Every now and then, I look at the foreclosure inventory in Acadiana and Lafayette. For the past couple of years, the percentage of homes on the market that are bank owned has been pretty stable in our area.
The percentage of bank owned properties on the market in Lafayette parish has been 4% and 5% this year. In the past 6 months, foreclosures accounted for 8% of home sales in the parish. This means that 92% of home sales are regular sales between a buyer and a seller.
In Acadiana, foreclosure rates are not moving very much either. However, while the number of bank owned properties on the market is the same, the total inventory or homes for sale is slightly down since September and so our percentage of foreclosures is now 7% versus the 6% it had been earlier this year.
In Acadiana, foreclosures represent about 14% of all home sales right now.
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