St Tammany only area to post year-over-year foreclosure increase.
by Christian Moises News Editor
IRVINE, Calif. — Foreclosure filings dropped in most parts of the New Orleans area in May compared with May of last year, with St. Tammany Parish being the only area to report an increase, according to figures released today by RealtyTrac. While foreclosure activity in Louisiana was down 16.4 percent from April, the state saw a 34 percent increase compared with a year ago. Orleans Parish had the highest foreclosure rate in the metro area, with one in every 472 housing units receiving a filing, which includes default notices, auction sale notices and bank repossessions. With 237 filings issued, Orleans saw a 23 percent drop from April and a 4 percent drop from May 2008. St. Tammany Parish, with 111 filings, followed with a rate of one out of every 851 housing units receiving a filing. That marked a 7.5 percent decrease from April but a 16.8 percent increase from a year ago, the only parish to report a year-over-year increase. Jefferson Parish had the area’s lowest foreclosure rate, with one in every 1,027 housing units receiving a filing. The 176 May filings were an increase of 15 percent from April but down only 3 percent from a year ago. One in every 1,976 housing units in Louisiana received a foreclosure filing in May. Statewide, there were 941 filings. Louisiana had the nation’s 40th lowest foreclosure rate in May. Nationwide, there were 321,480 filings, a 6 percent decrease from April but up 18 percent over a year ago. That’s equal to one in every 398 housing units. Nevada had the nation’s highest foreclosure rate with one in every 64 housing units receiving a filing, followed by California with one in every 144 housing units and Florida with one in every 148 housing units. Vermont had the lowest rate with one in every 51,906 housing units receiving a filing. The number of new foreclosures nationwide was down 6 percent to 321,480 in May compared with a year ago, while the number of foreclosed properties that sold was also down 30.6 percent to 30,251. The average selling price of foreclosures was $173,087 in May, down 18.68 percent from a year ago. Thank You
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