Home sales, foreclosures down locally

Although real estate sales saw a slight decline from 2010 to 2011, some agents are pleased with the outcome.

Debbie Chauvin, owner of Weichert Realtors and outgoing president of the Bayou Board of Realtors, said she exceeded target numbers and eclipsed 2010 real estate volume numbers by $3 to $4 million.

“A big part of it is the interest rates are so low right now,” Chauvin said. “I think people are tired of waiting around to see what else is going to happen.”

Prospective homeowners with good credit can finance a home with an interest rate below 4 percent, Chauvin said.

According to a report by The Associated Press, 850 homes were sold in the Houma-Thibodaux area last year at an average price of $158,958. In 2010, the numbers were 1,021 homes sold at an average price of $168,000.

Realtors are still monitoring the fate of FEMA’s National Flood Insurance Program. Originally set to expire last year, the NFIP was extended through May 31 as Congressional lawmakers negotiate a long-term deal.

“That seems to be on the back burner right now,” Chauvin said. “It didn’t seem to stop anything production wise, and for 2012, we’ve already kicked off, the phones are beginning to ring, everybody is working open houses because we know interest rates will continue to be low this year.”

A California-based agency that tracks foreclosures nationwide said Louisiana fit into a trend that saw the pace of foreclosures decrease in 2011 as legal issues delayed some foreclosure action.

According to RealtyTrac, 15,521 homes in Louisiana were the subject of some form of foreclosure action in 2011, a 1.5 percent decline from 2010, The Associated Press reported.

Foreclosure action includes anything from initial notices to lender repossession.

The state’s decline in foreclosure action ranked 29th nationwide, and the fourth quarter numbers ranked Louisiana 32nd in foreclosure activity.

Brandon Moore, chief executive at RealtyTrac, said legal issues with foreclosure paperwork delayed some action, but those issues began to be rectified late in the year and he expects the pace to pick up this year.

“We expect that trend to continue this year, boosting foreclosure rates for 2012 higher than it was in 2011, though still below the peak of 2010,” Moore told The Associated Press.

Foreclosure rates, with 205,024 properties targeted in December, hit a 49-month low, according to RealtyTrac.