New Orleans First to Experience Housing Bubble Burst

Home
>
Humor & Entertainment
>
New Orleans First to Experience Housing Bubble Burst

New Orleans First to Experience Housing Bubble Burst

Are we starting to see the Housing Bubble Burst in the wake of Hurricane Katrina? In New Orleans many homeowner's had their equity literally washed away. They are upside down in negative equity and basically underwater. It appears that the New Orleans Housing marker has gone down the drain. New Orleans experienced significant growth in the past year, prices had increased; many had taken out second loans to pay off credit car debt, which helped fuel the economy there. Relatively few need their credit cards for recent shopping sprees, as they just broke in with a little help from their friends and took those few items they needed for survival. You know like a; Surround-A-Sound System, with HDTV, 64" Flat Panel Display to watch your favorite local team the Saints.

Yes the market is flooded with homes for sale in the City New Orleans indeed. Some of these fine homes are not only very cheap now, but they come with the former residents still inside. The local economic development association director issues a recent statement that he and his staff are very optimistic about the future of the New Orleans real estate and that they do not see a dry period in the housing market there. In addition they indicated that New Orleans has a lot going for it; water rates are cheap with an abundant supply and sewage is not a problem also quite abundant. But that is not all. They touted their many shopping districts with rock bottom prices, so low in fact it was almost like stealing and the city at this point is not even charging sales tax, almost like a duty free shopping spree. Crime and community services are also not a problem and are both abundant and non-existent. Transportation is not a problem there is virtually no traffic at all. Think about the New Orleans housing market, get in on the ground floor while prices are cheap.

"Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; http://www.WorldThinkTank.net/wttbbs

In The News:

Yahoo! News: Top Stories

Gaza fighting rages despite cease-fire proposal (AP)

AP - Israel resumed its Gaza offensive Wednesday, bombing heavily around suspected smuggling tunnels near the border with Egypt after a three-hour lull to allow in humanitarian aid. Hamas responded with a rocket barrage.

Obama taps spending watchdog, eyes Social Security (AP)

AP - Pointing with concern to "red ink as far as the eye can see," President-elect Barack Obama pledged Wednesday to tackle out-of-control Social Security and Medicare spending and named a special watchdog to clamp down on other federal programs even as he campaigned anew to spend the largest pile of taxpayer money in history to revive the sinking economy.

Senate Democrats yield to Obama, retreat on Burris (AP)

AP - Senate Democrats beat a hasty retreat Wednesday from their rejection of Roland Burris as President-elect Barack Obama's successor, yielding to pressure from Obama himself and from senators irked that the standoff was draining attention and putting them in a bad light. Burris said with a smile he expected to join them "very shortly."

Obama hails 'extraordinary' moment with presidents (AP)

AP - Confronting a grim economy and a Middle East on fire, Barack Obama turned Wednesday to perhaps the only people on the planet who understand what he's in for: the four living members of the U.S. presidents' club.

Melting snow causes heavy flooding in Wash. state (AP)

AP - Rain and high winds lashed Washington state Wednesday, causing widespread avalanches, mudslides, flooding and road closures as the heavy snowfall that has buried parts of the state began to rapidly melt.

Feds say inauguration attractive terrorist target (AP)

AP - The upcoming inauguration of Barack Obama is an attractive target for international and domestic terrorists, but U.S. intelligence officials have no information about specific threats to the Jan. 20 event.

'Dark Knight' sweeps People's Choice Awards (AP)

AP - Holy, People's Choice Awards, Batman! "The Dark Knight" soared away with every trophy it was nominated for Wednesday at the 35th annual fan-favorite CBS ceremony. The caped crusader flick won five awards, including favorite cast, superhero, action movie and on-screen matchup for Christian Bale's Batman and the late Heath Ledger's Joker.

Drug made from genetically engineered goats may become scientific first (AP)

AP - You've heard of making cheese from goats' milk, but prescription drugs? In what would be a scientific first, an anti-clotting drug made from the milk of genetically engineered goats moved closer to government approval Wednesday after experts at the Food and Drug Administration reported that the medication works and its safety is acceptable.

Lin leads Harvard to 82-70 upset over No. 17 BC (AP)

AP - Jeremy Lin scored 27 points to lead Harvard to an 82-70 upset over No. 17 Boston College on Wednesday night, three days after the Eagles upset previously top-ranked North Carolina.

AP source: Browns to hire Eric Mangini as coach (AP)

AP - Eric Mangini is the new head coach of the Cleveland Browns, a week after being fired by the New York Jets. A person with knowledge of the negotiations told The Associated Press that Mangini will be introduced Thursday at a news conference at the team's headquarters in Berea.

Israel bombards Gaza, U.S. backs ceasefire plan (Reuters)

Reuters - Israeli warplanes bombed the Gaza Strip on Thursday and tanks pounded Palestinian guerrillas on the ground as U.S. backing for a proposed truce raised expectations of an end to the offensive.

Profit warnings, job losses herald lasting slowdown (Reuters)

Reuters - A fresh wave of profit warnings and job cuts soured investor sentiment on Thursday after an employment report suggested U.S. job losses in December could be the worst in almost 60 years.

Senate Democrats move to seat Burris (Reuters)

Reuters - In an abrupt switch, Democratic leaders began talks on Wednesday to swear in Roland Burris, appointed by embattled Illinois Gov. Rod Blagojevich to replace President-elect Barack Obama in the U.S. Senate.

Budget deficit to hit $1.2 trillion in fiscal 2009 (Reuters)

Reuters - The U.S. budget deficit will swell to a record $1.186 trillion in fiscal 2009, congressional forecasters said on Wednesday, the result of an economic recession that has cut tax receipts and caused massive government bailouts of banks and automakers.

Mumbai-like attack could happen in U.S. : Bush aide (Reuters)

Reuters - U.S. cities are vulnerable to an attack like the gun-and-grenade assault that terrorized Mumbai for three days and killed 179 people, the White House homeland security adviser said on Wednesday.

"Enemy combatant" will be early test for Obama (Reuters)

Reuters - The case of Ali al-Marri, accused of being an al Qaeda "sleeper" agent and held for 5-1/2 years at a U.S. military prison in South Carolina, will be an early test for President-elect Barack Obama.

Salmonella outbreak sickens 388 across U.S.: health officials (Reuters)

Reuters - An outbreak of salmonella food poisoning has made 388 people sick across 42 states, sending 18 percent of them to the hospital, U.S. health officials said on Wednesday.

U.S. presses to jail Madoff on diamonds, watches mail (Reuters)

Reuters - Accused swindler Bernard Madoff should be jailed for violating a court order by mailing $1 million worth of diamonds, watches and other jewelry to friends and family, U.S. prosecutors told a court on Wednesday.

Israel bombs Gaza tunnels as peace moves gather pace (AFP)

AFP - Israeli warplanes bombed suspected arms-smuggling tunnels in southern Gaza early Thursday, as diplomats worked to secure a ceasefire in an offensive that has killed 700 Palestinians.

Russia, Ukraine in EU talks as gas crisis engulfs Europe (AFP)

AFP - Envoys from Russia and Ukraine go to Brussels on Thursday for emergency EU-brokered talks to resolve a bitter gas fight between the two ex-Soviet giants that has engulfed Europe in a major energy crisis.

New Orleans First to Experience Housing Bubble Burst

Humor & Entertainment Humor & Entertainment