Number of New Orleans Foreclosures for Sale Drops
Mimicking the trends across the country, the number of bank owned properties 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%.
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.
Related reading: Is a foreclosure your best deal?