While the percentage of foreclosures on the market has remained stable in Acadiana and went down a little in Lafayette parish, more of them are selling and at a faster rate.
Since the beginning of the year, REO sales account for 18.8% of residential sales in Acadiana and 11.9% in Lafayette parish. When I wrote about the foreclosure market in December, REOs represented 13% of sales in Acadiana and 8% in Lafayette parish.
Foreclosures also sell faster. The average days on the market for foreclosure since January is 72 days while that of the market as a whole is 105 days.
The inventory is stable, though. In Lafayette parish, REOs account for 3.6% of all listings, down from 4% in December . In Acadiana, it is 5.9%, down from 6%.
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Originally Posted at: Lafayette Real Estate News
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