KPLC 7 News, Lake Charles, Louisiana |Low-interest housing loans available this year
Member Center:
Local News, Weather, Traffic, Sports, Stocks, Movies on your Cell Phone More>>
NOW! You can have access to the latest News and Weather always on your desktop More>>
Reported by Laila Morcos
If you're looking to sell your home, right now might just be a good time to put it on the market, even if the hurricane did some damage. Is 2006 a good time to buy, sell, or build even though things seem uncertain in this year's housing market?
Louisiana real estate experts say the housing industry has entered new territory. "We are rewriting history right now. Louisiana has never experienced two category four hurricanes in the same year," says Calcasieu Parish Public Trust Authority Chairman Tim Castle. Even so, he says the challenges of having extensively damaged real estate can be met.
Castle says, "The inventory of homes for sale is low, but it's coming back strong because homes are being repaired and put back on the market." And new subdivisions continue to spring up despite the rising cost of construction. Castle says, "The overall cost of oil is high as you know. So just to produce those materials and run the factories to make those materials is going up."
Still, people need homes and there's help for those looking to buy or build a new home. "It's a big relief for our area, so we were very happy to announce that," says Calcasieu Parish Public Trust Authority Board Member Cheryl Burns. She says a new low interest loan program is available in all five Southwest Louisiana parishes. She says, "The program offers the assistance as a grant, so that 4% assistance does not have to be repaid. So anytime you can get into a home with very little out of pocket, I think it's a great thing."
New homes often lead to a better economy. Castle says, "You go to Greengate, you go to Home Depot, you go to buy clothes for your kids, it is such a ripple affect in our economy." So much so, Castle says home ownership is the foundation of our economy, and it's slowly starting to boom in Southwest Louisiana.
For more information on the low interest housing assistance, call 337-437-3520.
