Louisiana Foreclosure Activity Increased in Third Quarter

Total foreclosure filings up 8 percent statewide from the second quarter

Auction notices down, defaults and REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 5,269 Louisiana properties during the third quarter, an 8 percent increase from the previous quarter and up 32 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Louisiana ranked 31st in the nation with 2,020 properties with foreclosure filings, a 30 percent increase from the previous month and 22 percent above the level reported for the same month last year. One in every 932 Louisiana housing units received a foreclosure filing in September, ranking the 31st highest foreclosure rate among the 50 states.

 

Louisiana foreclosures were up for the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed 39 percent during the quarter. While still below the national average, the state’s unemployment rate has been rising steadily over the past few months. This is likely contributing to the rise.”

Louisiana ranked 31st in the nation in total foreclosures reported for the quarter. Its foreclosure rate of one in every 357 housing units receiving a foreclosure filing during the month, quarter it 35th among the 50 states.

Saint Tammany Parish led state with top foreclosure rate in third quarter

Saint Tammany Parish posted the highest foreclosure rate in Louisiana during the third quarter of 2010, where one in every 118 housing units received a foreclosure filing — three times the state average. Orleans Parish posted the second highest foreclosure rate, where one in every 127 housing units received a foreclosure filing during the period — 2.8 times the state average. Livingston Parish documented the third highest foreclosure rate, where one in every 162 housing units received a foreclosure filing — 2.2 times the state average.

 

Jefferson Parish posts state’s top foreclosure total for third quarter

Jefferson Parish dominated, reporting 1,004 properties with foreclosure filings for the quarter. Orleans Parish was second, reporting 899 properties with foreclosure filings. Saint Tammany Parish was third, tallying 818 properties with foreclosure filings. East Baton Rouge Parish was fourth highest, reporting 712 properties with foreclosure filings. Livingston Parish came in last for the state’s top five, reporting 287 properties with foreclosure filings for the quarter.

 

State contributes less than 1 percent to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Louisiana. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Louisiana

0

890

0

2,819

1,560

5,269

357

0.39

n/a

 

 

 

 

 

 

 

 

 

 

Saint Tammany

0

244

0

402

172

818

118

1.17

3.02

Orleans

0

0

0

587

312

899

127

1.09

2.81

Livingston

0

101

0

135

51

287

162

0.85

2.20

Jefferson

0

213

0

527

264

1,004

181

0.77

1.98

East Baton Rouge

0

10

0

487

215

712

264

0.52

1.35

 

 

Louisiana Top Foreclosure Totals by Parish – Third Quarter 2010

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Louisiana

0

890

0

2,819

1,560

5,269

357

7.86

32.19

 

 

 

 

 

 

 

 

 

 

Jefferson

0

213

0

527

264

1,004

181

21.26

64.59

Orleans

0

0

0

587

312

899

127

9.10

42.93

Saint Tammany

0

244

0

402

172

818

118

11.60

54.92

East Baton Rouge

0

10

0

487

215

712

264

5.01

36.66

Livingston

0

101

0

135

51

287

162

48.70

23.18

 

 

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