Foreclosures up in Jackson, Gulfport-Biloxi, Miss.

AP News
Posted: Oct 28, 2010 10:43 AM
Foreclosures up in Jackson, Gulfport-Biloxi, Miss.

Two Mississippi areas _ Jackson and Gulfport-Biloxi _ recorded increases in foreclosure actions against delinquent homeowners during the third quarter, a national tracking organization said Thursday.

Irvine, Calif.-based RealtyTrac surveyed actions against homeowners behind on their loans, ranging from an initial notice of default to outright lender repossession. Although Jackson and Gulfport-Biloxi posted double-digit increases from the second quarter, they still ranked among the lowest metropolitan areas in RealtyTrac's survey.

RealtyTrac said cities in California, Florida, Nevada and Arizona accounted for all top 10 foreclosure rates in the third quarter.

Little has changed in the economy to help delinquent homeowners in recent months, said RealtyTrac CEO James Saccacio.

"The underlying problems that are causing homeowners to miss their mortgage payments _ high unemployment, underemployment, toxic loans and negative equity _ are continuing to plague most local housing markets," Saccacio said. "And these historically high foreclosure rates will continue until those problems are resolved."

During the third quarter in Mississippi:

_ Gulfport-Biloxi recorded 254 actions that affected one in every 417 properties, ranking the area 168th. The rate rose 45.1 percent from the second quarter and was up 16.5 percent from the third quarter of 2009.

_ The Jackson area recorded 395 foreclosure-related actions that affected one in every 565 properties, ranking the region 181st in the RealtyTrac count. The rate jumped 58 percent from the second quarter, but declined 66.8 percent from the third quarter of 2009.

RealtyTrac's survey did not include other areas in Mississippi.

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