Foreclosure Activity in Louisiana Up for First Half of 2011

Statewide filings rose 6 percent from second half of 2010

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 9,922 Louisiana properties during the first six months of 2011, a 6 percent increase from the second half of 2010 and 22 percent above the level reported for the first half of last year, according to the Midyear 2011 Foreclosure Market Report just released by RealtyTrac®.

 

One in every 198 Louisiana housing units received a foreclosure filing during the half, the nation’s 30th highest foreclosure rate in the first half of 2011.

 

Foreclosure filings were reported on 2,071 Louisiana properties in June, up 13 percent from May and up 27 percent from June 2010. One in every 948 Louisiana housing units received a foreclosure filing in June, the 23rd highest state foreclosure rate in the nation.

 

Saint Tammany Parish posts top foreclosure rate at midyear

Saint Tammany Parish posted the top Parish foreclosure rate in the state for the first half of 2011 with one in every 71 housing units receiving a foreclosure filing — 1.6 times the national average and 2.8 times the state average. Jefferson Parish came in second highest for the six-month period, with one in every 103 housing units receiving a foreclosure filing — 1.1 times the national average and 1.9 times the state average. Livingston Parish had the third highest rate, with one in every 111 housing units receiving a foreclosure filing – on par with the national average and 1.8 times the state average.

 

Jefferson Parish has state’s highest foreclosure total

Jefferson Parish had the state’s highest level of foreclosure activity during the six month period, reporting 1,773 properties with foreclosure filings. Saint Tammany Parish was second highest, reporting 1,380 properties with foreclosure filings. East Baton Rouge Parish came in third, tallying 1,254 properties with foreclosure filings. Fourth highest was Orleans Parish, where 1,127 properties with foreclosure filings were reported. Caddo Parish was fifth, reporting 505 properties with foreclosure filings for the first half of the year.

 

State a minor contributor to nation’s foreclosure total in first half of 2011

Louisiana accounted for just under 1 percent of the 1,170,402 properties with foreclosure filings reported nationwide for the first half of 2011. Total U.S. activity decreased 25 percent from the second half of 2010, and was down 29 percent from the level reported for the first half of 2010. One in every 111 U.S. housing units received a foreclosure filing during the first six months of the year.

 

“It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn’t appear to be the case.

 

“Processing and procedural delays are pushing foreclosures further and further out – we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later. This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number.”

 

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 Market Data By Parish – Midyear 2011

 

Parish

Total Properties with Filings

% Housing Units

1 every X HU

% Chg July-Dec 10

% Chg Jan-June 2010

 

United States

1,170,402

0.90

111

-25.49

-29.27

Louisiana

9,922

0.51

198

5.61

21.94

 

Jefferson

1,773

0.98

103

-3.22

18.52

Saint Tammany

1,380

1.41

71

8.66

32.95

East Baton Rouge

1,254

0.66

152

-10.56

0.80

Orleans

1,127

0.67

149

-21.63

-10.91

Caddo

505

0.44

227

0.80

40.67

 

 

Louisiana Market Data by Parish – June 2011

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg May 11

% Chg June 10

 

 

United States

30,202

33,661

68,023

22,003

68,851

222,740

584

3.64

-29.03

Louisiana

0

348

0

1,012

711

2,071

948

12.86

27.13

 

 

Jefferson

0

154

0

161

150

465

391

108.52

61.46

Saint Tammany

0

79

0

88

89

256

382

-17.95

-4.12

Orleans

0

0

0

123

119

242

692

-9.36

-20.39

East Baton Rouge

0

1

0

167

73

241

790

19.90

49.69

Livingston

0

37

0

43

40

120

397

48.15

57.89

 

 

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