The State of Foreclosures in Louisiana

According to the latest reports by the federal US government, the state of Louisiana had an estimated foreclosure rate of 0.09 percent and hence is at the same level as the national rate of 0.09 percent. However, the rate was an increase in the foreclosure levels when compared to previous year of 0.07 percent. This increase has been the main reason for measures have been taken by the Louisiana state government to come up with the best ways to reduce the rate to below 0.05 before the end of the year.

With an estimated population of 4,345,565 people, the state has an average income of $ 65,980 thus a statistic that should reduce the rate of foreclosure to below 0.05 percent by the end of the year. When compared to a huge state like California with over 40 million people, and still can manage the rate of foreclosure below 0.05 percent. Despite the high rate at the end of the year 2013, the state recorded the lowest in the previous year at a rate of 0.04 percent and that was the best in the entire US and even made it to be the first State to reach ever that mark in the history of America.

In the same report by the national government agency, the highest number of foreclosures were recorded mainly in the big counties namely Caddo Parish, Calcasieu Parish, Lincoln Parish, Rapides Parish and Ascension Parish respectively. However, the other counties recorded an increase in the rate of foreclosures less that 0.07 percent.

Increase in Number of Foreclosures

At the end of the year 2013, the foreclosure rate was recorded the highest in Colorado State as a history. Despite the shocking reports, the realities could be easily seen on the ground with an increase in the number of cases fillings depending in the courts. The number of pending cases files rose by 25 percent when compared to the previous year of 2012. In addition, the closure of the files reduced by 10 percent. For example, the foreclosure rates increased by 4 percent in Caddo Parish, 3.7 percent in Calcasieu Parish, 6.8 percent in Lincoln Parish, 5.8 percent in Rapides Parish and 4.5 percent in Ascension Parish respectively making the largest contribution to the increase in the rate of foreclosure in the market.

However, from the beginning of this year 2014, the state government has come up with legislation that will help curb the spiral rising in the rates of foreclosures henceforth within the state. This has led to a decrease in the number of foreclosure recorded in the first half of the year. Many financial reports have also indicated that this will help solve many of the causes of the spiral growth in the foreclosure rates within the major cities across the state.

As we start the second half of the year, things seem to be better with less cases being recorded and this will help the country especially when trying to curb the problems that the country faces. This will in turn reduce the rates of foreclosures across the major cities in Louisiana leading to a general decline at the end of the year across US.

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