Louisiana Foreclosures Up in 2010

Foreclosure filings rise 34 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 15,753 Louisiana properties for 2010, up 34 percent from a year ago and 121 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 1,778 Louisiana properties in December 2010, a 25 percent increase from November, and 13 percent higher than the level reported in December 2009. One in every 1,059 Louisiana housing units received a foreclosure filing during the month.

 

Louisiana foreclosures were up during 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank repossessions, which climbed 44 percent for the year. This is likely due to the state’s unemployment rate, which rose during the year. However, it is still below the national average, and home prices showed a slight increase for the year. If these trends continue, we may see foreclosures come down here this year.”

 

Louisiana ranked 32nd in the nation in total foreclosures reported for 2010. Its foreclosure rate of one in every 120 housing units receiving a foreclosure filing during the year, ranked it 38th among the 50 states.

 

Orleans Parish achieves top foreclosure rate honors in 2010

Orleans Parish posted the highest foreclosure rate in Louisiana for 2010, with one in every 47 housing units receiving a foreclosure filing in 2010 — 2.6 times the state average. Saint Tammany Parish reported the second highest foreclosure rate, with one in every 50 housing units receiving a foreclosure filing for the year — 2.4 times the state average. Jefferson Parish came in third, with one in every 59 housing units receiving a foreclosure filing — twice the state average.

 

Jefferson Parish dominates state foreclosure activity in 2010

Foreclosure activity was heaviest in Jefferson Parish, which reported 3,056 properties with foreclosure filings for the year. Orleans Parish tallied the second highest foreclosure level, reporting 2,449 properties with foreclosure filings. Third highest total was in East Baton Rouge where 2,370 properties with foreclosure filings were reported. Fourth highest was Saint Tammany, where 1,946 properties with foreclosure filings were reported. Lafayette filled out the top five for the year, reporting 828 properties with foreclosure filings.

 

State contributes 1 percent to total foreclosure activity in 2010

Louisiana accounted for 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 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, 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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Louisiana

0

2,019

0

8,689

5,045

15,753

120

0.38

n/a

 

 

 

 

 

 

 

 

 

 

Orleans

0

0

0

1,566

883

2,449

47

0.96

2.56

Saint Tammany

0

517

0

920

509

1,946

50

0.90

2.40

Jefferson

0

409

0

1,726

921

3,056

59

0.76

2.01

Livingston

0

175

0

339

170

684

68

0.66

1.76

Saint Charles

0

194

0

26

42

262

77

0.59

1.56

 

 

Louisiana Top Foreclosure Totals by Parish: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

492

1.67

23.23

Louisiana

0

2,019

0

8,689

5,045

15,753

120

34.07

120.97

 

 

 

 

 

 

 

 

 

 

Jefferson

0

409

0

1,726

921

3,056

59

44.77

94.90

Orleans

0

0

0

1,566

883

2,449

47

6.94

28.96

East Baton Rouge

0

104

0

1,605

661

2,370

79

16.06

130.77

Saint Tammany

0

517

0

920

509

1,946

50

51.56

124.19

Lafayette

0

273

0

345

210

828

109

37.77

200.00

 

 

 

Louisiana Top Foreclosure Rates By Parish: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Louisiana

0

208

0

1,097

473

1,778

1,059

0.47

n/a

 

 

 

 

 

 

 

 

 

 

Saint Tammany

0

28

0

166

49

243

398

1.26

2.66

Orleans

0

0

0

196

31

227

504

0.99

2.10

Jefferson

0

80

0

160

60

300

604

0.83

1.75

De Soto

0

0

0

14

4

18

659

0.76

1.61

East Baton Rouge

0

80

0

160

60

273

690

0.73

1.54

 

 

Louisiana Top Foreclosure Totals by Parish: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Louisiana

0

208

0

1,097

473

1,778

1,059

25.39

12.96

 

 

 

 

 

 

 

 

 

 

Jefferson

0

80

0

160

60

300

604

71.43

20.48

East Baton Rouge

0

80

0

160

60

273

690

19.21

9.64

Saint Tammany

0

28

0

166

49

243

398

11.47

3.40

Orleans

0

0

0

196

31

227

504

42.77

-12.69

Caddo

0

0

0

74

66

140

812

133.33

79.49

 

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