Non-existent is a term that could be used to describe the foreclosure numbers for December in the gulf state of Mississippi. At a time when the unemployment levels for that state were running slightly above 8.0 percent, the property foreclosure rate weighed in at an astonishingly low 0.011 percent or a total of 132 properties in the month of December fell to the foreclosure system in this state.
Considering that more people were out of work and the per-capita income here is so low and the state is still recovering in some areas from damages caused by hurricanes and other storms. It is amazing that the numbers are as low as they are.
Part of the reason can be traced to the fact that a vast majority of the property in this state has been owned and paid off for quite a while so there are not as many people with homes and property with notes on it so there is obviously not going to be a foreclosure on something that the bank does not hold an interest in.
The few foreclosures that we do see here were mostly a direct result of either job loss or homes that had been recently mortgaged to help cover unforeseen medical expenses and they are almost entirely centered around the outer rims of the major cities in the state of Mississippi and most of it is recent construction.
For the most part you will not see a drastic change in the overall rate of foreclosures in Mississippi unless the crisis that we are facing continues for an extremely long time. The people here are fairly self sufficient and grow their own crops so dependence on retail or lack of retail will not increase the issues as it would in the more developed and urbanized states.
