2010 Ascension Parish Foreclosures: Where Are They Most Concentrated?

http://www.ascensionrealestateappraisers.com/ – Where Are The 2010 Ascension Parish Foreclosures Concentrated?  

2010 Ascension Parish Foreclosures: Where Are They Most Concentrated?

 

The chart above 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: Where Are They Most Concentrated?

 

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 impacting this market. 

AREAS 90-92 2010 FORECLOSURES. In 2010, there have been 68 solds. The vast majority of these foreclosure solds were “Rural” properties (10). In restricted subdivisions, foreclosures of note were in Ascension Trace (2), Autumn Woods (2), Lakes At Dutchtown (2), Manchac Harbor (2), Oak Terrace (3) and Porte Cochere (3). 

Above $200,000, Both Solds and Current Listings.  The number of 2010 foreclosures that sold above $200,000 has been 19 or 28%.  Out of the 46 total REO MLS listings, there are 16 current listings above $200,000 or 35%.

Above $300,000, Both Solds and Current Listings.  The number of 2010 foreclosures that sold above $300,000 has been 8 or 12%.  Out of the 46 total REO MLS listings, there are 3 current listings above $300,000 or 7%.

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: Where Are They Most Concentrated?

 

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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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