GOOD NEWS!!! LA housing market is doing better than most states!!

This article is from the Louisiana Home Builders Association. What great news!!!


Louisiana Housing Market Fares Better than Most StatesThursday, January 22, 2009 - Louisiana Home Builders Association
Home builders got some good news last week as data on building construction for the single family housing market show that the state continues to fare better than others in the nation, as depicted by Louisiana’s low foreclosure rates, housing inventory, and healthy lending practices.
The news came from Robert Denk, Forecasting and Analysis Vice President of the National Association of Home Builders (NAHB), who spoke at the Louisiana Home Builder’s Association (LHBA) conference in New Orleans recently.
The organization also held its annual awards banquet during the conference, announcing outstanding builders, remodelers, and associates with significant contributions to the building or remodeling industry. Awards were presented to Wade Patterson, LHBA’s Northwest Home Builders Association chapter; "Geep" Moore, Remodeler of the Year, LHBA’s Northwest Home Builders Association, and Kevin Richard, LHBA’s Southwest Home Builders Association. LBHA’s Hall of fame inductees named are Ken Jones, Capital Region Builders Association and Ronnie Perrin, Tangipahoa Home Builders Association. "These individuals were honored for outstanding service or contributions to the LHBA and for their notable and long-term contributions to the industry," said LHBA President Phil Hoffman. LHBA has 6,200-member companies. It celebrated its 50 year anniversary of its founding in 2008.
In his presentation to the group, Denk told builders that Louisiana is one of the states least affected by the housing downturn because of the state’s overall economy, its modest housing production levels, and lending factors. Denk did note that fear of the national economic recession is affecting the market in Louisiana more than any other factor. "People hear that there is a housing crisis but the housing downturn in Louisiana is far from the subprime mortgage crisis as seen in Nevada, California, Arizona, and Florida."
Denk shared Louisiana statistics, including the exceptionally low rate of foreclosures, based partly on avoidance of the subprime market. He showed that only six-tenths of one percent of all mortgages went into foreclosure in the third quarter of 2008. "This is a very positive sign for the state of Louisiana," said Denk. He said all foreclosures for Louisiana were well below the national rates. He also said that Louisiana has peaked in foreclosures.
He noted that the national housing production levels are at 44 percent, compared to a near 77% production rate in Louisiana. Denk told builders that they should begin looking at beginning construction in 2009, as the state is poised for recovery based on current housing supply and demand factors. He added that single family home starts were down in 2008, but nationally building starts are projected to increase by the end of the year.
The LHBA is dedicated to promoting professionalism in the home building and renovating industries; producing economic development, enhancing quality of life, educating the public on the advantages of utilizing licensed professionals, representing the industry before state and regulatory boards and commissions, and serving as an advocate for the protection of private property rights.
Organizational leaders can be reached toll-free at 1-800-272-9912 or via the web at www.lhba.org. The organization also has a new website at www.LAhomeownership.com where consumers can get free information for market conditions, advantages of homeownership, and use of a mortgage calculator.