re: NOLA metro area home prices up 6% from March

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Mortgage rates should have been back to 5-7% before the Rona. We've artificially held them low for a decade

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I'm not do sure. Inflation has been low, so the rates are low,too.
But, I will say once interest rates climb again, say to your 5-7%, the housing market will crash hard. At least on higher end homes.
That $400,000, 30 year note will go from 1700/ month to 2400/month.
Or you could look at it as 1700/ month gets you a 400,000 house vs. 1700/ month getting you a 285,000 house

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Mortgage rates should have been back to 5-7% before the Rona. We've artificially held them low for a decade

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People I’ve talked to in the finance industry Expect rates to go even lower in 2021.

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Been thinking about picking up a New Orleans Condo. Nothing fancy, likely under $250k (maybe closer to $200k or even less)

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Probably going to be in a shite part of town for owning a condo

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You’d be surprised. You can find some 1 BR/1 BA condos in the French Quarter for around $250k.

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I live in Old Metairie as well and would sing its praises but it’s price point is way too high for most people at least around us.

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Same. I love it here and I’ve been trying to get my brother to buy here, but you aren’t getting in for under 310k it seems unless you have the money to tear down and rebuild.


It’s not a bad thing for those of us who live here, but it’s not an easy neighborhood to just move into.

What a life of luxury

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Overall, this will be a quick recovery, unlike the 2008 disaster.

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i'll take that bet

the shutdown issues are one thing and they're pushing a 2008-level housing crisis. we also spent a LOT more this time that will affect pricing of goods for decades. TARP was $800B (on paper) and was paid back in a few years. how many trillions did we borrow just for the CARES Act?

Has there been a reduction in homes being put on the market? Could be explained by a supply constraint

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Checks out.

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There are some spots in the WHD for ~250k. Even some in the LGD.

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Same. I love it here and I’ve been trying to get my brother to buy here, but you aren’t getting in for under 310k it seems unless you have the money to tear down and rebuild.


It’s not a bad thing for those of us who live here, but it’s not an easy neighborhood to just move into.

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What area is that in Old Metairie? I didn’t know you could get in for $310k. Around us Since we moved here in the last year a house for tear down cost 600-700k. We are just off Metairie Road near Oscars, Little Red School, Mark Twain’s , Etc. Lots of the young families our age are probably family money and certainly some people with the income to afford those prices, but I have to imagine many of them are house poor.

When I say get in for 310k I mean buy a small house that needs a ton of work. They have some on ridgelake, Metairie lawn, labarre, and those streets. Even the small homes there that are move in ready are getting close to 350 now though around there.