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Old 10-30-2011, 12:12 PM
 
218 posts, read 762,680 times
Reputation: 125

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It seems like in the last three years, housing prices have increased a ridiculous amount in New Orleans. Since before Katrina, they have increased exponentially. Does anyone (who knows more about such things than me) see prices ever decreasing in the future, or are they more likely to continually rise? I've looked around at other cities a little bit, and the prices here really aren't so far off from cities like San Francisco/Oakland, Baltimore, Boston, etc. anymore (i.e. cities that are traditionally thought of as being "expensive").
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Old 10-30-2011, 01:01 PM
 
Location: New Orleans
2,311 posts, read 4,390,611 times
Reputation: 1442
Quote:
Originally Posted by AllTheWayToMemphis View Post
It seems like in the last three years, housing prices have increased a ridiculous amount in New Orleans. Since before Katrina, they have increased exponentially. Does anyone (who knows more about such things than me) see prices ever decreasing in the future, or are they more likely to continually rise? I've looked around at other cities a little bit, and the prices here really aren't so far off from cities like San Francisco/Oakland, Baltimore, Boston, etc. anymore (i.e. cities that are traditionally thought of as being "expensive").
I spend a lot of time looking at a website that constantly updates the market statistics. It's a fairly well-know real estate search site, and it has an App, but I don't think I'm allowed to mention it here.

The realtor's association puts out a quarterly report on real estate values by metro. I think I'm allowed to link to that site, so http://www.realtor.org/wps/wcm/connect/41c2648047e600e7adb7ed93a9f011da/REL11Q2T_rev.pdf?MOD=AJPERES&CACHEID=41c2648047e60 0e7adb7ed93a9f011da (broken link)

This indicates that we're at about 2008 prices. Our score is ~160 on a baseline of 100, but there are places that have appreciated a lot more- Honolulu is around 600. Not sure when that baseline was set, but pretty sure it was after 1990, and may have been as late as the early 2000's.
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Old 10-30-2011, 01:04 PM
 
Location: New Orleans
2,311 posts, read 4,390,611 times
Reputation: 1442
And just for a reference point, in 2008, when the housing bust was well underway, Vegas was still at 220- they're now around 130. Ouch. That means that, for the time of the study, their real estate has actually appreciated BELOW the average historical rate of around 6%. Lots of broke people there.
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Old 10-30-2011, 07:40 PM
 
Location: Pereira, Colombia
1,290 posts, read 2,185,782 times
Reputation: 1449
I think it was worse after the storm due to such a shortage of available properties. Now it just doesn't make sense. And I don't think it will go down too much.
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Old 10-30-2011, 07:42 PM
 
1,568 posts, read 1,359,501 times
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If you can sell a house where you live that's not underwater, and there's robust demand. you're ahead of most of the rest of the country.
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Old 10-30-2011, 07:42 PM
 
Location: southern california
58,579 posts, read 77,486,837 times
Reputation: 52168
not if the banks can help it. they are holding back vast quantities of repo's to prevent price drop.
they are powerful and able to control the market, we made them so.
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