Housing Market Bad Nationwide
I was browsing around the web today and stopped by the Tucson, AZ site. There’s a new article that is as pertinent to New Orleans as it is to Tucson, The Housing Bubble Has Burst. The author, Amber Curtis, describes a market that sounds a lot like N.O. pre-katrina. Even after Katrina, the housing prices went nuts for a while.
The reasons for the bust a pretty universal also:
Part of the reasons given includes the risks taken when lending to the segment of the population with poor credit histories. During the boom there was a lot of creative financing to get just about anyone into a home. Now that the pressures of paying for those homes has hit many can’t make the payments they thought they could.
She also mentions a local (to AZ) mortgage lender would no longer be funding loans. That’s bad for everyone. Give the article a read.
LewisC
tucson, az, housing, real estate
November 12th, 2008 at 7:09 pm
y8gp6hou7n9ao80n
April 4th, 2009 at 11:40 am
Nice blog you should monetise it with adwords.
May 20th, 2009 at 1:27 pm
I don’t usually reply to posts but I will in this case. I really enjoy your writing. I’ll be back.