The national housing market is at its lowest point in 20 years. But, It’s a trend Northwest Louisiana is not following.
After near-record years in 2005 and 2006, home sales in Shreveport-Bossier are down 2-percent this year. That’s according to figures provided by the Northwest Louisiana Association of Realtors. But, with 24-hundred homes for sale and a 6-month supply, those realtors call that a ‘good’ market.
And some of those realtors even held a news conference to deliver that message. They did so at the association’s headquarters on East 70th Street in Shreveport. They spoke with one voice: “Sometimes the information that’s been given out about how real estate is working throughout the United States is how the market is down, does not necessarily reflect what’s happening here in the Ark-La-Tex,” said Curtis Wright, Sr., President of the Realtor’s Association.
The association wanted to show the strength of the local market because, as the adage goes, “perception is reality.” Jimmy Gosslee, the Chairman and Chief Executive Officer at Coldwell Banker J. Wesley Dowling & Associates, explained to the crowd gathered in the realtor’s association conference room, “we are holding this press conference so that the people out there that are your listeners that tune it to channel 12 are going to say, ‘well gosh, it’s not that bad in Shreveport.”
Even with the local market considered flat, don’t tell that to some of the sub-contractors who work inside the houses. They’re as busy as they can be. In fact, we discovered Alex Adams and his crew installing flooring at a new home under construction in south Bossier City.
Adams described of their often frenetic pace, “it’s a constant, 24/7 thing. We usually start about seven in the morning and we don’t get through sometimes until 8, 9-o’clock at night.”
Curtis Lofton with the Home Builders Association next door to the realtor’s headquarters, came over to speak at the news conference. He told the group that actual new home construction is down nearly 14 percent this year in Shreveport-Bossier, which translates into 80-fewer homes.
But, Loften continued, “yes we are (down) compared to last year. But last year we were up like 120 from the last year before and the year before that we were up 60 from the year before.”
The sub-prime mortgage meltdown is still causing problems with home sales. That’s because banks have tightened their loan restrictions with more conventional mortgages. Experts hope a recent interest rate drop by the Federal Reserve will help.
By Jeff Ferrell
