The numbers are in for October, 2008. We hear it on the news everywhere. You know the country is going to hell in a handbasket because you heard it on MSNBC, CNN, FOX, and all the other channels, right? Yes, the picture is dismal in several parts of the country, but let's compare the foreclosure rate in LOUISIANA.
According to RealtyTrac, Louisiana is ranked #41 in the number of foreclosures in the US. Here are the states at the top of the list for the month of October:
#1 Nevada--1 in 74 homes are in foreclosure or default (total 14,483). This is a jump of 118% over Oct. '07
#2 Arizona--1 in 149 households are in the foreclosure process (17,507 total), a jump of 176% over Oct. '07.
#3 Florida--54,324 homes in the foreclosure process (1 in 157 housholds), an increase of 79.94% over Oct. '07.
#4 California--56,954 homes in foreclosure or default (1 in 231 households), rising 13% over Oct. '07.
#5 Colorado--1 in 390 households are in default/foreclosure (total 5,374), a DECREASE of 0.09% from Oct. '07.
Here are the numbers for our state:
Louisiana had 642 homes go into the foreclosure process in October, 2008. That means 1 in 2,851 households are in jeopardy. This is a DECREASE of 10.83% from Oct., 2007.
You've heard it before-REAL ESTATE IS LOCAL! Please remember that our market is not the same as the market in other states.
NOW is a good time to buy a house. Interest rates are favorable and values are stable in Monroe, West Monroe, Swartz, Calhoun and Sterlington. Even if you are not in the market yourself right now, if you know someone who has been afraid to buy because of the scary news on TV, please tell them that it really is OK to buy! Houses are selling in Ouachita Parish and all other parts of Louisiana.
If you want to know more about the LOCAL market, don't hesitate to call me at 318-614-5615.
Gayle Causey
Real Estate Consultant
Keller Williams Realty
Monroe, LA USA
Stats for this article taken from http://www.realtytrac.com/ContentManagement/pressrelease.aspx?ChannelID=9&ItemID=5420&accnt=64847
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