Report: Foreclosures tumbled in state in November

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Published: December 16,2010

Tags: foreclosures, housing, mortgage

ACROSS MISSISSIPPI — Foreclosure actions against Mississippi homeowners in November dropped 16 percent from October — a seasonal trend likely pushed farther by delays stemming from questions about the legality of some proposed seizures, a national foreclosure tracking group said today.

Irvine, Calif.-based RealtyTrac said 431 properties in Mississippi were the target of some sort of foreclosure-related action last month — ranging from an initial notice of default to outright confiscation by a lender.

RealtyTrac said the actions involved 291 sale notices and 140 properties taken back from owners. One in every 1,328 properties in the state was affected, making the state 47th in the nation.

Despite the month-to-month drop, Mississippi’s foreclosure rate rose 29 percent from Nov. 2009.

County rates in Mississippi included Rankin with one in every 528 properties targeted for a foreclosure action, DeSoto with one in 837, Hancock with one in 1,267, Harrison with one in 2,187 and Hinds with one in 2,317.

The national rate for November was one in every 492 properties, a 21 percent decline from October and a 14.4 percent fall from Nov. 2009.

Nevada posted the nation’s highest foreclosure rate for the 47th consecutive month, with one in every 99 properties receiving some sort of action. Utah jumped into the second spot, followed Arizona, Florida, Georgia, Michigan, Idaho, Illinois and Colorado, RealtyTrac said.

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