Find out about the latest news in Madisonville, Louisiana as well as St. Tammany Parish. We will keep you “tuned in” to all of the information about Southeast Louisiana as well as the real estate industry in general. Many new home buyers are concerned about the market, mortgage information, and builder trends. We plan on keeping you as up to date as possible on these and many more topics. There is a lot going on in the Greater New Orleans area, so you will have plenty to read!

This house has a fenced in backyard that is perfect for pets. The backyard can also be a great space for the kids to enjoy the outdoors.

Summer Saw an Increase in Private Residential Spending

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Master bedroom has trey ceilings and recessed lighting with plush carpeting.The strong housing market and an uptick in the US economy are encouraging homeowners to spend money. According to NAHB analysis of Census Construction Spending, there was a 0.4% increase in the month of August in private residential construction spending. This took the seasonally adjusted annual rate to $786.6 billion. The data reported shows a 24.3% increase in total private residential construction spending over a year ago.

There was a dip in spending on single-family and multifamily improvements in July but it jumped back up 2.5% in August. This might have been due to such issues with building material supply chains and labor challenges. Material prices such as lumber are also skyrocketing.

The National Association of Home Builders construction spending index saw solid growth in single-family construction and home improvement. The data also reports a rebound in new multifamily construction spending. Private nonresidential construction spending was reported at a seasonally adjusted annual rate of $455.6 billion in August.

Click Here For the Source of the Information.

This home is fully landscaped and is located close to New Orleans. This home is built by a custom builder in a master planned community.

The Second Quarter of 2021 Sees a Rise in Real Estate Market Values

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According to the “Flow of Funds” from the current Federal Reserve Z.1 Financial Accounts of the United States the aggregate market value of all owner-occupied real estate in the United States saw the largest increase in one quarter in the last 21 years. $33.8 trillion was reported in the first quarter of 2021 and rose by $1.1 trillion in the second quarter.

The Federal Reserve Z.1 Financial Accounts used to be known as the Flow of Funds accounts. This is a collection of financial accounts where the data is taken from them to see what funds are being used by whom. Basically, it is a way to track the net money going in and money coming out from several sectors of the US economy.

Due to lack of housing inventory, home prices are the highest we have seen in a while. Home mortgages also have jumped to $11.3 trillion which was a rise of $220 billion. Real estate assets are increasing faster than real estate liabilities. The Mortgage Bankers Association (MBA) reported as of September 12, indicates a forbearance rate of 3%.

The second quarter of 2021 saw a 12% year over year of appreciation of the market value of all real estate assets. Aggregate owners’ equity also jumped to $23.6 trillion which was 68% of all household real estate, making it the highest seen since 1989.

Click Here For the Source of the Information.

What Are the Costs of Home Ownership?

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Purchasing a home is one of life’s major events. Many believe it is out of reach financially because of the competitive market and high cost of homes. If you are up for the challenge, homeownership can be both personally rewarding and financially rewarding. There are several long-term financial benefits of owning a home.

There are many concerns when purchasing a home, in fact, a study showed that over half of millennial homeowners have at least one regret about purchasing their home. These regrets included not being happy with their rate, not being prepared for maintenance costs, high monthly payments and high home prices.

This should not detour you from taking on the financial responsibility of homeownership. In order for it to be a confident decision, get the aid of professionals in the industry who can help you fully understand the process and what surprising costs you may occur.

There are a lot of reasons why renting is best for some such as short-term living arrangements, others trying to improve their credit scores, and some people are just not in the financial position to take the plunge into buying a home.

If you can take the plunge then it is wise to do so. When you have to renew a lease, the rent usually increases around 3 – 5% per year. Also, the money you pay for rent goes into someone else’s pocket. If you own a home, you are paying into a mortgage on a home and will obtain equity.

Remember even if there are maintenance costs, every dollar you put into your home adds value. In the long run, homeownership is usually less expensive than renting. If you are in the market for a home, contact your local agent who can help you with getting a home for your needs at a great value.

Click Here For the Source of the Information.

Highway To Link St. Tammany Parish to Bogalusa Will Be Funded

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Talk of a highway being built to connect St. Tammany Parish to Bogalusa has been discussed for years. The four-lane road has been on Louisiana’s state project list for over thirty years. Finally, funding has come through for the project.

“My age group thought the older people were crazy,” Bogalusa Mayor Wendy Perrette, who is 45, said. “They were holding on to a hope we didn’t ever see coming.”

“A lot of people weren’t even born when we started talking about this,” Washington Parish Sen. Beth Mizell said.

The highway named La. 3241 will be funded by money from Louisiana’s 4-cents-a-gallon gasoline tax. The highway which will run through St. Tammany, from Bush to I-12, will be a “vital artery for Bogalusa. The $240 million project will run from the junction of La. 40 and La. 41 in Bush south through the central part of St. Tammany Parish to connect
with I-12 and will be completed by the end of 2024.

Many sections throughout the area will benefit such as the paper mill in Bogalusa and the economic development of St. Tammany Parish. The new highway will not only allow easier access to these areas but will also create jobs. It will improve St. Tammany businesses’ logistics, distribution and transportation.

This project comes at a great time for the city of Bogalusa which is starting to see growth in retirees and young families who are looking for lower housing costs.

“A young family can live here for a little bit of nothing,” Perrette said of the area. “Property taxes are low, it’s affordable. It’s beneficial even if you had to commute.”

Click Here For the Source of the Information.

The Northshore, the River Parishes and Jefferson Parish Will Now Be Connected Through Cultural Tours

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The New Orleans area has a vast amount of great historical and cultural tours that both visitors and residents can enjoy. The St. Tammany Parish Tourist Commission, the River Parishes Tourist Commission and Jefferson CVB have come together to offer a unique tour that will begin on the Northshore, going to River Parishes and ending in Jefferson Parish. The tour will highlight the Native, Creole and African American people, heritage, culture and way of life in the triparish region and will be updated on a daily basis to cover different parts of history and culture.

The tour will start at the Northshore where patrons will visit places such as the Bayou Lacombe Museum highlighting the history of natives and a Three Sisters and Medicine Wheel Garden and the Fontainebleau State Park where 153 enslaved people who worked at Bernard de Marigny de Mandeville’s sugar plantation have a historical marker. Other stops along the way will be at the Madisonville Historic Museum, Jean Baptiste Lang Creole House, the Dew Drop Jazz and Benevolent Hall, and the nine Native and African American markers on the Historic Mandeville Marker Tour.

The next stop will be in the Louisiana River Parishes. Patrons will tour Whitney Plantation and learn about the cruel labor slaves went through on sugar plantations. There is also a memorial to the 1811 Slave Revolt that is located at the plantation. The Destrehan Plantation will also be toured where an exhibit is housed honoring the 1811 Slave Revolt procession and the Rost Home Colony. On a lighter note, the tour will also go to the 1811 Kid Ory History House and the Historic Riverlands Soul River Musical Journey where life after slavery is represented.

The tour will end in Jefferson Parish where patrons will visit the Marsalis Mansion Motel Marker, Camp Parapet and learn about this safe haven for slaves that were housed here during the Civil War’s Union’s occupation. Local gospel artist Mahalia Jackson’s gravesite is also located onsite. Other destinations on the tour will include True Vine Baptist Church, the oldest and longest-running African American Church on the West Bank of Jefferson Parish and famous pirate Jean Lafitte’s smuggling route which is now the Barataria Preserve of Jean Lafitte National Historical Park and Preserve.

The tour is a five-day tour and can be customized. The tour is ideal for groups of around 10 – 25 but can have up to 50 people. Martha Martinez of YAYA Louisiana Tours and Travel is a certified tour guide and will accompany and lead groups if desired.

Click Here For the Source of the Information.

St. Tammany Parish Libraries Are the Place To Go

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The pandemic closed most public places for a good part of the last two years. Places are slowly starting to open back up with new procedures in place to help stop the spread of the virus. The St. Tammany Parish Library is one of them and is now open for residents to enjoy.

This fall the library will be pack with things for patrons to be involved in. The only difference, many events will be virtual programming or in-person outdoor events. Each library will maintain the rule of social distancing and the libraries have been redesigned to incorporate safety standards and features to keep patrons and library staff safe.

Masks will be required for everyone visiting the library ages five and older. Under Governor John Bel Edwards‘ indoor mask mandate masks must be worn by both vaccinated and unvaccinated patrons and workers. Computers will be open but only every other computer may be used and sanitizing supplies will be provided by the library.

If patrons are still leery of visiting the library, the libraries wills still offer curbside service and free wi-fi will be available in the parking lots of each library. The small libraries Abita Springs, Lacombe, Pearl River, Lee Road, Folsom, and Bush will now have evening hours on Wednesday nights.

Click Here For the Source of the Information.