One of the hardest hit regions in country during the Great Recession was the south. In Mississippi alone, nearly 23,000 homes were foreclosed between the first quarter of 2008 and the first quarter of 2010. And, exiting the crisis, some 40,000 homes were behind on their payments in the State.
But, the tide appears to have turned for states like Mississippi. According to an April study by Corelogic, the State’s foreclosure inventory rate was near 2%, below the national 2.8% average. RealtyTrac, a real estate research firm, reports the rate of foreclosures fell 40% year-over-year in the state in 2011.
The 0.8% drop in Mississippi’s foreclosure rate from a year ago is a reflection of the broader housing market recovery in the United States. Nationally, the number of foreclosures fell 16% year-over-year in April.
Mississippi’s improving outlook is welcome news for banks, who paid a steep price