The foreclosure rate in the Baton Rouge area among outstanding home mortgage loans was 0.93% in June, a decrease of 0.16 percentage points from June last year, according to a new report by global property information firm CoreLogic.
Baton Rouge’s foreclosure rate was slightly lower than the national rate of 0.95% in June. The U.S. rate decreased 0.35 percentage points from June 2015.
Foreclosure delinquency—that is, the percentage of home loans three months past due or more—also decreased in Baton Rouge and U.S. in June, CoreLogic says.
In Baton Rouge, 3.42% of mortgage loans were delinquent in June, compared to 3.82% a year earlier. Across the U.S., delinquent mortgages fell to 2.96% in June, down from 3.56% during the month in 2015.
In a separate report, CoreLogic also says cash transactions accounted for roughly 25% of Baton Rouge’s total homes sales in May, a decline of 1.5 percentage points year over year. Nationally, cash sales accounted for 30% of sales in May, representing a year-over-year decrease of 2.5 percentage points.
Nationally, cash transactions peaked in January 2011 when they accounted for roughly 47% of total home sales nationally.
“Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent,” reads the report. “If the cash sales share continues to fall at the same rate it did in May 2016, the share should hit 25 percent by mid-2018.”
—Alexandria Burris
