November 2022 - Bedico Creek Preserve

Aldi Opens In Covington Soon

November 30, 2022/in Press Room

Covington residents can see that construction has already begun on the new Aldi grocery store. It is planned that the store will open this winter. The new store will be located at 123 Holiday Boulevard in Covington.

This will be the second location on the north shore and the sixth location in Louisiana. The stores will be supported by a regional distribution center that opened in July in Loxley, Alabama.

Aldi is a German discount chain of grocery stores that are in the United States. The store began in Essen, Germany in 1961. The U.S. headquarters are in Illinois and there are 2,100 stores in 38 states. Most of the products sold at the store are private label which allows the prices to stay low.

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The Market Is Seeing a Decline in Home Prices

November 30, 2022/in Local News

For two years we have seen a boom in the housing market when it comes to price appreciation. We have finally seen the peak, as the prices are now declining.

Prices will keep declining in the near future but will not drop as far as they did during the recession. From the peak in 2006 all the way through to 2012 there was a 27% decrease in home prices.

“It was different in 2008, 2009 because that drop in prices was because of a push from sellers,” said Jeff Tucker, senior economist at Zillow. “Because of foreclosures and short sales there were a lot of extremely motivated sellers who were willing to take a loss on their homes.”

“I would be surprised to see prices anywhere drop below where they were in 2019,” said Tucker. “There was some overheating in the housing market in 2021 through this spring that pushed prices higher than what the fundamentals would support. Now they are coming down.”

With the soaring mortgage rates along with elevated home prices and slow increases in wages, home buying is not in most potential buyers’ future. According to Goldman Sachs we should see a decline of around 5% to 10% from the peak, Wells Fargo predicts a 5.5% decrease. This means the median home price will fall to $364,000.

“The primary driver behind the housing market correction thus far has been sharply higher mortgage rates,” the Wells Fargo researchers wrote. “If our forecast for Fed rate cuts is realized, mortgage rates are likely to fall slightly just as cooling inflation pressures boost real income growth. A modest improvement in sales activity should then follow, which will reignite home price appreciation heading into 2024.”

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A Decline in Home Prices

November 29, 2022/in Press Room

September 2022 saw a dip in home values after a two-month 0.4% decline. Those in the industry say that the dip comes from a reaction to the drop in mortgage rates this summer. The future will also see a decline in the housing market due to the rise in mortgage rates since the summer.

The United States has seen declines as follows: Phoenix (-2.3%), Las Vegas (-1.9%), New Orleans (-1.0%), Riverside (-0.9%), and Austin (-0.9%). There has been a rise in prices in the following: Richmond (0.6%), Miami (0.6%), and Indianapolis (0.6%) markets. The greatest year-over-year was in Miami (25.7%), Orlando (23.4%), Tampa (23.2%) and Jacksonville (22.6%).

Fortunately, active listings have risen 3% from this time last year but they are still well below norms before the pandemic. This still is good for buyers as it means there are more options.

Even though there are fewer sales, pending listings dropped 29% compared to September 2021. This is due mostly to the rise in interest rates. Offers to accepted offers also went from 11 days in September 2021 to 19 days in September 2022. Many sellers began to cut the price of their homes to create a since of urgency.

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