BooBirdSaint

Just came across this article in USA today. Very telling as to the recovery in New Orleans and the Mississippi Gulf Coast.

http://www.usatoday.com/money/econom...l-estate_N.htm

"There are more homes on the market now than when there was an oil bust,"

"Doctors, bankers and other professionals are "the backbone of the community," says William H. Frey, a demographer at the Brookings Institution, a Washington think tank. "They're the people who will help the tax base. If they leave, they are going to be very hard to replace."

"Nearly two years later, even as New Orleans' population inches up — the number of residents is now about 60% of the pre-Katrina level — the loss of white-collar workers is striking. From July 2005 to March 2007, New Orleans lost almost 900 doctors, the Louisiana State Board of Medical Examiners reports."

"Professionals are moving away, and we're not adding the same jobs back," says Ivan Miestchovich, director of the University of New Orleans' Center for Economic Development and Real Estate Market Data Center. "The education, construction sectors — they're coming, but those folks generally don't qualify for homes $500,000 and above."

Nemesis

I had no luck selling my home and rental, so I contracted with a management company. I was counting on nice down payment to lower our note for a home up here, but oh well. Add a paramedic, RN, and 25 yr teaching vet to those NO lost last week.

hagan714

What 60%? Where are they? I sure have not seen them. I am in town and have been doing the catch up bit with friends and have never gotten around the city so easily. I am concerned. I actually was thinking about starting up a construction company here but I am very worried about the move back. While the music and food are one of kind I just feel a void is here that may never return. The tax base.
Most of the mid sized companies have moved out of the city. Then you have insurance rates that indicate the insurance companies have no faith in the Army Cop. of Engineers. The murder rate is worse than reported. You get shoot and make in an ambulance only to die in route or at the ER you are not counted among the group.
The city reminds me of scorned woman. it is a shame but facts are facts. She has lost her luster and is showing her age. It is not pretty and she is not happy about it.

"We may have lost the game, but you'll be hurting tomorrow." Doug Atkins

Haps Biggest Fan

Well, I've been in the service since 1990, and have not lived in NOLA since that year, so, my opinion may not be worth much . . . BUT . . . from where I sit, I think that you are absolutely correct.