State’s foreclosure actions fell in October

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Published: November 11,2010

Tags: real estate

ACROSS MISSISSIPPI — Foreclosure actions aimed at Mississippi homeowners cooled a bit in October, a national tracking company reported today.

Irvine, Calif.-based RealtyTrac said there were 516 foreclosure-related actions in Mississippi last month. Those ranged from an initial notice of default to outright lender repossession. The count was down 1.5 percent from September and down 4.3 percent from Oct. 2009.

Last month, lenders took back 241 properties in Mississippi. One in every 2,456 Mississippi housing units received a foreclosure-related notice, ranking the state 45th nationally.

RealtyTrac said lenders foreclosed on 93,326 U.S. properties in October, down 9 percent from the record high set in September, but still up 21 percent from Oct. 2009.

RealtyTrac CEO James Saccacio said the October number likely dropped because some lenders have stopped foreclosure proceedings over questions about the legality of some paperwork. Otherwise, the crisis continues relatively unabated, he said.

“October marks the 20th consecutive month where over 300,000 U.S. homeowners received a foreclosure notice,” Saccaciao said.

Nevada continued to have the state’s highest foreclosure rate in October, with one in every 79 housing units receiving a foreclosure-related notice. That was followed by Florida, Arizona, California, Michigan, Utah, Georgia, Idaho, Illinois and Colorado.

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