Louisiana housing market favors Democratic incumbent
Three-term Democrat Senator Mary L. Landrieu faces her most challenging race yet against, battling largely against two Republicans, but RealtyTrac’s report predicts she’ll take the race. Of the 18 parishes in Louisiana scored, 12 were categorized as better off, while six were categorized as toss-ups and none were categorized as worse off.
Housing market data in two out of Louisiana’s three largest housing markets — East Baton Rouge Parish and Orleans Parish — favors the incumbent while housing data is a toss-up in the third, Jefferson Parish.
Unemployment is down in all three major counties about 1 percentage point compared with two years ago. With regards to underwater borrowers, the data is mixed. In Jefferson Parish, 16% of borrowers are seriously underwater, while 15% are seriously underwater in East Baton Rouge Parish. However, in Orleans Parish only 4% of borrowers were seriously underwater.
Home prices are also mixed in Louisiana’s three largest housing markets. In East Baton Rouge Parish, home prices are up 14% compared with two years ago, while Jefferson Parish saw home values increase 7%. Orleans Parish, however, saw home prices plunge 23% from August 2012 to August 2014.
he percentage of median income needed to purchase a median priced home is up 3 percentage points from two years ago in East Baton Rouge Parish and is up 2 percentage points in Jefferson Parish. The percentage of median income needed to purchase a median priced home is down 4% in Orleans Parish, making that market more affordable than it was two years ago.
Click here to view RealtyTrac’s Housing Scorecard