Louisiana Foreclosure Activity Up Significantly in 2009

Statewide filings up 65 percent from 2008; Down 12 percent from November

 

Louisiana foreclosures were up significantly in 2009, with 11,750 properties with foreclosure filings, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total represents a 65 percent increase from the total reported for 2008, and is 196 percent higher than the level reported for all of 2007.

 

Louisiana foreclosures continued to rise in 2009 but were down in December,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate still remains below the national average, and home sales have begun to pick up. If these trends continue, we may see foreclosures decline here in 2010.”

 

Louisiana ranked 33rd in total foreclosures reported for 2009 when compared to the 50 states. With one in every 158 housing units receiving a foreclosure filing, Louisiana’s foreclosure rate ranked 39th in the nation for the year.

 

Reporting 1,574 properties with foreclosure filings for December, Louisiana had a 12 percent decrease from the previous month, but was still 140 percent above December 2008. The state’s foreclosure rate — one in every 1,181 housing units received a foreclosure filing — ranked 38th in the nation for the month.

 

Orleans Parish posts state’s highest foreclosure rate for 2009

Orleans Parish posted the highest Parish foreclosure rate in the state for the year, with one in every 49 housing units receiving a foreclosure filing in 2009. Saint Tammany Parish had the second highest foreclosure rate, with one in every 74 housing units receiving a foreclosure filing. Jefferson Parish came in third highest, with one in every 86 housing units receiving a foreclosure filing. East Baton Rouge Parish was fourth highest with one in every 91 housing units receiving a foreclosure filing, followed by Bossier Parish, with one in every 109 housing units receiving a foreclosure filing.

 

Orleans Parish also led state in foreclosure activity in 2009

Orleans Parish also led the state in total foreclosures in 2009, reporting a total of 2,290 properties with foreclosure filings for the year. Jefferson Parish came in second, documenting 2,111 properties with foreclosure filings. East Baton Rouge Parish had the third highest total in the state, reporting 2,042 properties with foreclosure filings for the year. Saint Tammany Parish was fourth highest, reporting 1,284 properties with foreclosure filings, followed by Caddo Parish in fifth place, tallying 740 properties with foreclosure filings for all of 2009.

 

State contributes less than 1 percent to nation’s foreclosure total in 2009

Louisiana accounted for less than1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

Parish

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Louisiana

11,750

0.63

158

64.82

196.12

 

 

 

 

 

 

Orleans

2,290

2.05

49

20.59

196.25

Saint Tammany

1,284

1.36

74

47.93

172.03

Jefferson

2,111

1.17

86

34.63

101.82

East Baton Rouge

2,042

1.10

91

98.83

166.93

Bossier

434

0.92

109

38.22

309.43

 

 

Louisiana Top Foreclosure Totals by Parish: Year-End 2009

 

Parish

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Louisiana

11,750

0.63

158

64.82

196.12

 

 

 

 

 

 

Orleans

2,290

2.05

49

20.59

196.25

Jefferson

2,111

1.17

86

34.63

101.82

East Baton Rouge

2,042

1.10

91

98.83

166.93

Saint Tammany

1,284

1.36

74

47.93

172.03

Caddo

740

0.65

153

175.09

374.36

 

 

Louisiana Top Foreclosure Rates by Parish – December 2009

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Louisiana

0

201

0

1,045

328

1,574

1,181

0.31

n/a

 

 

 

 

 

 

 

 

 

 

Saint Tammany

0

70

0

136

29

235

402

0.91

2.94

Orleans

0

0

0

222

38

260

430

0.85

2.75

Livingston

0

52

0

12

3

67

670

0.55

1.76

Lafayette

0

69

0

50

13

132

672

0.54

1.76

Jefferson

0

0

0

214

35

249

726

0.50

1.63

 

 

Louisiana Top Foreclosure Totals by Parish – December 2009

 

Parish

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Louisiana

0

201

0

1,045

328

1,574

1,181

-12.21

139.57

 

 

 

 

 

 

 

 

 

 

Orleans

0

0

0

222

38

260

430

98.47

44.44

Jefferson

0

0

0

214

35

249

726

-54.81

96.06

East Baton Rouge

0

1

0

151

97

249

744

-28.86

758.62

Saint Tammany

0

70

0

136

29

235

402

55.63

71.53

Lafayette

0

69

0

50

13

132

672

13.79

842.86

 

 

 

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