Foreclosures in New Orleans Drop

Number of Foreclosures for Sale Drops in NOLA

Mimicking the trends across the country, the number of bank owned properties for sale in New Orleans has dropped significantly over the last couple of years.

In January 2013, there were 309 foreclosures for sale in the city of New Orleans. By December 2014, that number was down to just 167, a drop of over 45%.

New Orleans foreclosure listings

Data provided by GSREIN and is deemed reliable

 

As investors were running short of bargain priced properties to purchase in the city, they turned to foreclosures, but now even that well is getting a little dry. Competition from buyers who are prepared to put a little sweat equity into a home, and their willingness to pay a higher price than an investor, has put a big dent in the number of bank owned properties on the market.

Foreclosure Sales in New Orleans

As inventory has dropped, so have the number of bank owned property sales in the city. In 2013, there were a total of 626 foreclosed properties sold in New Orleans, or 14.5% of home sales. In 2014, foreclosure sales dropped to 532, or 11.9% of the total sales.

Data provided by GSREIN and is deemed reliable

Data provided by GSREIN and is deemed reliable

Related reading: Is a foreclosure your best deal?

 

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