.15

George

0

0

0

0

6

6

1,350

0.37

0.92

Harrison

0

0

35

0

18

53

1,527

0.33

0.81

 

 

Mississippi Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Mississippi

0

0

258

0

766

1,024

1,238

137.59

68.14

 

 

 

 

 

 

 

 

 

 

Hinds

0

0

17

0

625

642

166

1,295.65

529.41

Rankin

0

0

55

0

8

63

888

-40.57

-11.27

De Soto

0

0

42

0

14

56

1,077

-22.22

-59.71

Harrison

0

0

35

0

18

53

1,527

43.24

0.00

Jackson

0

0

15

0

11

26

2,198

-13.33

-57.38

 

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