A national tracking firm says second-quarter sales of Louisiana homes in some stage of foreclosure went for an average price about a third less than that of homes not in trouble. Irvine, Calif.-based RealtyTrac says 930 foreclosed homes were sold in the state in the April-through-June period at an average price of $121,506. That represents a 34.1% discount from homes that were not in foreclosure and 14.8% of all second-quarter home sales in Louisiana. The number of foreclosed home sales rose 13.6% from the first quarter of 2011 in Louisiana, but fell 3.9% from the second quarter of 2010. Nationally, the second quarter saw 265,087 foreclosure sales at an average price of $164,217. That represents a 32% discount and accounts for 31% of all U.S. home sales.
Derenda Grubb, president of the Louisiana Realtors Association, says home sales strength in Louisiana varied from region to region, largely depending upon the job picture. Grubb says foreclosures were affecting the sale price of nearby comparable homes and often making accurate appraisals of a non-foreclosed home’s value difficult. Baton Rouge recorded a 17.2% drop in the number of home sales over the first six months of 2011, compared with the first half of 2010, she says. In the same period, sales in Houma-Thibodaux surged 26.8%, and Lake Charles gained 7.7%. New Orleans was down 7.9%, Shreveport-Bossier City was down 8.4%, Monroe was down 3.3%, and Alexandria fell 13.7%, she says. “It’s going to depend upon the job market,” she added, commenting on the likelihood of improved numbers.
