The number of Americans losing their homes to foreclosure is on the rise for an eleventh straight month now. It’s becoming clear that the housing crisis is getting worse rather than rebounding. So, what’s the outlook for the New Orleans area?
Arthur Sterbcow is a local real estate analyst with over 45 years of experience in the metro area and has some interesting data when it comes to the local market. He says interest rates are coming down, and the outlook is not as dire as it was last year. In fact, there may be a rebound on the horizon. "What we're seeing here is the tail end of a real affordability problem," notes Sterbcow.
"When you see foreclosures, many of these foreclosures started in 2024 or early 2025. I think we're seeing the end of this affordability nightmare we've been living through," Sterbcow went on to add. Sterbcow says Louisiana is in the middle of the pack when it comes to foreclosures, ranking 25th in the nation. While it would be preferable to be dead last, Sterbcow says that shows just how badly the rest of the country is doing.
Sterbcow says real estate selling in the range of $500k - $850k is doing fairly well in the area. While he concedes some of the higher end housing above that price range isn't selling as quickly these days, there are buyers waiting in the wings for those properties to hit the market at a more preferable price.