Delinquencies and foreclosures
The delinquency rate for mortgages in Louisiana, defined as loans 30 days
or more past due, was 7.1 percent as of this past April, according to
CoreLogic’s Loan Performance Insights Report. That’s down from 8. 3 percent for the same month in 2017. The foreclosure rate in the state stood at
0.8 percent this past April, down from 1 percent for the year-earlier period.
Nationwide, 0.6 percent of outstanding mortgages were in foreclosure as
of this past April, according to CoreLogic.
The number of foreclosure actions as measured by auctions and homes
taken back by banks, or real estate owned (REO), totaled 8,318 in 2017,
according to Attom Data Solutions. In 2012, auctions and REOs reached
14,596, but foreclosure actions generally have been on a steady decline
over the past several years. During the first half of this year, there were
4,284 foreclosure actions, compared with 4,477 for the first half of 2017.
Louisiana never suffered the full brunt of the Great Recession’s impact
when it comes to unemployment, but the state has trailed behind
the rest of the U.S. in the recovery. In the immediate aftermath of the
recession, in November 2010, Louisiana saw its unemployment rate hit
a high of 8. 4 percent — and only for one month. The nation as a whole
suffered from an unemployment rate of 9 percent or higher for more
than two years, and it reached 10 percent in October 2009.
The U.S. unemployment rate dropped to 5 percent by 2016 and has
been bumping along at 4 percent or slightly lower this year. Louisiana’s
unemployment rate didn’t drop to 5 percent until last year and, while
the rate dipped to 4. 4 percent this past March, it was right back to
4. 7 percent as of this past June.
Sources: Biz, Congressional Research Service, Department of Commerce, Federal
Housing Finance Agency, History.com, Louisiana Wildlife & Fishing Commission, Louisiana
Workforce Commission, New Orleans Online, Quora, Shreveport Chamber of Commerce,
Shreveport Times, The Advocate, The Associated Press, The Times-Picayune, U. S. Bureau of
Labor Statistics, U. S. Census Bureau, U. S. Department of Transportation, Zillow
Jim Davis is editor of Scotsman Guide Residential Edition.
Reach him at (800) 297-6030 or email@example.com.
Several large petrochemical projects recently have boosted the prospects for this city of 77,000 located in southwestern Louisiana. With
the construction, the labor force has added more than 10,000 workers
in the past two years. The city also is home to several large casinos as
well as the Mardi Gras Museum, which pays homage to the history of
the colorful festival. The first European settlers in the area, Mr. and Mrs.
LeBleu of Bordeax, France, arrived in 1781.
The Crescent City is one of the oldest cities in America, founded in 1719
by Jean-Baptiste Le Moyne de Bienville. New Orleans, with a population
of 393,000, has a diverse economy propped up by the oil and gas industry, shipbuilding and several universities and hospitals. Tourism remains
one of the top revenue generators, with the French Quarter and the
raucous Bourbon Street attracting millions of visitors each year.
The city of 192,000 people located in northwestern Louisiana has been
in a funk, having a higher unemployment rate than the rest of the
state. The overall labor force has shrunk by a couple of thousand jobs
since 2016. Shreveport also was the home of a now-defunct radio and
television broadcast called the Louisiana Hayride, which introduced
rising musical talent, such as music superstars Elvis Presley, Johnny Cash
and Hank Williams.
3 Cities to Watch
Louisiana Foreclosure Filings
Source: Attom Data Solutions
Auctions Defaults REO