Louisiana Foreclosure Activity Decreases in August

Filings decrease 29 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,559 Louisiana properties in August, a 29 percent decrease from the previous month and a 4 percent decrease from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

Louisiana foreclosure activity levels fell in August,” said James J. Saccacio, chief executive officer of RealyTrac. “The largest decline was in bank-owned properties, which dropped 41 percent for the month. The number of default notices also had a big drop during the month, down 38 percent. Unemployment is well below the national average, although it was at the highest level seen so far this year in August. Considering these factors, it is too early to tell whether or not the slowdown in the state’s foreclosure activity is sustainable or not.”

Louisiana ranked 33rd in the nation in total foreclosures for the month. Its foreclosure rate of one in every 1,208 housing units receiving a foreclosure filing during the month ranked it 39th among the 50 states.

Saint Tammany Parish dominates the state in foreclosure rate for August

One in every 365 housing units in Saint Tammany Parish received a foreclosure filing during the month, the highest parish foreclosure rate in the state for the month. Orleans Parish was second, with a rate of one in every 392 housing units receiving a foreclosure filing during the month. Coming in third was Jefferson Parish, where one in every 553 housing units received a foreclosure filing in August. Fourth highest was Livingston Parish, where one in every 706 housing units received a foreclosure filing. Lafayette Parish came in fifth, with one in every 859 housing units receiving a foreclosure filing during the month.

 

State’s top foreclosure total for August in Jefferson Parish

Jefferson Parish led the state in total foreclosure activity for August, reporting 328 properties with foreclosure filings. Second highest was Orleans Parish, where 292 properties with foreclosure filings were reported. Saint Tammany Parish came in third, tallying 265 properties with foreclosure filings. Fourth highest was East Baton Rouge Parish, where 185 properties with foreclosure filings were reported. Lafayette Parish came in fifth, reporting 105 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

Louisiana accounted for less than 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month.

 

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, parish 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 – August  2010

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Louisiana

0

190

0

947

422

1,559

1,208

0.32

n/a

 

 

 

 

 

 

 

 

 

 

Saint Tammany

0

32

0

185

48

265

365

1.04

3.31

Orleans

0

0

0

194

98

292

392

0.97

3.08

Jefferson

0

43

0

205

80

328

553

0.69

2.19

Livingston

0

36

0

25

5

66

706

0.54

1.71

Lafayette

0

57

0

28

20

105

859

0.44

1.41

 

 

Louisiana Top Foreclosure Totals by Parish – August 2010

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Louisiana

0

190

0

947

422

1,559

1,208

-29.17

-4.36

 

 

 

 

 

 

 

 

 

 

Jefferson

0

43

0

205

80

328

553

-15.68

40.77

Orleans

0

0

0

194

98

292

392

-15.61

33.94

Saint Tammany

0

32

0

185

48

265

365

-36.14

-17.96

East Baton Rouge

0

1

0

169

15

185

1,018

-29.12

-20.94

Lafayette

0

57

0

28

20

105

859

-26.06

156.10

 

 

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