April 2008 Mortgage Market Conditions in Mississippi

April 2008 Mortgage Market Conditions in Mississippi

Based on research by the National Association of Realtors.

Nationally, 32% of homeowners have paid their homes in full.  In Mississippi, 43% have done so.

Nationally, 53% have a prime mortgage.  In Mississippi, the number is 38%.

Both nationally and in Mississippi, 9% financed their home with a subprime loan.

Nationally, 6% have either an FHA or a VA loan, while in Mississippi the number is 10%.

The foreclosure rate in Mississippi is 2.1% (nationally, 12.7% 4^th Qtr. 2007).  Of foreclosures, 45% are subprime loans (54% nationally), 40% are prime loans (37% nationally), and 15% are FHA or VA (9% nationally).

So, while Mississippi has about the same percentage of subprime loans as the national average, the percentage of these subprime loans in foreclosure is less than the national percentage of subprime loans in foreclosure.  Also, subprime exposure is decreasing in almost every state!