Home prices fall throughout the New Orleans area NOLA.com
For the past few years, Ragas and others have hoped that the local housing market was bottoming out and poised for rebound, but the turn has yet to come. Ragas said that the jobless economic recovery, changing lending rules and unexpected events such as last year's Gulf oil disaster have created an unprecedented situation outside the norms of economic forecasting.
At this point, all bets are off on as to when price appreciation will resume, especially since the region has yet to feel the impact of one the state's largest manufacturing employers, the Avondale shipyard, closing up shop and laying off as many as 5,000 people.
"The Avondale closure has the potential to have a real impact," said Ragas, who is also professor emeritus of finance at the University of New Orleans. "And it won't just be Waggaman. It will radiate out. That's yet to come."
Still, Realtors are quick to point out that the local downturn in prices is nothing like the catastrophe unfolding in housing markets elsewhere in the country. "They're taking just baby steps out of the basement, and we have a slight softening," said Rick Haase, president of Latter & Blum Realtors Inc.
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Counting down to days of reckoning - Nashville City Paper
Nashville City PaperCounting down to days of reckoning Securities analyst Derrick Dagnan covers Brookdale at Nashville investment bank Avondale Partners, which does not have Brookdale as an investment-banking
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