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Jul 29, 2010 9:29 AM by Sharlee Barriere

Foreclosure Activity Up in 5 Louisiana Metros

NEW ORLEANS (AP) - Five Louisiana metropolitan areas posted
year-to-year increases in foreclosure activity during the first
half of 2010, according to a national study released Thursday.
Irvine, Calif.-based RealtyTrac, which tracks foreclosures
nationwide, said more homeowners underwent some step of foreclosure
- ranging from an initial notice of default to outright
repossession and sale - in the New Orleans and Baton Rouge regions,
as well as in Houma-Thibodaux, Shreveport-Bossier City and
Lafayette.
Those areas were among 154 of 206 metropolitan areas that
RealtyTrac identified as having year-to-year increases in
foreclosure activity. RealtyTrac surveyed areas with populations of
at least 200,000.
According to RealtyTrac:
- In the New Orleans-Metairie-Kenner area, 4,021 properties
received a foreclosure-related notice in the first half of 2010, up
52 percent from the first six months of 2009 and 7.9 percent from
the second half of 2009. For the first half of 2010, one out of
every 111 homes received a notice. The area ranked 104th in
RealtyTrac's count.
- In the Baton Rouge area, 1,817 properties were targeted by a
notice during the first half of 2010, up 46.9 percent from a year
ago and 10.3 percent from the second half of 2009. During the first
half of 2010, one out of every 180 homes received a notice. The
Baton Rouge area ranked 150th.
- In the Shreveport-Bossier City area, 739 properties got a
notice in the first half of 2010, up 47.5 percent from a year ago,
but down 17.4 percent from the second half of 2009. During the
first half of 2010, some sort of foreclosure notice hit one out of
every 235 homes. Shreveport-Bossier City ranked 165th among the
metro areas.
- In Lafayette, there were 430 foreclosure notices during the
first half of 2010, representing one in every 261 homes. RealtyTrac
said that was down 13 percent from the second half of 2010, but up
156 percent over the year. RealtyTrac said the year-to-year
increase in that market could be less because of changes in the
method of reporting data. Lafayette ranked 171st in the latest
count.
- In Houma-Thibodaux, 209 homes received a foreclosure notice,
or one in every 395. That figure was up 22.2 percent from the
second half of 2009 and 186 percent from the first half of 2010.
Again, RealtyTrac said the year-to-year increase in that market
could be less because of changes in reporting data. Houma-Thibodaux
ranked 188th in the latest count.
RealtyTrac said four states - Florida, California, Nevada and
Arizona - accounted for all top 20 metro foreclosure rates for the
first half of 2010. Las Vegas led foreclosures with one in 15 homes
receiving a notice.
"The fragile stability achieved in many local housing markets
hinges on improvements in the underlying economy, especially job
growth" said RealtyTrac CEO James Saccacio. "If unemployment
remains persistently high and foreclosure prevention efforts only
delay the inevitable, then we could continue to see increased
foreclosure activity and a corresponding weakness in home prices in
many metro areas."

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