At a press conference Monday, Louisiana was assured once again that it is not facing the same crisis felt elsewhere in the nation in regards to buying real estate and securing loans. The CEO of the Louisiana Bankers’ Association, Bob Taylor, and the CEO of Louisiana REALTORS, Malcolm Young, covered the impact that the current nationwide economic crisis has on Louisiana. They were addressing the Press Club of Baton Rouge. Specific things that set Louisiana apart from the rest of the nation is that Louisiana did not get caught up in the onslaught of high-risk loans. “Other housing markets in the nation are in decline due to unsecured loans, but Louisiana’s market is stable. Louisiana did not have the same aggressive home development and high-risk loans as some other states, our mortgage lending laws have ample consumer protection, and we’re still utilizing dedicated hurricane-relief funds from Congress for rebuilding,” Young said. Louisiana is #41 in the country for foreclosures and Baton Rouge is #99 out of 100 for cities nationwide. The overall message is that banks are holding strong in Louisiana and if you have good credit buying real estate is no problem.
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