While the housing market in the rest of the country suffers and looks bleak, New Orleans seems to be doing so through this economic crisis reliably unharmed. As in the rest of the country, the area suffers from high unemployment, tougher and more difficult to obtain a loan, and a crowded inventory of homes for sale.
The number of foreclosures rose last year, but still remains less than 1% than the number of foreclosures in California. In general, housing prices are slowly declining compared to last year, but in fact there are areas in the New Orleans area that are experiencing modest profits and continue to have very solid sales.
New Orleans has never experienced record growth or rapidly increased demand for housing, for example, in California and Florida, and this may be the reason that the housing market has not yet fallen. But, despite the fact that he avoided the housing crisis, because he was already at a low level of the economy after Hurricane Katrina in August 2005.
Whatever the reason, property in New Orleans remains relatively stable. There are several areas with a large New Orleans area that need to be explored: the historic French Quarter, Uptown, Bywater, Holy Cross, the 9th Chamber, and Tammany.
Growing areas
Real estate is alive in historic areas. Agents do well in uptown. Uptauna’s call was that he was never flooded, and because of this, it’s a full-fledged city. Everything is still in working condition, including trams. With public transport and most housing located in close proximity to restaurants, nightclubs and universities, it has become something of a “hot spot” for shoppers.
As for Bywater, Holy Cross and the 9th Chamber, the average selling price increased by 96% before the storm. Many people argue that this price increase is the result of heavy philanthropic activity in this area from the numerous foundations that have organized restoration projects.
Rejected areas
Tammani is starting to resemble the rest of the nation more. After Hurricane Katrina, a large flow of people flocked to the north coast, and these people were willing to pay a premium price for intact houses. In fact, the demand was so great that the builders began new designs to meet the demand.
Now that the strike of recession and loans is becoming more difficult, the large supply of new and affordable homes far exceeds the number of buyers. But the real estate in Tammany is not exactly gloomy. The sale of houses is directly related to employment in the area, and at the same time there was no increase in well-paid jobs in this area, which often stimulated the purchase of housing.
However, there is hope that more jobs will be available with the transfer of Chevron headquarters to the area and with the NASA Stennis space station located near Mississippi offering more work. Tammani may not be in the most favorable situation, but there may be some kind of consensus that they are no worse than the rest of the country.
Available features
This report can be depressing for current homeowners and for those who have low lending, with the desire to buy. But for those who have the money, real estate in New Orleans screams. Interest rates are low, prices are low, and homes and property are abundant. It will take years for the housing market and the economy to recover from the vibrant vitality, but when this happens, those who buy now will be on top.
