By Louis Jones, Kiplinger's Personal Finance May 2009
TEN CITIES WITH RISING HOME VALUES
Think that no real estate market is safe? Believe it or not, there are cities where home values have held their own. Their economies are well diversified, and their population growth has been slow, keeping unemployment low and speculative building to a minimum.
Check out Monroe LA, one of 10 cities that have seen an increase in median home value. Change in median home price is from the fourth quarter 2007 to the fourth quarter of 2008, which is the most recent data from Fiserv Lending Solutions, a home-price research company.
3. MONROE, LOUISIANA
Metro area population: 169,586
Median home price: $125,450
12-month change in home value: +6.3%
Home value vs. national average: -30%
Top employer: St. Francis Medical Center
Unemployment: 6.1%
Midsize manufacturing companies such as Angus Chemical Company and Bancroft Bag make up a big chunk of the infrastructure in Monroe, located about 30 miles south of the Arkansas border. Local schools such as the University of Louisiana at Monroe and Louisiana Delta Community College also give the city a boost. And despite minimal population growth, the area continues to attract new jobs, including 300 service-sector jobs in March.
Other cities included in this report:
1. Midland, TX
2. Decatur, AL
4. Kingsport-Bristol, TN/VA
5. Victoria, TX
6. Bryan-College Station, TX
7. Tuscaloosa, AL
8. State College, PA
9. Laredo, TX
10. Lubbock, TX
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Good news is spreading--northeast Louisiana is a good place to live! People are moving in and moving up. If you plan to move in 2009--across town or across the country--allow me to tell you how I can make it easier. I have been successfully bringing buyers and sellers together for more than 14 years.
Gayle Causey, 318-614-5615
http://GayleCausey.com or http://WestMonroeRealEstate.com
Keller Williams Realty, Monroe, LA
OK, I know this seems like OLD NEWS, but LA Realtors just passed this info on to me. By parish, the foreclosure rate for April, 2009, shows how few foreclosures there are in Ouachita Parish. So, before you rush out determined to buy a home in foreclosure, consider the low number. Your search will be much easier when you are willing to look at everything on the market in your price range and desired location.
Call, text or email me when you need more info.
Gayle Causey, Keller Williams Realty
318-614-5615 Gayle@GayleCausey.com
Monroe, LA USA
http://GayleCausey.com
Louisiana Ranks 38th for April
The upward trend in foreclosures during the spring may suggest that lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoriums. Nationwide, filings were reported on 342,038 properties during April, an increase of 32% from April 2008. The report also shows that one in every 374 U.S. housing units received a foreclosure filing in April, the highest monthly foreclosure rate ever posted since RealtyTrac began issuing its report in January 2005.
People are always asking me to tell them about foreclosures in the area. Yes, there are a FEW on the market in Monroe and West Monroe, but no more than any other time in the past several years.
From today's news:
Louisiana moved down to #41 on the May foreclosure ranking list (down 16.36% from April) with a rate of one in every 1,976 housing units receiving a foreclosure filing.The U.S. average is one home out of every 398. Nevada continues to lead the nation with one in every 64. The top 10 states in RealtyTrac's list (Nevada, California, Florida, Arizona, Utah, Michigan, Georgia, Colorado, Idaho, and Ohio) account for nearly 77% of U.S. foreclosure activity.
I know about one nice house in Frenchmen's Bend that is bank-owned. It's priced at $329,800, below market value for a home this size. All the others are in the lower end of the market, well below $100,000.
Buying a bank-owned home is a little more time-consuming that buying from a private homeowner, but it's usually worth the wait. There's one big hurdle, however--the property is sold strictly AS IS. Even if the appliances have been ripped out and the A/C unit has been stolen, the bank will do NO REPAIRS. This stipulation sometimes makes it difficult to get a mortgage because banks want to lend money on houses that are in good condition.
If you would like to know more about the house in Frenchmen's Bend or any other aspect of the market in Monroe, West Monroe, Sterlington or Calhoun, call or email me. I'll be glad to help.
