Realty Trac, an online marketplace for foreclosure information, is reporting that 109 new properties in St. Tammany have been reported as being at least 30 days delinquent on their mortgage payment, which is a 62% increase as compared to February reports. While these numbers may seem startling, it is important to look at the whole picture of real estate in St. Tammany Parish.
Compared to February, March experienced a 277.42% increase in accepted contracts (234 in March compared to 62 in February) and a 50.43% increase in properties that sold (176 in March compared to 117 in February)! These numbers are indicative that the market is continually growing stronger and I anticipate real estate sales in St. Tammany Parish to remain robust through the summer months.
In addition to homes sold, our local MLS reports that as of March 31, there were a total of 2049 single family homes actively on the market in all price ranges in St. Tammany Parish. While our MLS does not track short sales, it does show that only 109 of all active listings are either bank owned (foreclosures) or owned by a third party (this is typically a relocation company), which equals less than 1% of all homes on the market. I perceive this as positive news because it means that individuals who are behind on their mortgage payments are finding help either by selling through a short sale, bringing their mortgage current, or by possibly renegotiating payments with their mortgage company.
If you know someone who has experienced a hardship and could be facing a foreclosure, please urge them to contact our team. Wayne Turner, a Certified Distressed Property Expert (CDPE) can successfully negotiate a short sale, a real alternative to foreclosure, which can have devastating negative affect to their credit rating, future employment, and security clearances.
For weekly updates on Mandeville real estate, Covington real estate, Madisonville real estate, Abita Springs real estate and Slidell real estate visit the “Home Values” section of our website.
