LOUISIANA FORECLOSURE ACTIVITY UP 80 PERCENT IN 2008

 

More than 7,100 Properties Receive Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 7,129 Louisiana properties in 2008, an increase of 80 percent from 2007 and a 111 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Pelican State reported 657 properties with foreclosure filings in December, up 30 percent from the previous month and a 50 percent increase over December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Although foreclosure activity in Louisiana nearly doubled in 2008, the state’s foreclosure rate remained one of the nation’s lowest,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate remains below the national average, and its home values have not declined to the same extent as many other states. These factors are helping keep the foreclosure levels statewide relatively low.”

 

Louisiana ranked 33rd in the country in total foreclosures for the year. With one in every 257 housing units receiving a foreclosure filing, its foreclosure rate ranked 41st among the 50 states.

 

Top five parishes responsible for bulk of state’s foreclosure activity

Five Louisiana parishes accounted for 80 percent of all foreclosure activity in the state for 2008. Orleans Parish led the way, reporting 1,899 properties with foreclosure filings for the year. Jefferson Parish came in second highest, reporting 1,568 properties with foreclosure filings. East Baton Rouge Parish registered the third highest total, reporting 1,027 properties with foreclosure filings. Saint Tammany Parish was fourth, reporting 868 properties with foreclosure filings. Bossier Parish came in fifth, documenting 314 properties with foreclosure filings.

 

Orleans Parish posts state’s top foreclosure rate for 2008

With 1.80 percent of its housing units receiving at least one foreclosure filing during the year, Orleans Parish posted the top foreclosure rate in the state for 2008. Saint Tammany Parish had the second highest rate, with 0.93 percent of its housing units receiving at least one foreclosure filing. Third highest rate was in Jefferson Parish, where 0.85 percent of the housing stock received at least one foreclosure filing in 2008.

 

State a minor contributor to nation’s foreclosure total for 2008

Louisiana accounted for less than 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 Foreclosure Market Data by Parish – Yearend 2008

 

Rate Rank

Parish

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Louisiana

7,129

0.39

79.66

 

 

 

 

 

13

Acadia

48

0.20

4700.00

17

Allen

8

0.08

166.67

16

Ascension

34

0.09

70.00

47

Assumption

2

0.02

n/a

35

Avoyelles

6

0.03

50.00

37

Beauregard

5

0.03

150.00

45

Bienville

2

0.02

100.00

4

Bossier

314

0.68

196.23

9

Caddo

269

0.24

72.44

38

Calcasieu

25

0.03

25.00

49

Caldwell

1

0.02

n/a

54

Cameron

0

0.00

n/a

54

Catahoula

0

0.00

-100.00

44

Claiborne

2

0.02

n/a

54

Concordia

0

0.00

n/a

10

De Soto

25

0.21

525.00

5

East Baton rouge

1,027

0.57

34.25

39

East Carroll

1

0.03

0.00

21

East Feliciana

6

0.07

100.00

36

Evangeline

5

0.03

400.00

12

Franklin

18

0.20

800.00

30

Grant

4

0.04

300.00

46

Iberia

7

0.02

-12.50

32

Iberville

5

0.04

66.67

54

Jackson

0

0.00

n/a

3

Jefferson

1,568

0.85

49.90

24

Jefferson Davis

9

0.07

350.00

50

La Salle

1

0.02

n/a

7

Lafayette

276

0.32

71.43

28

Lafourche

17

0.05

183.33

22

Lincoln

13

0.07

1200.00

42

Livingston

11

0.03

-45.00

54

Madison

0

0.00

n/a

40

Morehouse

4

0.03

-33.33

26

Natchitoches

9

0.05

125.00

1

Orleans

1,899

1.80

145.67

14

Ouachita

94

0.15

347.62

54

Plaquemines

0

0.00

-100.00

52

Pointe Coupee

1

0.01

n/a

6

Rapides

283

0.51

502.13

54

Red River

0

0.00

n/a

29

Richland

4

0.05

100.00

51

Sabine

2

0.01

n/a

15

Saint Bernard

8

0.12

60.00

18

Saint Charles

16

0.08

77.78

54

Saint Helena

0

0.00

-100.00

25

Saint James

5

0.06

400.00

27

Saint Landry

19

0.05

72.73

33

Saint Martin

8

0.04

166.67

34

Saint Mary

8

0.04

100.00

2

Saint Tammany

868

0.93

83.90

19

St John the baptist

14

0.08

40.00

11

Tangipahoa

99

0.21

-51.23

54

Tensas

0

0.00

n/a

23

Terrebonne

30

0.07

25.00

43

Union

3

0.03

n/a

54

Vermilion

0

0.00

-100.00

53

Vernon

2

0.01

100.00

41

Washington

6

0.03

-45.45

31

Webster

8

0.04

60.00

8

West Baton rouge

23

0.25

283.33

48

West Carroll

1

0.02

n/a

54

West Feliciana

0

0.00

-100.00

20

Winn

6

0.08

500.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved