Connect with us

Louisiana

Louisiana’s insurance crisis expected to hang over real estate market in the coming year

Published

on

Louisiana’s insurance crisis expected to hang over real estate market in the coming year


NEW ORLEANS (WVUE) – The New Orleans Metropolitan Association of Realtors (NOMAR) hosted its annual Forecast Symposium, where real estate professionals gathered to discuss key factors impacting the housing market.

A major theme this year was Louisiana’s ongoing insurance crisis, which is severely affecting home sales and affordability.

Craig Mirambell, president of NOMAR, says soaring insurance premiums have become a central issue.

“Insurance prices are really outrageous, interest rates being high, the economy is slow, elections are coming up. We got a lot of negatives, but the good thing is homeowners have kept the equity in their houses,” said Mirambell.

Advertisement

Mirambell says Louisiana’s insurance crisis has been pulling down the state’s housing industry for the last two years. He believes the most recent hurricanes along the Gulf Coast can only complicate matters.

“Even though we didn’t get a direct hit here in Louisiana, seeing these come to our Southern friends, is ultimately not going to help our insurance rates at all assumably. So that wasn’t needed, the costs that are coming with that are ultimately going to keep prices high,” said Mirambell.

Those prices have made it very tough for some realtors to sell homes. That means less money is coming in.

“To be honest, I used to do real estate full-time. I do not do it full-time anymore because it’s just too hard. I have a family as well. So, I can’t put everything on these deals happening, because I need them to happen. If they don’t happen, then my clients aren’t happy and then family isn’t happy,” said Misty Frye of Frye & Melancon Realty in New Orleans.

INSURANCE CRISIS

Advertisement

Misty Frye has been an agent for 17 years and says the cost associated with a buying home in Louisiana can often put potential buyers on an emotional roller coaster.

“People can be tearful, they’re upset. They think they’re getting to the finish line and then something comes up and it’s like, oh no, you can’t do it, the insurance blew it out of the water,” Frye said.

Dr. Jessica Lautz was a featured speaker at this year’s symposium. She is an economist for the National Association of Realtors. She brought a broader view to the forecasting conference and said Louisiana’s real estate industry is facing several headwinds, including declining population.

“In most areas of the Sun Belt, we see a mass migration into those areas, but unfortunately Louisiana is not seeing that. So, we don’t have that in the New Orleans area. Job growth has not rebounded since before the start of COVID and that could be restricting people from moving here. Though what I have to say affordability is definitely in a better in a better scenario than what we see in other areas of the country,” said Dr. Lautz.

Despite the multiple challenges the New Orleans real estate market has faced in recent years, NOMAR’s board president predicted an improving market in 2025.

Advertisement

“I’m always an optimistic kind of guy. I like to bring that to our boardroom, our clients and consumers. Ultimately, we are at a slower time in the market right now. The market has been slow. We had an uptick in COVID that was kind of wild and crazy. Surely, it had to go down from there. Once, the election is over and people settle down from that, we expect the market to pick up in 2025 regardless of insurance prices.” said Mirambell.

See a spelling or grammar error in our story? Click Here to report it. Please include the headline.

Subscribe to the Fox 8 YouTube channel.



Source link

Advertisement
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Louisiana

CWD Case Found in a White-tailed Deer in Concordia Parish, LDWF Announces

Published

on

CWD Case Found in a White-tailed Deer in Concordia Parish, LDWF Announces


Chronic Wasting Disease (CWD) has been reported in a hunter-harvested white-tailed buck in Concordia Parish, the Louisiana Department of Wildlife and Fisheries (LDWF) said. The buck was harvested on Richard K. Yancey Wildlife Management Area (WMA) and is the first CWD detection in a wild deer in Concordia Parish. 

CWD was first detected in Louisiana in 2022. The latest positive brings the total number of CWD detections for Louisiana to 44.

Advertisement

Initial diagnostics by the Louisiana Animal Disease Diagnostic Laboratory (LADDL) detected CWD prion in tissue samples submitted by LDWF. Per required protocol, LADDL has forwarded the sample to the National Veterinary Services Laboratory (NVSL) in Ames, Iowa for confirmatory testing. Final confirmation is anticipated in the coming weeks. 

Due to this preliminary detection during the ongoing deer season, hunters are encouraged to submit additional hunter-harvest samples for testing. A CWD sample drop-off site is located along Highway 15 near the northern boundary of Richard K. Yancey WMA.

Advertisement

To obtain viable samples for testing, a fresh head including a few inches of neck is required. Data submission cards and bags are available on site. Once completed, the bagged deer head and data card should be placed in the available cooler at the CWD drop-off site.

LDWF is currently in the process of implementing the LDWF CWD response plan. More information regarding the response plan and intended mitigation efforts for this area will be forthcoming.

“We continue to count on our hunters, property owners, deer processors and taxidermists for their assistance in monitoring CWD as their continued partnership with our department will help manage the expanse of CWD in the state keeping our deer population healthy,’’ LDWF Secretary Tyler Bosworth said.

Advertisement

CWD is a neurodegenerative disease of white-tailed deer and other members of the Cervidae family. The disease is caused by a prion, an infectious, misfolded protein particle, and is 100-percent fatal in affected deer after an indeterminate incubation period. There is no treatment or preventative vaccine for CWD. CWD-infected deer may exhibit symptoms of weight loss and emaciation, salivation, frequent drinking and urination, incoordination, circling, lack of human fear, and subsequent death of the animal.

