It seems that the whole Baton Rouge metro area is in serious denial over how bad its housing situation has become. As each month goes by more and more people who bought or built homes in Livingston and Ascension parishes between 2005 and 2007 are upside down on their mortgage. And as prices slump in the entire metro area it will become more and more difficult to sell all of the planned developments closer to downtown.
This governor is facing a very, very tough economy next year and in 2010. Someone better come up with some plans or Jindal will get the blame.
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The second-quarter median home price in Baton Rouge fell more than 6 percent from the year-ago period, according to the National Association of Realtors.
The group reported Thursday that the median price for the Baton Rouge metropolitan market was $164,000, compared to $174,700 in the second quarter of 2007 and $169,200 in the first quarter of 2008.
The median home price is the point where half the homes sold for more and half for less. It is considered a better measure of markets than an average price.
NAR’s second-quarter report showed Baton Rouge was among 115 of the its 150 metropolitan statistical areas that posted losses “with greatly mixed conditions continuing around the country.”
In the report’s South region, the median price fell 4 percent from one year ago to $177,000. The U.S. median price fell nearly 8 percent to $206,5000.
In prepared comments, NAR President Richard #######, a broker in Long Beach, Calif., cautioned that foreclosures have distorted U.S. pricing data.
“In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” ####### said.
Where are you getting your Ascension/Livingston numbers? I know that Central is growing, and may be one of the few parts of the country where housing may actually be stable. My brother just made $50k after selling his house there.
It seems that the whole Baton Rouge metro area is in serious denial over how bad its housing situation has become. As each month goes by more and more people who bought or built homes in Livingston and Ascension parishes between 2005 and 2007 are upside down on their mortgage. And as prices slump in the entire metro area it will become more and more difficult to sell all of the planned developments closer to downtown.
This governor is facing a very, very tough economy next year and in 2010. Someone better come up with some plans or Jindal will get the blame.
I wouldn’t worry about it. Home prices spiked after Katrina and what we’re seeing now is just their return to normal. We’re still a hell of a lot better off than people in California.
It seems that the whole Baton Rouge metro area is in serious denial over how bad its housing situation has become. As each month goes by more and more people who bought or built homes in Livingston and Ascension parishes between 2005 and 2007 are upside down on their mortgage. And as prices slump in the entire metro area it will become more and more difficult to sell all of the planned developments closer to downtown.
This governor is facing a very, very tough economy next year and in 2010. Someone better come up with some plans or Jindal will get the blame.
*************
The second-quarter median home price in Baton Rouge fell more than 6 percent from the year-ago period, according to the National Association of Realtors.
The group reported Thursday that the median price for the Baton Rouge metropolitan market was $164,000, compared to $174,700 in the second quarter of 2007 and $169,200 in the first quarter of 2008.
The median home price is the point where half the homes sold for more and half for less. It is considered a better measure of markets than an average price.
NAR’s second-quarter report showed Baton Rouge was among 115 of the its 150 metropolitan statistical areas that posted losses “with greatly mixed conditions continuing around the country.”
In the report’s South region, the median price fell 4 percent from one year ago to $177,000. The U.S. median price fell nearly 8 percent to $206,5000.
In prepared comments, NAR President Richard #######, a broker in Long Beach, Calif., cautioned that foreclosures have distorted U.S. pricing data.
“In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” ####### said.
And the numbers just keep getting worst. A 16% drop in sales for July over July.
Area homes sales dip 16% in July
Advocate business staff
Published: Aug 15, 2008 - UPDATED: 2 p.m.
Baton Rouge area home sales dipped 16 percent in July from the year-ago period, continuing their post-Hurricane Katrina cooling.
The Realtors association, which represents about 85 percent of local home sales, reported 773 sales in July compared to 917 a year ago. The value of those sales totaled $157.9 million, a 14 percent drop.
Within the market:
--East Baton Rouge Parish sales totaled 498, a 10 percent drop from a year ago. The dollar volume of $103 million was 7 percent lower.
--In Ascension Parish, 127 homes changed hands, a 15 percent drop. Dollar volume there was 28.5 million, or 16 percent lower.
--In Livingston Parish, 97 homes were sold, which marked a steep 39 percent drop. Dollar volume there also fell 40 percent to $16.2 million.
The remainder of the market — West Baton Rouge, East and West Feliciana, Iberville and Pointe Coupee parishes — is tracked as a group. There were 51 sales in those areas, slightly lower than the 55 in July 2007. The dollar volume there fell by 12 percent to $10.3 million.
Where are you getting your Ascension/Livingston numbers? I know that Central is growing, and may be one of the few parts of the country where housing may actually be stable. My brother just made $50k after selling his house there.
If the numbers in the Baton Rouge ex-burbs are much better than cited and even showing growth, then the numbers for the city proper would have to be far worst - say a decline in the 15% - 20% range. Of course today’s article shoots that theory down. Things are worst in Livingston and Ascension parishes.
