Compared to 2008, the number of foreclosure filings in Louisiana, in which condo foreclosures are also included, increased by more than twice or about 120 percent. Based on the report released by a real estate tracking firm, there were 15,753 homes which received a foreclosure filing by the end of 2010. Compared to 2009, the number of homes in Louisiana, including those in New Orleans foreclosure listings, soared by 34 percent.
Of course, the said figures are still lower than that of the national average and definitely a long way from the states with the highest foreclosures rate namely California, Florida, Illinois, Arizona and Michigan. The foreclosure filings, which include condo foreclosures, for all these states accounted for about half of the 3.82 million filings recorded last year.
Nationally, one out of 45 homes was issued a foreclosure filing. In Louisiana, the number is one out of 120 households, placing it at the 38th place among states with the highest foreclosure rate.
But according to the tracking firm, the listings of foreclosures in Louisiana could have been filled with more homes if lenders have not decided to stop foreclosure proceedings due to legal technicalities. It is believed that about 250,000 proceedings were halted and such number will definitely be added to the current year’s figures, particularly in the first couple of months.
The number of properties appearing in foreclosure home listings nationwide, including condo foreclosures, has actually declined by 26 percent from 2009 and 1.75 percent from November last year. In Louisiana, the number increased by 13 percent compared to December 2009 and 25 percent from November last year.
There were 473 Louisiana homes seized last month and 1,097 homeowners received a final sale notice. In terms of these notices, Louisiana is at the 28th place with one notice for every 1,059 households. For the last quarter of 2010, there were 4,761 filings which include 2,798 final sales notices and 1, 319 seizures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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