Although CWD has not been shown to be contagious to humans, the Centers for Disease Control and the World Health Organization recommend against the human consumption of deer known to be infected with CWD. Also, it is recommended that people hunting in areas known to harbor CWD-infected deer have their deer tested for the disease prior to consumption. LDWF provides CWD testing for hunter-harvested deer free of charge.

Advertisement

For more information on CWD, go to https://www.wlf.louisiana.gov/page/cwd.

Questions can be addressed to Dr. Jonathan Roberts at jroberts@wlf.la.gov or Johnathan Bordelon at jbordelon@wlf.la.gov.

 

Advertisement



Source link

Continue Reading

Louisiana

What Louisiana’s broadband cost cuts mean for families, taxpayers

Published

on

What Louisiana’s broadband cost cuts mean for families, taxpayers


Louisiana’s approach to expanding high-speed internet access is being recognized on the national stage, 

Recently, The Wall Street Journal highlighted the state as a model for reducing costs while accelerating broadband deployment. 

In a recent editorial, the Journal pointed to Louisiana as a case study in how streamlined regulations and efficient program design can significantly lower the cost of connecting households and businesses to high-speed internet.  

According to the Journal, Louisiana sharply reduced its average cost per connection after adopting updated federal guidance. 

Advertisement

“The average cost for each new household or business connected in Louisiana fell to $3,943 from $5,245,” The Wall Street Journal reported. 

The editorial credited fewer procedural requirements and increased private-sector participation as key factors allowing states like Louisiana to stretch taxpayer dollars further while expanding access, particularly in rural and underserved areas. 

Louisiana’s broadband strategy has drawn attention not only for its cost savings but also for how state leaders plan to reinvest those savings.  

In September, Gov. Jeff Landry sent a letter to U.S. Secretary of Commerce Howard Lutnick outlining a proposal to redirect remaining broadband funds into state-led initiatives aligned with national priorities, including artificial intelligence, education, and workforce development. 

In the letter, Landry requested federal flexibility to allow Louisiana to keep and use remaining grant funds within the state, rather than returning or reallocating them elsewhere. The governor argued that reinvesting the savings locally would support long-term economic growth, innovation, and community development across Louisiana. 

Louisiana was also the first state in the nation to submit a revised broadband plan under the updated federal framework, positioning it at the forefront of efficient high-speed internet deployment. State officials said the approach not only accelerates connectivity but also opens the door to broader investments that strengthen education systems, workforce readiness, and emerging technologies. 

Advertisement

As The Wall Street Journal noted, Louisiana’s experience is increasingly being viewed as a national example of how states can modernize infrastructure programs while delivering better value for taxpayers — a model that could influence broadband policy well beyond state lines. 



Source link

Continue Reading

Louisiana

Federal regulators seek record fine over Louisiana offshore oil spill

Published

on

Federal regulators seek record fine over Louisiana offshore oil spill


BATON ROUGE, La. (WAFB) – The U.S. Department of Transportation under President Donald Trump is seeking a record $9.6 million civil penalty against a pipeline operator over a massive offshore oil spill that sent more than 1 million gallons of crude into waters off Louisiana.

Transportation Secretary Sean P. Duffy and the Pipeline and Hazardous Materials Safety Administration, known as PHMSA, announced the proposed penalty against Panther Operating Company for violations tied to the November 2023 failure of the Main Pass Oil Gathering pipeline system.

PHMSA said the $9,622,054 penalty is the largest civil fine ever proposed in a pipeline safety enforcement action.

Federal investigators concluded the spill released about 1.1 million gallons of crude oil into the Gulf after a subsea pipeline connector failed and operators did not shut the system down for hours.

Advertisement

“Safety drives everything we do,” Duffy said in a statement. “When companies fail to abide by the rules, we won’t hesitate to act decisively.”

According to PHMSA, the violations involved failures in integrity management, operations and maintenance, leak detection, emergency response and protections for high-consequence areas.

The agency also proposed a compliance order requiring Panther to overhaul how it evaluates geological and geotechnical risks affecting the pipeline system.

The spill occurred along the 67-mile Main Pass Oil Gathering system, which transports crude oil from offshore production areas south of New Orleans. Oil was first spotted roughly 19 miles off the Mississippi River Delta, near Plaquemines Parish.

Federal investigators later determined the pipeline was not shut down for nearly 13 hours after pressure data first suggested a problem. Regulators said quicker action could have significantly reduced the volume released.

Advertisement

The National Transportation Safety Board said underwater landslides and storm-related seabed movement contributed to the failure and that the operator did not adequately account for known geohazards common in the Gulf.

PHMSA said Panther must now develop a plan to protect the pipeline against future external forces such as seabed instability, erosion and storm impacts. The company has 30 days to respond to the notice of probable violation and proposed penalty.

Click here to report a typo. Please include the headline.

Click here to subscribe to our WAFB 9 News daily digest and breaking news alerts delivered straight to your email inbox.

Watch the latest WAFB news and weather now.

Advertisement



Source link

Continue Reading

Trending