State’s foreclosure rate among lowest in U.S.

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Published: August 12,2010

Tags: foreclosures, mortgage, real estate

ACROSS MISSISSIPPI — The number of Mississippi residents faced with the loss of their homes through foreclosure rose in July, but the rate still is one of the lowest in the United States.

RealtyTrac, which tracks foreclosure actions nationwide, said that 415 homeowners received a foreclosure-related notice last month. Those notices range from an initial default notice to outright repossession. That’s up 16.9 percent from June, but down 13.2 percent from July 2009.

Last month, 211 homes in Mississippi were taken back by lenders. But Irving, Calif.-based RealtyTrac noted that there were no additional notices of final sale — the last step before a home is taken back.

For the second quarter of 2010 — April through June — 537 homes were repossessed.

With one in every 3,054 housing units receiving a foreclosure-related notice in July, Mississippi ranked 48th in the nation. Only North Dakota and West Virginia had lower rates.

Still, the foreclosure pattern in Mississippi follows a national pattern of troubled homeowners running out of time, said RealtyTrac CEO James Saccacio.

“Declines in new default notices, which were down on a year-to-year basis for the sixth straight month in July, have been offset by near-record levels of bank repossessions, which increased on a year-to-year basis for the eighth straight month,” Saccacio said.

Nationally, one in every 397 housing units received some sort of foreclosure notice in July.

Nevada led the nation in foreclosure notices for the 43rd straight month, followed by Arizona, Florida, California and Michigan. RealtyTrac said those states accounted for more than 50 percent of the national total of 325,229 foreclosure-related notices in July. That figure was up 4 percent from June, but down nearly 10 percent from July 2009.

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One Response to “State’s foreclosure rate among lowest in U.S.”

  1. State’s foreclosure rate among lowest in U.S. « Breaking News Report Says:

    […] State’s foreclosure rate among lowest in U.S. ACROSS MISSISSIPPI — The number of Mississippi residents faced with the loss of their homes through foreclosure rose in July, but the rate still is one of the lowest in the United States. Read more on Mississippi Business Journal […]

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