Things are going to get bad. Very, very bad. All that granite from Home Depot, Lowe’s stainless steal appliances and rugs from Target aren’t going to help sell those 2,500 square foot brick homes with great rooms. Especially when you have to compete with a hundred other houses that look just like yours. Two jobs are needed to support many of those mortgages, and when one job is lost, then the divorces, for sale signs pop up like weeds.
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--In Ascension Parish, 127 homes changed hands, a 15 percent drop. Dollar volume there was 28.5 million, or 16 percent lower.
--In Livingston Parish, 97 homes were sold, which marked a steep 39 percent drop. Dollar volume there also fell 40 percent to $16.2 million.
You guys say Jindal and state Gov’t should not be involved in these issues and when he lets the market determine prices---you bi**h he’s NOT doing enough…
you are a crazy,crazy malcontent...everything he does or doesn’t do--you blast him...get a life !!...go work for Obama or Kazoo/Landrieu---the change of pace and focus would help you mentally and emotionality...I’ve thought for sometime you may be bordering on clinical OCD…
look at the front page of this forum and look at all YOUR anti-Jindal threads...you either are being paid to do this...or a geek with no wife/family/girlfriend...or you are just flat mentally unstable and getting worse..you need intervention-if you are not being paid for this..
DO YOU REALLY THINK YOU’RE CHANGING THE MINDS OF THE 70-100 PEOPLE WHO HAVE THEIR MINDS MADE UP ALREADY WHEN THEY COME HERE ?
You guys say Jindal and state Gov’t should not be involved in these issues and when he lets the market determine prices---you bi**h he’s NOT doing enough…
you are a crazy,crazy malcontent...everything he does or doesn’t do--you blast him...get a life !!...go work for Obama or Kazoo/Landrieu---the change of pace and focus would help you mentally and emotionality...I’ve thought for sometime you may be bordering on clinical OCD…
look at the front page of this forum and look at all YOUR anti-Jindal threads...you either are being paid to do this...or a geek with no wife/family/girlfriend...or you are just flat mentally unstable and getting worse..you need intervention-if you are not being paid for this..
DO YOU REALLY THINK YOU’RE CHANGING THE MINDS OF THE 70-100 PEOPLE WHO HAVE THEIR MINDS MADE UP ALREADY WHEN THEY COME HERE ?
Instead of attacking posters who post facts why don’t you tell us how wonderful Bobby is???
We already know you love him and all his spending and corporate welfare. Maybe you can tell us how this is going to help us?
You think you are going to change anybody’s mind attacking posters??? At least I have posted facts to back up my criticism of Jindal. I can’t help it that almost every day he does something to add to his big spending, liberal, corporate welfare loving, career climbing reputation.
Yeah..attacking posters like you just did me ......hahhahahaha....
I am NOT on here constanly arguing with you be/c you are a fundamentalist who will NEVER admit the validity of anyone’s “facts”..BUT YOURS..!!
Plus, I have a life......I’m not like you posting in my underwear all day be/c my life is so boring.....Call me names...,but at least, I’m smart enough to know THAT LIVING ON THIS BOARD DOES NOT CHANGE ANYONE’S VIEWS......
IF IT DID--Jindal approval would be 25% approval with all the hours you and Maurepas have spent ranting and raving.....hhahahhahhaha........to me that says it all....what a waste of time!!......so post away,Mr. OCD......
Yeah..attacking posters like you just did me ......hahhahahaha....
I am NOT on here constanly arguing with you be/c you are a fundamentalist who will NEVER admit the validity of anyone’s “facts”..BUT YOURS..!!
Plus, I have a life......I’m not like you posting in my underwear all day be/c my life is so boring.....Call me names...,but at least, I’m smart enough to know THAT LIVING ON THIS BOARD DOES NOT CHANGE ANYONE’S VIEWS......
IF IT DID--Jindal approval would be 25% approval with all the hours you and Maurepas have spent ranting and raving.....hhahahhahhaha........to me that says it all....what a waste of time!!......so post away,Mr. OCD......
You always talk about Jindal’s approval rating. Often those who have been morally right have been unpopular while those who have been monsters have been very popular. You think Christ was popular during his life?
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Hitler also used this event to settle his account with other opponents, such as Georg Strasser, who stood for a more socialist and less racist national socialism, and the former Bavarian prime minister who foiled the Beer Hall Putsch in 1923. Satisfied that the S.A. leadership was thoroughly broken up (thousands of S.A. members were either arrested or killed that night), the army approved of Hitler’s actions. Hindenburg died a few days later on August 2, and Hitler merged the office of president with the chancellorship, and with it the supreme command of the German armed forces. During this time the world was slowly recovering economically from the Depression, but it quickened in Germany, coincidently with Hitler’s rise to power. Taking credit for the recovery made him very popular, bringing him a 90 percent approval rating in a voter plebiscite that year.
Seem Baton Rouge is facing what rural North Louisiana has faced for years.
You are right about that. Of course few from Alex on down know anything about these economic issues because rarely do politicians govern the state as a state. Jindal is definitely governing as if all that matters is New Orleans and Baton Rouge, which I can’t understand, since Jindal did so well in North Louisiana. Jindal is giving North Louisiana the finger.
