Capital Region foreclosure rate falls to lowest level in nearly 3 years

Foreclosure rates in the greater Baton Rouge area fell to 2.12% in October, down from 2.43% the month previous—and the lowest level they’ve been at since January 2010, when the local foreclosure rate was 2.1%. That’s according to the latest monthly foreclosure report from CoreLogic, released this morning, which also says the percentage of homes in some stage of foreclosure across Louisiana fell to 2.25% in October, down from 2.51% the month previous. The local and statewide foreclosure rates were both below the national 3.06% rate in October, which was down 0.5% from September. Meanwhile, the Capital Region’s mortgage delinquency rate—that is, the percentage of home loans three months or more past due—was at 5.29% in October. That’s down from the previous month’s rate of 5.36% as well as the 5.63% rate in October 2011. For historical comparison, the Baton Rouge area foreclosure rate was 1.28% in January 2009, 2.1% in January 2010, 2.79% in January 2011, and 2.43% in January of this year. CoreLogic has a map of foreclosure rates by ZIP code in the Capital Region that you can check out here.