Gayle Causey
318-614-5615
http://GayleCausey.com or http://WestMonroeRealEstate.com
Keller Williams Realty, 1390 Hudson Lane, Monroe, LA 318-812-7653
I'm smiling so big right now that I can't talk! This is wonderful news for our little part of the world!
From The News Star, June 13, 2009
By Greg Hilburn
Ouachita Lands 1,400 Jobs in Old Guide Plant
A deal has been signed that will bring about 1,400 jobs to the former Guide Corp. plant in Ouachita Parish, Louisiana business titan James Davison confirmed Saturday.
Davison, who owns the Guide facility and is an investor in the project, said a confidentiality agreement prevents him from revealing details of the deal until it's officially announced in Ouachita on Wednesday, but The News-Star has learned that the startup company will assemble new autos in the plant.
"Our infrastructure is ideal for the type of industry this project will bring and our work ethic in northeastern Louisiana is what's going to make it a success," Davision said. "I believe this project will literally change the economic landscape of the region."
The deal, known as Project Liberty, involves famed Silicon Valley venture capitalists Ray Lane and John Doerr of Kleiner Perkins Caufield & Byers.
Lane, the managing partner of KPCB, was previously president of Oracle Corp., while Doerr has backed such projects as Google and Amazon.
Many of the partners and investors will attend a dinner at Davison's Squire Creek Golf Club in Choudrant on Tuesday night in preparation of the official announcement on Wednesday.
State and local governments put together an incentive package to lure the project to Ouachita Parish, which includes up to $15 million in combined local funding and multiples of that from the state.
The cities of Monroe and West Monroe and the Ouachita Parish Police Jury will likely ask voters to a approve a new property tax to meet the local obligation. The OEDC Land Corp. ($2 million) and the I-20 Economic Development Districts ($150,000) have also committed funding toward the local $15 million.
Monroe's City Council has scheduled a special meeting on Monday to sign off on its commitment.
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I can't wait to find out more. This area needs a shot in the arm, and it looks like it's on the way! Stand by for more news about this exciting announcement.
Gayle Causey
Keller Williams Realty
Monroe, LA USA
http://GayleCausey.com
People ask me that all the time. When you watch TV, you're sure to think that the housing market sucks, and that is true for some areas of the US. But, not all parts of the country are experiencing plunging real estate values. Certainly not here in Ouachita Parish.
Home sales in Ouachita Parish for May, 2009 were slightly down from May, 2008, but the local market is still very stable.
For the first 5 months of 2009, local Realtors listed 733 homes and sold 443 at an average price of $148,052. Buyers paid an average of 96% of list price for homes in the Parish. Homes stayed on the market for an average of 128 days.
To compare the same period of Jan.-May, 2008, local Realtors listed 957 homes, sold 497. The average selling price was $143,350 with homes staying on the market for an average 124 days. Sold prices were 96% of list price for this period of time as well.
The figures for list vs. sold price are really important. People watch TV and think they can make a low offer on properties in the hopes that they will be able to get a good deal. When you look at the average of 96%, buyers should be realistic and make a reasonable offer if they really want to buy the house. For instance, a house listed at $100,000 will not sell for $75,000 in Ouachita Parish. These statistics show that it will probably sell for more than $95,000.
Let me remind you that the old adage "Real estate is LOCAL" applies here, too. Not only is the market in Ouachita Parish different from, say Clark County, Nevada, but parts of the Parish make up their own market. Each side of the river has its own hot market as well as less sellable areas.
The best advice is to trust a real estate professional to interpret the market for you before you sell or buy your next home.
Gayle Causey
318-614-5615
http://GayleCausey.com or http://WestMonroeRealEstate.com
Keller Williams Realty
Monroe, LA USA
More than 14 yrs. in the Monroe/West Monroe real estate market has taught me that every transaction is special. I use email, text, phone, pigeon--whatever it takes to communicate with you!
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