The percentage of distressed homes sold in the Baton Rouge metro area during the third quarter jumped 25 percent, the fourth-largest increase in the nation, according to Attom Data Solutions, a property database.
Distressed properties include those owned by banks; short sales, when the property fetches less than the amount of loans used to buy it; and those foreclosed upon and sold at public auction. There were 1,852 distressed sales in the Baton Rouge area for the three months ending Sept. 30.
"Distressed sales have become more localized in nature, with some of the biggest increases from a year ago in markets experiencing regional economic weakness or a natural disaster event that has triggered a jump in foreclosure activity," said Daren Blomquist, senior vice president at Attom.
The Baton Rouge area was among the 29 metros nationwide where distressed property sells increased year-over-year. The other 117 metro areas analyzed saw lower distressed sales.