Louisiana Foreclosures

Louisiana has been devastated in recent history by major hurricanes, levee breaks and flood damage. They are weathering the current mortgage storm a whole lot better than they did the storms that have been thrown at them by Mother Nature.

The month of December showed the state of Louisiana with an amazingly low foreclosure rate of 0.036 percent with only a total of six hundred and fifty seven homes being foreclosed. What is amazing here is that they had an unemployment rate during that same period of time reaching nearly six percentage points.

So people were not working and were losing jobs yet they managed to not face foreclosure. Part of this is attributed to money and special circumstances related to hurricane Katrina and part of it is because a lot of homes were paid for. Couple that with the already low income and cost of living and it is astonishing that these numbers are as low as they are on foreclosures.

It is of interest here that a large amount of the property that was foreclosed was property that had been damaged or destroyed by the hurricane. Certainly not all of it, perhaps not even most of it, but certainly a large number of properties that were ravaged by the storms were simply left to fall into the foreclosure system.

This can be partially explained by the fact that after the storm devastated the area, many people fled the area for places less prone to the damages of major storms like Katrina. A good amount migrated to the Atlanta area. Some moved up to Memphis yet others moved to some place where they had family. They simply picked up roots and left the rest behind.

While Louisiana Foreclosures is not in good shape the state is certainly not in the worst position either.

Our 10 most recent US Repo Properties Lists