Louisiana Foreclosure Activity Falls in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Louisiana fell 4 percent during the first quarter of 2010, but was still up 99 percent from the same period last year. In all, the state reported 3,925 properties with foreclosure filings during the quarter.

 

In March the state reported 1,444 properties with foreclosure filings, a 3 percent increase from the previous month and 52 percent above the level reported in March 2009. One in every 1,304 Louisiana housing units received a foreclosure filing during the month, the 39th highest state foreclosure rate.

 

“Louisiana’s foreclosure activity bobbed up and down from month to month during the first quarter of 2010, ending up 4 percent lower overall for the first quarter of 2010 than for the fourth quarter of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state also reported increases in activity between February and March, and compared to March of last year. Though still a valid concern among homeowners, the state’s unemployment rate has recently dropped to 6.9 percent — well below the national average.”

 

One in every 480 Louisiana housing units received a foreclosure filing during the quarter – the 38th highest state foreclosure rate in the nation.

 

Saint Tammany Parish tops in foreclosure rate and total for the first quarter

Saint Tammany Parish had the highest foreclosure rate in Louisiana during the first quarter, with one in every 194 housing units receiving a foreclosure filing — 2.5 times the state average. Saint Charles Parish had the second highest foreclosure rate, with one in every 203 housing units receiving a foreclosure filing — 2.4 times the state average. Orleans Parish came in third, with one in every 223 housing units receiving a foreclosure filing — 2.2 times the state average. Livingston Parish had the fourth highest foreclosure rate, with one in every 223 housing units receiving a foreclosure filing — 2.2 times the state average.

 

Jefferson Parish led the state in total foreclosures for the first quarter

Jefferson Parish led Louisiana in total foreclosures, with 736 properties with a foreclosure filing during the first quarter. East Baton Rouge Parish had the second highest total foreclosures, reporting 632 properties with foreclosure filings. Orleans Parish came in third, reporting 514 properties with foreclosure filings for the quarter. Saint Tammany Parish was fourth, reporting 499 properties with foreclosure filings. Fifth highest total was Lafayette Parish, where 239 properties with foreclosure filings were reported for the quarter.

 

State a minor contributor to quarterly foreclosure total

Louisiana represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

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: Default Notice 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 Parish – Q1 2010

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Louisiana

0

854

0

2,063

1,008

3,925

480

0.29

n/a

 

 

 

 

 

 

 

 

 

 

Saint Tammany

0

325

0

71

103

499

194

0.71

2.47

Saint Charles

0

76

0

11

12

99

203

0.68

2.37

Orleans

0

0

0

365

149

514

223

0.62

2.16

Livingston

0

103

0

51

55

209

223

0.62

2.15

Jefferson

0

5

0

480

251

736

246

0.56

1.95

 

 

Louisiana Top Foreclosure Totals by Parish – Q1 2010

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Louisiana

0

854

0

2,063

1,008

3,925

480

-4.03

99.14

 

 

 

 

 

 

 

 

 

 

Jefferson

0

5

0

480

251

736

246

-15.69

117.75

East Baton Rouge

0

110

0

440

82

632

298

4.12

45.62

Orleans

0

0

0

365

149

514

223

-24.52

0.39

Saint Tammany

0

325

0

71

103

499

194

9.91

137.62

Lafayette

0

94

0

103

42

239

377

-22.65

359.62

 

 

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