Louisiana Foreclosure Activity Higher in Second Quarter

Activity level rises 24 percent from Q1

Foreclosure filings increase 58 percent mid-year; down 6 percent in June

 

Louisiana reported 4,885 properties with foreclosure filings for the second quarter of 2010 a 24 percent increase from the first quarter of the year and is nearly 49 percent above the level reported for the second quarter of 2009.

 

“Although Louisiana foreclosures rose during the second quarter and first half of the year, the numbers have started to come down during the month of June,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate is currently well below the national average and home prices have not fallen as far as most states during the past year. This has definitely contributed to the recent rise.”

 

One in every 385 Louisiana housing units received a foreclosure filing during the quarter, giving the state the 37th highest foreclosure rate in the nation.

 

Saint Tammany Parish posts state’s top foreclosure rate for the quarter

Saint Tammany Parish posted the highest foreclosure rate in Louisiana during the second quarter, with one in every 132 housing units receiving a foreclosure filing — 2.9 times the state average. Orleans Parish posted the second highest foreclosure rate, with one in every 139 housing units receiving a foreclosure filing — 2.8 times the state average. Jefferson Parish reported the third highest foreclosure rate, with one in every 219 housing units receiving a foreclosure filing during the second quarter — 1.8 times the state average.

 

Jefferson Parish leads state in total foreclosures for the second quarter

Jefferson Parish led Louisiana in foreclosure activity, reporting 828 properties with foreclosure filings for the quarter, while Orleans Parish documented the second highest foreclosure total, reporting 824 properties with foreclosure filings. Reporting 733 properties with foreclosure filings for the quarter, Saint Tammany came in third. East Baton Rouge Parish was fourth, reporting 678 properties with foreclosure filings. Fifth highest total was Lafayette Parish where 263 properties with foreclosure filings were reported for the quarter.

 

State contributes 1 percent to nation’s quarterly total

Foreclosure activity in Louisiana represented 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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 – Q2 2010

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Louisiana

0

638

0

2,992

1,255

4,885

385

0.37

n/a

 

 

 

 

 

 

 

 

 

 

Saint Tammany

0

264

0

325

144

733

132

1.09

2.92

Orleans

0

0

0

555

269

824

139

1.04

2.78

Jefferson

0

1

0

568

259

828

219

0.66

1.76

Bossier

0

0

0

169

47

216

223

0.65

1.73

Livingston

0

81

0

97

15

193

241

0.60

1.60

 

 

Louisiana Top Foreclosure Totals by Parish – Q2 2010

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Louisiana

0

638

0

2,992

1,255

4,885

385

24.46

48.66

 

 

 

 

 

 

 

 

 

 

Jefferson

20

3

1,688

0

813

828

219

12.50

50.27

Orleans

10

1

1,133

0

661

824

139

60.31

10.75

Saint Tammany

0

0

875

0

292

733

132

46.89

103.05

East Baton Rouge

0

0

625

0

300

678

278

7.28

4.47

Lafayette

0

0

577

0

221

263

343

10.04

134.82

 

 

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