Large amounts can be saved in home buying from Louisiana foreclosure homes

Louisiana nicknamed as Child of the Mississippi, has a population of 4.41 as per latest estimate and has a vastly diverse culture in the entire US. Immigrations, wars, treaties and development of the State have been the reasons of varied ethnic groups finding a place in the total population figures of Louisiana. French, German, Spanish, British African, Asian as well as American cultures have taken root in the State, owing to the long history of the region changing hands from one power to another. Without a war and loss of single American life, President Thomas Jefferson bought the entire Louisiana Territory from Napoleon in 1803, extending into 828,000 square miles, at 60 million Francs (roughly US$15 millions), which works out to less than 3 cents per acre. This purchase doubled the land area of the US nation at that time.
From then on, Louisiana flourished in the economic front, mainly due to the Port of South Louisiana, which is the largest volume shipping port in the Western Hemisphere; 4th largest Port in the world; and the largest bulk cargo port in the world. The State’s economical affluence is caused by agricultural products including seafood (crawfish production is 90% of the world’s volume); cotton; soybeans; sugarcane; cattle; poultry and dairy products. When once petroleum and natural gas were struck in the offshore of Louisiana State, the State’s economy went to dizzy heights together with Tourism, high-tech industries, film Industry etc. contributing to the State’s economy sizably.

From the Real Estate point of view, this economic affluence and diverse cultural background, enhancing the diverse housing needs of people, is getting importance as housing properties were to be constructed in different styles to cater to the needs. As such, home buyers have very wide choice in selecting a property from Louisiana foreclosed homes – elegant uptown mansions, custom built country houses and mid-city single family homes and multi-family residences. The foreclosure fiasco has not spared financially affluent States like Louisiana also and as a result, housing properties are listed for distress sale in Louisiana foreclosed homes at a price, which is only a fraction of their real value.

Louisiana State Foreclosure Laws permit only judicial Court foreclosure proceedings, which will drag on to nearly 9 to 12 months. But there is a unique difference in the State Laws, whereby they admit two types of Court foreclosure processes – executory and ordinary. The ordinary foreclosure process is more like a law suit, costly and extensive to prolong over 9 months. The executory process is quick and easy to dispose off the property by filing a petition and getting a writ of seizure and sale, if the borrower does not pay the defaulted amount within 3 days of the Sheriff’s notice.

As such, more number of properties are under public auction by the Sheriff and prospective home buyers can participate in the auction and bid for the majority of properties listed under Louisiana foreclosed homes. All these properties are emerging from the 64 parishes (Louisiana is the only State where Counties are called as parishes) spread among the major 8 Metropolitan Areas of – Alexandria; Baton Rouge; Bossier City; Lafayette; Lake Charles; New Orleans (the State capital); Shreveport; and Monroe.

As per latest statistics, there are 3,039 properties listed under Louisiana foreclosure homes at an average price of $114,012 as against the State’s median home price of $174,910. So the prospective home buyers can select an appropriate property from Louisiana foreclosure homes and make their bid in the public auction to save thousands of dollars in the sale price of the property.

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