2010 Ascension Parish Foreclosures: Total 7 Percent Of All Sales!

http://www.ascensionrealestateappraisers.com/ – Ascension  Parish Foreclosure Trends: 2009 2010 Foreclosure Sales Numbers!   2010 Foreclosures total 7% of sales YTD; 2009 Foreclosures totaled 6%, an increase of +1% since 2009.   5% of all Ascension MLS Listings are Foreclosures!  Foreclosures are only moderately negatively impacting this market.   There’s A Major “Caveat” with the numbers below!  

2010 Ascension Parish Foreclosures: Total 7 Percent Of All Sales!

 

The chart below represents the number of recorded Ascension Parish REO or Foreclosure Sales within the Greater Baton Rouge MLS as of 10/16/2010, with the exception of Manufactured Housing sales.  GBRMLS Areas for Ascension Parish are 90, 91 and 92. 

 

2010 Ascension Parish Foreclosures: Total 7 Percent Of All Sales!

 

Let’s put these foreclosure numbers into perspective!  In 2009, there were a total of 1,242 sales.  78 foreclosure sales in 2009 represents only 6% of total sales.  In 2010, there have been a total of 983 sales.  68 foreclosure sales in 2010 as of 10/16/2010 represents only 7% of total sales.  The projected number of reo / fore closures at end of 2010 is approximately 89.

There’s A Major “Caveat” with the numbers below!  Based on a 7% REO sold rate, which does appear to be an indication REOs are only moderately negatively impacting this market.  It’s also stated here that an article (The Landmines Within by Michael Tarabotto http://activerain.com/blogsview/930436/The-Landmines-Within ) stated that as much as 70% of REOs never make it into the MLS – Meaning that it might be impossible to know or state the exact # of competing REOs if they’re not being listed and that the foreclosure problem could be larger if up to 70% of REOs aren’t being listed.  MLS is reporting 46 current REO listings for all Ascension MLS Areas out of a total 951 total listings.  So, 5% of all Ascension MLS Listings are Foreclosures!  

REO is “Real Estate Owned”!

2010 Ascension Parish Foreclosures: Total 7 Percent Of All Sales!

Data used with permission of the GBRMLS.  Search dates are 1/1/2009 to 10/16/2010.  Extraction date was 10/16/2010.

 

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2010 Ascension Parish Foreclosures: Total 7 Percent Of All Sales!

About Bill Cobb, Appraiser

The Baton Rouge Residential Appraisal Blog is an information source provided by local Home Appraiser, Bill Cobb, and Accurate Valuations Group. Bill has 24 years experience as a Baton Rouge Residential Home Appraiser and updates his local network of sites weekly with reports, videos and audio reviews of local housing market conditions! 225-293-1500