Housing statistics for the period January-September 2010 showed that St. Tammany Parish has the highest number of properties under foreclosure listings and pre foreclosure home listings in the whole state of Louisiana. The parish, which in the past has had the highest average household earning in the state, is now being hit by the housing market crisis.
According to nine-month housing market statistics, one household per 405 properties are in some phase of foreclosure in the area. This is higher than New Orleans home foreclosures which have previously recorded some of the highest distressed property totals. Analysts have reported that St. Tammany started having foreclosure problems in 2007, but it was not until 2010 that it made it to the top of the foreclosure rankings.
Despite the parish's climb to the top of Louisiana's ranking, overall housing situation in the state is still relatively good. Home foreclosures in Louisiana are still lower than most states, with the region ranking 35th nationwide in terms of foreclosure rates for the 2010 third quarter.
The growth of foreclosed property listings and pre foreclosure home listings in St. Tammany has been attributed by most economists to the huge number of Katrina victims who moved to the area after their homes were destroyed by the hurricane. After the disaster, south state residents moved in droves to the north, with St. Tammany being one of their favored destinations.
Along with the growing supplies of distressed homes, the parish also experienced rapid declines in home values, making the area a haven for people looking for cheap home foreclosure listings. Average prices of residential properties in the eastern ares of St. Tammany have declined to as low as a little over $150,000, while the western side of the parish recorded an average home price of over $220,000.
These price ranges are definitely lower than the prices of three years ago, when Katrina victims started moving to the parish. Eastern St. Tammany home prices during the early 2007 averaged $200,000, while western area homes were sold for over $300,000. The increase in the number of properties under foreclosure and pre foreclosure home listings has been attributed by analysts to home buyers who transferred to the area after Katrina and who are now unable to meet their monthly mortgage obligations.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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