Louisiana Foreclosure Activity Retreats in October

Statewide filings down 23 percent from September

 

Louisiana foreclosure filings declined 23 percent from the previous month to 1,274 properties with foreclosure filings in October, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is still 98 percent ahead of the state foreclosure level reported one year ago, however.

 

Louisiana foreclosures were down significantly in October but are still almost double the level reported a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest drops were in default notices and bank-owned properties (REOs), which decreased 68 and 47 percent for the month respectively. Although on the rise, the state’s unemployment rate continues to remain well below the national average, while home sales continue to pick up momentum. If these trends persist, we may see foreclosures continue to fall here.”

 

Louisiana ranked 32nd in the country in total foreclosures for the month. With one in every 1,459 housing units receiving a foreclosure filing, its foreclosure rate ranked 38th among the 50 states.

 

Orleans Parish posts state’s top foreclosure rate in October

With one in every 337 housing units receiving a foreclosure filing — 4.3 times the state average — Orleans Parish posted the highest county foreclosure rate in the state for October. Lafayette Parish ranked second highest, reporting one in every 727 housing units receiving a foreclosure filing — twice the state average. Saint Tammany Parish had the third highest rate, with one in every 732 housing units receiving a foreclosure filing — two times the state average. Fourth highest foreclosure rate was in Jefferson Parish, where one in every 818 housing units received a foreclosure filing during the month — 1.8 times the state average. The fifth highest rate was reported in Livingston Parish, where one in every 955 housing units received a foreclosure filing during the month — 1.5 times the state average.

 

Five parishes dominate state in foreclosure total for October

Five counties accounted for 76 percent of all foreclosure activity in the state for October. Orleans Parish led all counties, totaling 332 properties with foreclosure filings for the month. Jefferson Parish was second highest, documenting 221 properties with foreclosure filings. Reporting 164 properties with foreclosure filings for the month, East Baton Rouge Parish was third highest. Saint Tammany Parish came in fourth, reporting 129 properties with foreclosure filings, while the fifth highest total was in Lafayette Parish, where 122 properties with foreclosure filings were reported for the month.

 

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

Louisiana accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 – October 2009

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Louisiana

0

112

0

814

348

1,274

1,459

0.26

n/a

 

 

 

 

 

 

 

 

 

 

Orleans

0

0

0

252

80

332

337

1.14

4.34

Lafayette

0

67

0

29

26

122

727

0.53

2.01

Saint Tammany

0

41

0

52

36

129

732

0.53

1.99

Jefferson

0

0

0

147

74

221

818

0.47

1.78

Livingston

0

0

0

44

3

47

955

0.40

1.53

 

 

Louisiana Top Foreclosure Totals by Parish – October 2009

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Louisiana

0

112

0

814

348

1,274

1,459

-22.74

98.44

 

 

 

 

 

 

 

 

 

 

Orleans

0

0

0

252

80

332

337

67.68

89.71

Jefferson

0

0

0

147

74

221

818

-16.29

57.86

East Baton Rouge

0

0

0

158

6

164

1,129

-20.77

1,266.67

Saint Tammany

0

41

0

52

36

129

732

-37.98

31.63

Lafayette

0

67

0

29

26

122

727

-16.44

771.43

 

 

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