B.R. foreclosure rate dips in September

A 0.05% decrease in Baton Rouge’s foreclosure rate in September, when compared to the same month a year ago, more than reversed a 0.03% increase in August and kept the local rate significantly lower than the national average. According to data released by CoreLogic today, 2.43% of outstanding mortgage loans in Baton Rouge were in some stage of foreclosure in September. Statewide, the foreclosure rate stood at 2.5% in September, and the U.S. rate for that month hit 3.48%. Those rates reflect a 0.16% decrease in Louisiana foreclosures in September, while the U.S. saw foreclosures rise 0.18% on the month. Meanwhile, Baton Rouge’s mortgage delinquency rate—that is, the percentage of home loans that are more than 90 days delinquent—fell to 5.54% in September, from 5.91% a year ago. The Louisiana delinquency rate fell to 6.02%—a drop of 0.5%—and the U.S. rate fell to 7.17%, from 7.85% in September 2010. For historical comparison on foreclosures, Baton Rouge’s rate was 1.28% in January 2009, 2.08% in January 2010, and 2.79% in January of this year.