Appraiser: Foreclosure market not a concern

Baton Rouge still ranks low for the number of foreclosures, despite a recent reported spike in the number of houses being seized by lenders. According to RealtyTrac, the number of foreclosures was up nearly 28% in Baton Rouge, compared with the first quarter of 2008, slightly ahead of the national increase of 23.6% from early 2008. Bill Cobb, a local appraiser, says he’s not seeing anything worth a concern, based on his analysis of data from the Greater Baton Rouge Association of Realtors Multiple Listing Service. Cobb notes that many of the foreclosures are in low-income neighborhoods such as the 70805 ZIP code in north Baton Rouge. According to Cobb, as of last week, a quarter of the houses on the market in the 70805 ZIP code were foreclosures, with an average sales price of $56,000. “I’m not seeing anything major with foreclosures,” he says. Cobb notes that home prices are holding even or are only down slightly in South Baton Rouge ZIP codes such as 70810 or 70809, which have been strong areas for sales.—Timothy Boone