Real estate data produced by First American CoreLogic shows that Mississippi foreclosure rates in the Pascagoula metropolitan area were lower in January 2013 than in January 2012. CoreLogic is a company that provides analysis of real estate markets nationwide. The report used data from real estate located in George and Jackson counties. Within that area, foreclosure rates were lower in George than in Jackson, and were highest along the coast.
In January 2012, the foreclosure rate was 3.47 percent. By December, that rate had dropped to 2.74 percent. The rate increased slightly to 2.77 percent in January 2013. However, the rate is still lower than it was one year ago, and lower than the national rate, which is 2.9 percent.
Local mortgage delinquency rates have similarly decreased. In January 2012, 8.86 percent of mortgages in the area were at least 90 days past due. By the end of 2012, that number was 7.77 percent. In January 2013, the delinquency rate dropped further to 7.75 percent.
There are times in life where circumstances such as a layoff or increased adjustable interest rates make it difficult for homeowners to pay their mortgages. In cases where property values have decreased, foreclosure sometimes makes sense as a means of affording some relief. In other cases, there may be alternatives to foreclosure such as a short sale, renting the property, a deed in lieu of foreclosure or bankruptcy. Where foreclosure is inevitable, an attorney may be able to stall the process to give residents time to move. An attorney may be able to review the available options to help struggling homeowners determine the best course of action.