Foreclosure filings were up almost 51% during the first quarter of this year in the Baton Rouge area compared to the last quarter of 2021 and have doubled from a year ago, a national report shows.
Foreclosure activity continues to rise in every state following the end of government pandemic-driven moratoriums, though the pace remains below pre-pandemic levels.
“Foreclosure activity has continued to gradually return to normal levels since the expiration of the government’s moratorium, and the CFPB’s enhanced mortgage servicing guidelines,” says Rick Sharga, executive vice president of market intelligence for ATTOM. “But even with the large year-over-year increase in foreclosure starts and bank repossessions, foreclosure activity is still only running at about 57% of where it was in Q1 2020, the last quarter before the government enacted consumer protection programs due to the pandemic.”
The report counts properties in default, properties put up for auction and those that have been foreclosed on and repurchased by a bank.
Among the Capital Region’s three biggest housing markets, foreclosure activity was up more than 200% in Ascension Parish compared to the last three months of last year. Livingston and East Baton Rouge were up about 126% and 14.4% respectively.
Foreclosures were up about 52% statewide and 39% nationwide, the report shows.