Gayle Causey

If you're trying to keep up with local mortgage interest rates, good luck! Rates change every day, sometimes 2-3 times a day.

Here are the local mortgage interest rates for Thursday, Oct. 30, 2008:

30-yr Conventional 6.5% Fixed
15-yr Conventional 6.25% Fixed
FHA/VA, 30-yr 6.625% Fixed
30-yr Rural Housing 7.5A% Fixed

Rates courtesy of Bankers Mortgage Center, 909 N. 18th St., Monroe, LA.

Now is a good time to buy! You can spend the holidays in your new home. If you're ready to start looking, call me for a buyers' consultation. I will explain rates to you and help you find the most home for your money.

Gayle Causey
Real Estate Consultant
318-614-5615
Keller Williams Realty
Monroe, LA USA
Find your house with your mouse http://WestMonroeRealEstate.com

I have so much sympathy for our neighbors to the west. They were hospitable to so many LA citizens for a very long time after Katrina. I hope the caring Texas Realtors know that we have not forgotten your help in 2005. We are here to help you now. If you had to leave your home because of storm damage, we are ready to help you in north LA, too.

The news media reports that Ike missed LA and moved into TX. Here are a few pictures of what Ike left us. If we missed the main part of the storm, just imagine what happened in Texas.

This is Middendorf's Restaurant, a local favorite. It's off I-55 south of Hammond, LA. During one of my stops here on my way to New Orleans, restaurant staff told me proudly that this building did NOT flood during Katrina.

This is something we always like to see--trucks from Entergy, the regional utility company. Here, they are on the way to Port Fourchon, LA.

This shot is from Lake Charles, in southwestern LA. Blackjack anyone?

If you're moving to LA and nervous about flooding, rest assured that we take flooding very seriously throughout the state. Declared flood zones are always disclosed, and owners are required BY LAW to inform you if water has ever entered the property by flooding or by wind and rain. Your buyer's agent will make sure you are made aware of all the facts when purchasing property in any area that has been affected by a storm.

Gayle Causey
Keller Williams Realty
1390 Hudson Lane
Monroe, LA USA
http://WestMonroeRealEstate.com
http://DeltaNeighbors.com

Sunday's federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates and greater availability of credit, experts said. Rates could drop by 1 percentage point from the stubbornly-high 6.39% for a 30-year fixed rate mortgage.

In fact, when 2 local lenders sent rates to me today, I can see that rates are definitely FALLING!!
Bankers Mortgage Center (OIB) reports 30 year Conv Fixed Rate at 5.750 % (up to 95% & up to $417,000).
Iberia Bank's Conv. Fixed Rate is at 5.875 % while the Rural Development Loan is at 5.5 %.

This should be good for would-be homeowners. It will reduce the cost of financing at the new and improved Fannie and Freddie.

But the news isn't all good. With Friday's report that foreclosures in other parts of the country are at all-time highs (NOT in Louisiana), Fannie and Freddie are expected to maintain - if not ratchet up - tighter lending standards. And the fees they have introduced for borrowers with weaker credit histories won't go away anytime soon. Lenders are demanding credit scores much higher these days than the average 620 in the past, experts said.

While nationally U.S. home prices fell compared to last year, northeast Louisiana real estate is still in the win column, with average home prices climbing.

Here's proof. The following figures are from the Multiple Listing Service, NELA Assoc. of Realtors:

Total Houses sold Jan-Aug, 2007 = 1,560
Avg. price = $138,661, which is 96.2% of list prices
Avg. days on the market = 114

Compare to

Total Houses sold Jan-Aug, 2008 = 1,396
Avg. price = $140,096, which is 95.66% of list prices
Avg. days on the market = 118

(These figures are for all parishes in northeast LA, not just Monroe & West Monroe.)

Given the above, I believe we will have a fairly robust fall market here. So please call or email me with the next person you know who I could help buy or sell in Monroe, West Monroe, Calhoun, Swartz or Sterlington. I will be sure to take excellent care of them. Please feel free to forward this message on to people you feel would be interested.

Gayle Causey
318-614-5615
Keller Williams Realty
1390 Monroe, LA USA
http://westmonroerealestate.com

As we all prepare for Gustav, take a little time to do something extra that may help more than you can imagine. Mr. Jackson's suggestions below are right on.
Gayle Causey
Keller Williams Realty
Monroe, LA USA
http://GayleCausey.com

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There will be more information coming out in the next few days but I'd like to take this opportunity to request help from each of you on behalf of the Ouachita Parish Police Jury. By Tuesday and Wednesday, regardless of exactly where Gustav come ashore, Ouachita Parish will likely be on the northeast quadrant of the storm and experience heavy rains and extreme wind. During the Month of August this area had rainfall in excess of 400% of normal. The ground is saturated. We are likely to see localized flooding and problems with trees. Tomorrow and Monday I would ask that each of you take some time to check any areas around your yards and your immediate neighborhoods. Please pick up debris in ditches and clear leaves and pine straw away from drains and culverts. The parish Public Works Dept is trying to do some of this but will absolutely NOT be able to cover every place. While clear drains and ditches won't eliminate all flooding problems they will minimize the issues And again, please take the opportunity to be civic minded...don't limit yourself to your immediate yard. Help the entire parish by picking up a bit around a nearby roadside area. We'll all be better for doing so. I would also ask that you forward this to others on your email lists that are in Ouachita Parish and encourage them to clear their areas as well as pass it along to others. We have problems with ditches, culverts and clogged roadside drains in Monroe and West Monroe as well as in the parish.

Charles Jackson
Ouachita Parish Police Juror
District A
318-355-4260

Can you believe it? Here we go again.

Even though I am 300 miles from the coast in Monroe, LA, the devastation of Katrina was felt here, too. Not so much the weather, but the social impact. LA has not recovered, and there are thousands of our brothers and sisters still scattered over the US who have shared their personal tragedies with the entire nation. Please, God, don't let it ever happen again.

My daughter and granddaughter are in Algiers. I hope they are on their way to my open door and loving arms.

Best of luck to all during your "evacuation-vacation!" If you're in the Monroe area and need a place to plug in your laptop or use a phone, don't hesitate to call me.

Gayle Causey
http://WestMonroeRealEstate.com
Keller Williams Realty
Monroe, LA USA