Baton Rouge REO Trends: East Baton Rouge 2009 2010 Foreclosure Sales Numbers

http://www.batonrougerealestatetrends.net/ – Baton Rouge REO Trends: East Baton Rouge 2009 2010 Foreclosure Sales Numbers!   2010 Foreclosures total 12% of sales YTD; 2009 Foreclosures totalled 11%.  7% of all EBR MLS Listings are Foreclosures!  Foreclosures are negatively impacting this market.   There’s A Major “Caveat” with the numbers below!  

The chart below represents the number of recorded East Baton Rouge Parish REO or Foreclosure Sales within the Greater Baton Rouge MLS, with the exception of Manufactured Housing sales. 

 

Baton Rouge REO Trends: East Baton Rouge 2009 2010 Foreclosure Sales Numbers

 

 

Let’s put these foreclosure numbers into perspective!  In 2009, there were a total of 3,985 sales.  430 foreclosure sales in 2009 represents only 11% of total sales.  In 2010, there were a total of 2,856 sales.  330 foreclosure sales in 2010 as of 9/30/2010 represents only 12% of total sales.  The projected number of reo / foreclosures at end of 2010 is approximately 440.

There’s A Major “Caveat” with the numbers below!  Based on a 12% REO sold rate, which does appear to be an indication REOs are 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 there could be a larger problem.  MLS is reporting 203 current REO listings for all EBR MLS Areas out of a total 2,795 total listings.  So, 7% of all EBR MLS Listings are Foreclosures!  

REO is “Real Estate Owned”!

Baton Rouge REO Trends: East Baton Rouge 2009 2010 Foreclosure Sales Numbers

Data used with permission of the GBRMLS.  Search dates are 1/1/2009 to 10/16/2010.  Extraction date was 10/16/2010.   330 REO sales for 2010 was as of 9/30/2010.  As of 10/16/2010, there were 339 REO sales. 

 

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Baton Rouge REO Trends: East Baton Rouge 2009 2010 Foreclosure Sales Numbers

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