1 foreclosure a day filed in St. Charles

Affect neighboring homes by lowering property values

From May 2010 to April 2011, almost 450 foreclosures were filed in St. Charles Parish, which equates to more than one foreclosure a day.

Of those, 114 homes were actually foreclosed on while 334 people got documents and payments together in time to stop the foreclosure process.  which means that one home was foreclosed on every three days in the parish.

From January to April of this year, there have already been more than 150 foreclosures filed, with over 40 of those actually being foreclosed on.

Eliza Eugene, president of the Saints Board of Realtors, said that foreclosures can have a detrimental effect on the local housing market.

“The Tri-Parish area as a whole is having trouble with foreclosures," Eugene said.

Eugene said that houses on the market now have to compete with the low prices that lenders ask for when selling foreclosed homes.

Local realtor Ferdinand Wallace said that foreclosures are bad for not only the homeowner, but also for neighbors and the entire community because a foreclosed home can cause the value of neighboring homes to drop.

"It affects the values of other homes because (the foreclosures) are pretty much selling for below the appraised value," Wallace said.

Wallace said that the lower prices of foreclosed homes also mean less tax dollars for the parish.

In addition to causing problems for neighbors and the economy, realtors can have a hard time selling foreclosed homes because buyers have to deal with drawn-out bank processes that take three to four months on average, Eugene said.

Eugene hopes that educating homeowners about foreclosure will help curb the high rates of foreclosures in the River Parishes.

She will be hosting a free "Moneywise" seminar for River Region homeowners to teach about foreclosure prevention, property assessment, credit repair and more.

"For many of the homes being foreclosed on, homeowners are not fully aware of all of the options that are there for them," Eugene said.

The seminar is sponsored by St. Charles, St. John and St. James parishes and will take place on Saturday at the YMCA, 1921 West Airline Highway in LaPlace, from 9 a.m.-4 p.m.

The River Region Chamber of Commerce and the United States Small Business Administration also sponsor the event. Find out more by calling (985)359-9954 or e-mailing blessedtobeablessing@elizaeugene.com.