Mississippi Foreclosures Falls in November

Foreclosure filings down 16 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 431 Mississippi properties in November, down 16 percent from the previous month, but still a 29 percent rise from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 2,940 Mississippi housing units received a foreclosure filing in November, the 47th highest state foreclosure rate in the nation.

 

“Foreclosure activity in Mississippi dropped in November, though it remained well above the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state remains high at 9.8 percent, though this seems to be of little significance — at least temporarily — while the fallout from the ‘robo-signing’ controversy continues to stall foreclosure proceedings across the country.”

 

Rankin County achieves top foreclosure rate in November

Rankin County posted the highest foreclosure rate in Mississippi for November, with one in every 528 housing units receiving a foreclosure filing — 5.6 times the state average. De Soto County had the second highest foreclosure rate, reporting one in every 837 housing units receiving a foreclosure filing — 3.5 times the state average. Stone County came in third, with one in every 1,195 housing units receiving a foreclosure filing — 2.5 times the state average.

 

Rankin County also dominates state foreclosure activity in November

Rankin County also led Mississippi in foreclosure activity, reporting 106 proprieties with a foreclosure filing. De Soto County had the second highest total reporting 72 properties with foreclosure filings. Hinds County was third highest, tallying 46 properties with foreclosure filings. Harrison County reported 37 properties with foreclosure filings for the month, the state’s fourth highest activity level. Jackson County was fifth, reporting 30 properties with foreclosure filings.

 

State a minor contributor to total foreclosure total

Mississippi accounted for less than 1 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Mississippi

0

0

291

0

140

431

2,940

0.17

n/a

 

 

 

 

 

 

 

 

 

 

Rankin

0

0

103

0

3

106

528

0.93

5.57

De Soto

0

0

52

0

20

72

837

0.59

3.51

Stone

0

0

3

0

2

5

1,195

0.41

2.46

Hancock

0

0

6

0

9

15

1,267

0.39

2.32

Jackson

0

0

19

0

11

30

1,905

0.26

1.54

 

 

Mississippi Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Mississippi

0

0

291

0

140

431

2,940

-16.47

29.43

 

 

 

 

 

 

 

 

 

 

Rankin

0

0

103

0

3

106

528

-13.11

146.51

De Soto

0

0

52

0

20

72

837

20.00

-26.53

Hinds

0

0

28

0

18

46

2,317

-39.47

-19.30

Harrison

0

0

18

0

19

37

2,187

-30.19

5.71

Jackson

0

0

19

0

11

30

1,905

-23.08

150.00

 

 

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