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Registered User
Join Date: Jul 2003
Posts: 4,247
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The first Real Estate Bubble has just BURST!
It's called New Orleans.
Houses drop 100% in value.  what implications will this have on other markets? |
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09-06-2005, 05:20 PM
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Information Junky
Join Date: Mar 2001
Location: an island, upper left coast, USA
Posts: 73,189
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More people homeless/ruined homes, means more housing demand.
__________________
Everyone you meet knows something you don't. - - - and a whole bunch of crap that is wrong. Disclaimer: the above was 2¢ worth. More information is available as my professional opinion, which is provided for an exorbitant fee. 
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09-06-2005, 05:23 PM
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Registered User
Join Date: Jul 2003
Posts: 4,247
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but will they qualify for new mortgages when they already owe so much on their ruined homes?
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09-06-2005, 05:25 PM
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Guest
Posts: n/a
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US Gov flood insurance will cover the houses. N.O. median home price in 04 was $140K when US median was $187K. Not part of the bubble. What the flood will do is increase construction costs 1.5 to 2 times over the next year. Danger there is run away inflation ripple through the US economy.
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09-06-2005, 05:39 PM
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Unconstitutional Patriot
Join Date: Apr 2000
Location: volunteer state
Posts: 5,620
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Don't know which way it will go. A decrease in GDP might bring on a recession, or the rebuilding process will just make commodity prices go crazy for a while. It's either recession/deflation, inflation, or neither.
signed, Captain Obvious |
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09-06-2005, 06:29 PM
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Targa, Panamera Turbo
Join Date: Aug 2004
Location: Houston TX
Posts: 22,366
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At first glance the Texas market would take a spike but the percentage of qualified buyers is well, basically zero so it will be interesting where 100,000+ people with limited buying power or prospects will end up.
I saw lower income apartments absolutley *****-up a town a few years ago. It only took about 300 families to do it.
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Michael D. Holloway https://simple.m.wikipedia.org/wiki/Michael_D._Holloway https://5thorderindustry.com/ https://www.amazon.com/s?k=michael+d+holloway&crid=3AWD8RUVY3E2F&sprefix= michael+d+holloway%2Caps%2C136&ref=nb_sb_noss_1 |
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09-06-2005, 06:43 PM
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Licensed User
Join Date: Feb 2003
Location: ....down Highway 61
Posts: 6,506
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 Huh? The interest rates dropped right after the storm. The houses in Baton Rouge suburbs with interstate acces or within a decent commuting distance to NO are selling before people put a sign in the yard. |
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09-06-2005, 07:02 PM
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Registered
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I've never lived in NO, but I've stayed in one of the old houses that is probably under water. I think those of you in the northeast and cali would be amazed at what you can buy in NO for reasonable money. Like a 100+year old house with 4 or 5 bedrooms. Some really cool old houses have suffered serious damage, but New Orleans will rebuild. No one has mentioned my greatest fear: how many great blues musicians have we lost.
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2014 Cayman S (track rat w/GT4 suspension) 1979 930 (475 rwhp at 0.95 bar) |
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09-06-2005, 07:18 PM
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Senior Member
Join Date: Jun 2000
Location: N. Phoenix AZ USA
Posts: 28,943
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Property values in Baton Rouge went up the last few days....
JoeA
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2013 Jag XF, 2002 Dodge Ram 2500 Cummins (the workhorse), 1992 Jaguar XJ S-3 V-12 VDP (one of only 100 examples made), 1969 Jaguar XJ (been in the family since new), 1985 911 Targa backdated to 1973 RS specs with a 3.6 shoehorned in the back, 1959 Austin Healey Sprite (former SCCA H-Prod), 1995 BMW R1100RSL, 1971 & '72 BMW R75/5 "Toaster," Ural Tourist w/sidecar, 1949 Aeronca Sedan / QB |
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09-06-2005, 07:24 PM
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Targa, Panamera Turbo
Join Date: Aug 2004
Location: Houston TX
Posts: 22,366
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this will make for some great blues...didn't Aaron Nevile (sp) have a song about the great flood back 80 years ago?
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Michael D. Holloway https://simple.m.wikipedia.org/wiki/Michael_D._Holloway https://5thorderindustry.com/ https://www.amazon.com/s?k=michael+d+holloway&crid=3AWD8RUVY3E2F&sprefix= michael+d+holloway%2Caps%2C136&ref=nb_sb_noss_1 |
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09-06-2005, 07:25 PM
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Registered
Join Date: Jan 2001
Posts: 2,790
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Well, if that is what it takes to burst a housing bubble, I hope things continue to escalate!
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1967 R50/2 |
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09-07-2005, 03:42 AM
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Cars & Coffee Killer
Join Date: Sep 2004
Location: State of Failure
Posts: 32,246
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Quote:
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Some Porsches long ago...then a wankle... 5 liters of VVT fury now -Chris "There is freedom in risk, just as there is oppression in security." |
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09-07-2005, 04:21 AM
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Registered
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Re: The first Real Estate Bubble has just BURST!
Quote:
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1977 911S Targa 2.7L (CIS) Silver/Black 2012 Infiniti G37X Coupe (AWD) 3.7L Black on Black 1989 modified Scat II HP Hovercraft George, Architect |
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09-07-2005, 06:54 AM
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Information Junky
Join Date: Mar 2001
Location: an island, upper left coast, USA
Posts: 73,189
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. . . 8 feet below sea level. (but at least it's ocean-front)
__________________
Everyone you meet knows something you don't. - - - and a whole bunch of crap that is wrong. Disclaimer: the above was 2¢ worth. More information is available as my professional opinion, which is provided for an exorbitant fee.
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09-07-2005, 06:57 AM
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Registered
Join Date: Aug 2005
Location: Arlington, VA
Posts: 25
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Quote:
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09-07-2005, 07:01 AM
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1979 Porsche 930 3.4
1977 Porsche 911S 2.7L
