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Oct 28, 2010 7:25 AM by Posted by Sharlee Barriere

4 Louisiana Metro Areas Have 3Q Foreclosure Jumps

NEW ORLEANS (AP) - Four Louisiana metropolitan areas recorded jumps in foreclosure actions against delinquent homeowners during the third quarter, a national tracking organization said Thursday.
Irvine, Calif.-based RealtyTrac said New Orleans, Baton Rouge, Lafayette, and Houma-Thibodaux all saw increases in foreclosure-related actions ranging from an initial notice of default to outright lender repossession. Shreveport-Bossier City recorded a slight reduction.
Figures were not calculated for Lake Charles, Monroe and Alexandria.
RealtyTrac said cities in California, Florida, Nevada and Arizona accounted for all top 10 foreclosure rates in the third quarter. New Orleans had the highest rate in Louisiana, ranking 82nd in the count.
Little has changed in the economy to help delinquent homeowners in recent months, said RealtyTrac CEO James Saccacio.
"The underlying problems that are causing homeowners to miss their mortgage payments - high unemployment, underemployment, toxic loans and negative equity - are continuing to plague most local housing markets," Saccacio said. "And these historically high foreclosure rates will continue until those problems are resolved."
During the third quarter in Louisiana:
- The New Orleans metro area recorded 2,810 foreclosure-related actions, affecting one of every 159 properties and ranking the area 82nd in the RealtyTrac count. That rate was up 12.1 percent from the second quarter of 2010 and 56.4 percent from the third quarter
of 2009.
- Baton Rouge recorded 1,109 actions that affected one in 295 properties. The area ranked 146th. The latest rate was up 7.8 percent from the second quarter and 29.7 percent from the third quarter of 2009.
- Lafayette recorded 290 actions, affecting one of every 388 properties. The area ranked 162nd and saw its rate rise 8.2 percent from the second quarter and 34.3 percent from the third quarter of 2009.
- Shreveport-Bossier City recorded 433 actions, affecting on of every 402 properties and ranking the area 166th. The latest rate was down 3.6 percent from the second quarter and down 13.1 percent from the third quarter of 2009.
- Houma-Thibodaux recorded 121 third-quarter actions, affecting one in every 682 properties. The area was ranked 189th. The latest rate was up 8 percent from the second quarter and 18.6 percent from the third quarter of 2009.

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