State’s foreclosure actions up and down

by Associated Press

Published: August 11,2011

Tags: bank, banking and finance, financial institutions, foreclosure, homeowners, homes, houses, mortgage, real estate

Mississippi delinquent mortgage rates began climbing as it became a national leader in sub-prime mortgage borrowing. Tardy mortgage payment rates declined after Katrina, a period in which lenders granted borrowers more forbearance than usual.

ACROSS MISSISSIPPI — Home foreclosure actions in Mississippi rose in July from the previous month, but were down from a year ago, according to a national foreclosure tracking firm.

Irvine, Calif.-based RealtyTrac said 359 housing unit were targeted for some sort of foreclosure action last month — and all of those homeowners were at the end of the line. Lenders took back 199 properties while the owners of 160 received notice of a foreclosure sale.

Mississippi ranked 44th in the country in foreclosure actions, with one in every 3,571 housing units targeted. The count was up 16.6 percent from June, but down 13.5 percent from July 2010.

Nationally, foreclosure actions hit a 44-month low and posted their 10th consecutive monthly decline. U.S. foreclosures dropped 4 percent from June and 35 percent from July 2010. The June actions hit one in every 611 U.S. housing units.

Nevada, California and Arizona posted the top state foreclosure rates last month, followed by Georgia, Utah, Florida, Michigan, Idaho, Illinois and Wisconsin, RealtyTrac said.

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