Louisiana Foreclosure Activity Climbs in November

 

Statewide filings up 41 percent from October, up 256 percent from year ago

 

Louisiana foreclosure activity rose in November to 1,793 properties with foreclosure filings, up 41 percent from the previous month, and 256 percent ahead of the level reported in November 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Louisiana foreclosures surged in November and are more than triple the level reported this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which were up 370 percent for the month. However, the state’s unemployment rate did drop significantly during the month, and home sales are beginning to pick up. If these trends continue, we may see foreclosures start to come down in the near future.”

 

Louisiana ranked 30th in the country in total foreclosures for the month. With one in every 1,037 housing units receiving a foreclosure filing, its foreclosure rate ranked 32nd among the 50 states.

 

Jefferson Parish posts state’s highest foreclosure rate in November

With one in every 328 housing units receiving a foreclosure filing — 1.3 times the national average and 3.2 times the state average — Jefferson Parish posted the highest parish foreclosure rate in the state for November. Livingston Parish had the second highest rate, with one in every 458 housing units receiving a foreclosure filing — 2.3 times the state average. East Baton Rouge Parish came in third highest, with one in every 529 housing units receiving a foreclosure filing — two times the state average.

 

Five counties responsible for bulk of state’s foreclosure total for November

Five counties accounted for 72 percent of all foreclosure activity in the state during November. Jefferson Parish led all parishes, totaling 551 properties with foreclosure filings for the month. East Baton Rouge Parish was second highest, documenting 350 properties with foreclosure filings. Reporting 151 properties with foreclosure filings for the month, Saint Tammany Parish had the third highest total in the state. Orleans Parish was fourth highest, reporting 131 properties with foreclosure filings, while Lafayette County reported 116 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s foreclosure total in November

Louisiana accounted for 1 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: DefaultNotice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Louisiana Top Foreclosure Rates by County – November 2009

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Louisiana

0

526

0

818

449

1,793

1,037

0.40

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

183

0

291

77

551

328

1.27

3.16

Livingston

0

18

0

61

19

98

458

0.91

2.26

East Baton Rouge

0

152

0

189

9

350

529

0.79

1.96

Saint Tammany

0

89

0

36

26

151

625

0.67

1.66

Tangipahoa

0

36

0

14

18

68

729

0.57

1.42

 

 

Louisiana Top Foreclosure Totals by County – November 2009

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Louisiana

0

526

0

818

449

1,793

1,037

40.74

255.75

 

 

 

 

 

 

 

 

 

 

Jefferson

0

183

0

291

77

551

328

149.32

207.82

East Baton Rouge

0

152

0

189

9

350

529

113.41

2816.67

Saint Tammany

0

89

0

36

26

151

625

17.05

125.37

Orleans

0

1

0

24

106

131

853

-60.54

0.00

Lafayette

0

30

0

29

57

116

765

-4.92

728.57

 

 

 

 

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