Foreclosures, late mortgage payments down in Jackson, rest of state

JACKSON, Mississippi — More metro Jackson homeowners are making their mortgage loan payments on time and staying out of foreclosure, real estate research and data firm CoreLogic reported Wednesday, and noted metro foreclosures finished June below the national average.

foreclosure sign pic 6344970922_157023c207Foreclosures and tardy mortgage payments decreased statewide as well in June, CoreLogic said.

For June, CoreLogic data showed that the rate of Jackson area foreclosures among outstanding mortgage loans was 1.49 percent, a decrease of 0.94 percentage points compared to June of 2012 when the rate stood at 2.43 percent. Foreclosure activity in Jackson was lower than the national foreclosure rate, which was 2.49 percent for June.

Also in Jackson, the mortgage delinquency rate decreased, according to CoreLogic data for June, which showed 6.01 percent of mortgage loans were 90 days or more delinquent compared to 7.10 percent for the same period last year, representing a decrease of 1.09 percent.

For all of Mississippi, the June foreclosure rate totaled 1.60 percent, compared to 2.66 percent for the same month a year ago, CoreLogic reported.

On the statewide mortgage delinquency front, 6.26 percent of the state’s mortgage borrowers were late by 90 days or more with their payments. That is an improvement of 0.91 percent from June 2012, when 7.17 percent of the state’s borrowers were late on their mortgage payments, CoreLogic says.

The foreclosure rate used by California-based CoreLogic measures the percentage of loans in some stage of the foreclosure process.

 

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