Louisiana Foreclosure Activity Falls in October

Foreclosure filings down 6 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,897 Louisiana properties in October, a 6 percent decrease from the previous month, but still up 49 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity fell in Louisiana in October, though it remained well above the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The recent drop in activity is likely related to the ‘robo-signing’ controversy, which has caused lenders to halt foreclosure proceedings until their processes can be reviewed and validated.”

 

One in every 993 Louisiana housing units received a foreclosure filing in October, the 35th highest foreclosure rate in the nation.

 

Jefferson Parish posts state’s top foreclosure rate for October

Jefferson Parish posted the highest parish foreclosure rate in Louisiana for the month, with one in every 328 housing units receiving a foreclosure filing during October — three times the state average. Saint Tammany Parish registered the second highest foreclosure rate, with one in every 376 housing units receiving a foreclosure filing during the month — 2.6 times the state average. Orleans Parish was third highest, with one in every 525 housing units receiving a foreclosure filing — 1.9 times the state average.

 

Jefferson Parish also dominates state foreclosure activity in October

Jefferson Parish also led the state in foreclosure activity, reporting 553 properties with foreclosure filings. East Baton Rouge Parish tallied the second highest foreclosure level in the state, reporting 265 properties with foreclosure filings. Third highest was in Saint Tammany Parish, where 257 properties with foreclosure filings were reported. Fourth highest was Orleans Parish, where 218 properties with foreclosure filings were reported. Caddo Parish was in fifth, tallying 127 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

Louisiana accounted for 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 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, 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 Top Foreclosure Rates By Parish – October 2010

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Louisiana

0

331

0

1,142

424

1,897

993

0.39

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

106

0

358

89

553

328

1.18

3.03

Saint Tammany

0

122

0

91

44

257

376

1.03

2.64

Orleans

0

0

0

145

73

218

525

0.74

1.89

Livingston

0

6

0

65

5

76

613

0.63

1.62

East Baton Rouge

0

2

0

201

62

265

711

0.55

1.40

 

 

Louisiana Top Foreclosure Totals by Parish – October 2010

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Louisiana

0

331

0

1,142

424

1,897

993

-6.09

48.90

 

 

 

 

 

 

 

 

 

 

Jefferson

0

106

0

358

89

553

328

11.27

150.23

East Baton Rouge

0

2

0

201

62

265

711

-9.86

61.59

Saint Tammany

0

122

0

91

44

257

376

-3.02

99.22

Orleans

0

0

0

145

73

218

525

-19.85

-34.34

Caddo

0

0

0

100

27

127

896

81.43

33.68

 

 

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