Foreclosed Houses and Condominiums for Sale Decreased in 2010

Foreclosure totals, including those for condominiums for sale, decreased in Mississippi in 2010 when compared with year-ago levels. But it was a different story if data from two years ago is used as basis for comparison. When compared with 2008, foreclosure-related filings last year jumped by a considerable percentage.

Foreclosures in Brandon, MS, and in the rest of the state declined to 5,280 in 2010. The number included households that received default notices and properties that were repossessed by lenders. It also represented a decrease of 2.3% when compared with 2009 filings. One household out of every 240 was under some form of foreclosure last year in the state, making Mississippi the 45th ranked state nationwide in terms of number of foreclosure-related filings.

However, foreclosures in Mississippi in 2010 represented a massive jump when compared with 2008 figures, with filings rising by 130% from two years ago. Despite the big increase from 2008, Mississippi has been one of the few U.S. states that did not experience the economy-crippling foreclosure statistics posted by regions like Nevada, Florida, California and Arizona. However, analysts in the state are watching the housing market figures closely, as foreclosure filings for the last month of 2010 recorded a surge that gave the state a higher nationwide ranking for December.

For December 2010, Mississippi recorded a total of 1,024 foreclosure-related actions, including those associated with residential properties, such as condominiums for sale. Out of this total, 766 were repossessed by lenders and financial institutions, with one property in the state out of every 1,238 receiving a notice in December. This ranked Mississippi 34th overall during the month.

For the 2010 fourth quarter, filings for bank foreclosed properties totaled 1,908, with 1,113 accounted for by repossessed properties and foreclosure sales. The figure represented an increase of 37% when compared with the 2009 fourth quarter and a 33% jump when compared with the 2010 second quarter. Market analysts are waiting whether the surge will be repeated in the first quarter of 2011 or whether numbers will decline.

Although Mississippi did not experience the same level of residential and condominiums for sale surge like other U.S. states, local real property experts stated that it has also been affected by the economic downturn and unemployment.