Louisiana Gets Slammed By Foreclosures Again in August

Foreclosure activity in Louisiana rose 46 percent in August to 1,630 properties with foreclosure filings, up 158 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Louisiana foreclosure activity heated up again in August, doubling the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Contributing to this worsening trend toward more foreclosures is the high level of unemployment within the Pelican State, which surged upward to 7.8 percent in August as about 1,300 jobs were lost.”

 

One in every 1,141 Louisiana housing units received a foreclosure filing in August, the 33rd highest foreclosure rate in the nation.

 

Saint Tammany Parish posts state’s top foreclosure rate for August

Saint Tammany Parish posted the highest parish foreclosure rate in the state for August, with one in every 292 housing units receiving a foreclosure filing — 3.9 times the state average.  Tangipahoa Parish had the second highest foreclosure rate, with one in every 506 housing units receiving a foreclosure filing during the month — 2.3 times the state average. Orleans Parish posted the third highest rate, where one in every 513 housing units received a foreclosure filing — 2.2 times the state average.

 

 

Saint Tammany Parish leads the state in foreclosure totals for August

Saint Tammany Parish also tallied the highest activity level, reporting 323 properties with foreclosure filings for the month. East Baton Rouge Parish had the second highest foreclosure total, documenting 234 properties with foreclosure filings. Reporting 233 properties with foreclosure filings for the month, Jefferson Parish reported the third highest total in the state. Orleans Parish was fourth highest, reporting 218 properties with foreclosure filings, while the fifth highest total was in Caddo Parish, where 116 properties with foreclosure filings were reported for the month.

 

State a minor contributor to the nation’s foreclosure activity in August

Louisiana accounted for less than 1 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 – August 2009

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Louisiana

0

496

0

801

333

1,630

1,141

0.31

n/a

 

 

 

 

 

 

 

 

 

 

Saint Tammany

0

248

0

41

34

323

292

1.22

3.90

Tangipahoa

0

62

0

18

18

98

506

0.71

2.26

Orleans

0

0

0

175

43

218

513

0.70

2.23

Ascension

0

35

0

29

0

64

602

0.59

1.90

Livingston

0

17

0

43

14

74

607

0.59

1.88

 

 

Louisiana Top Foreclosure Totals by Parish – August 2009

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Louisiana

0

496

0

801

333

1,630

1,141

45.93

157.91

 

 

 

 

 

 

 

 

 

 

Saint Tammany

0

248

0

41

34

323

292

160.48

271.26

East Baton Rouge

0

69

0

140

25

234

792

96.64

1,131.58

Jefferson

0

40

0

132

61

233

776

27.32

29.44

Orleans

0

0

0

175

43

218

513

-13.15

32.12

Caddo

0

0

0

45

71

116

975

68.12

364.00

 

 

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