Housing.com News, Analysis & Opinion: Katrina Housing: Picking The Bones Clean

I think it's interesting that NOW they're suddenly talking about oversight in the spending process, when they were throwing money around like it was Powerball when the hurricane hit. And of course, the idea that FEMA should have sole control over the money disbursement should scare anyone who's ever tried to call for disaster assistance.

Of the $18.3 billion total, $6.6 billion is for housing, to pay for evacuees' hotel or rental costs and to buy manufactured housing.

How many billions could they cut from that total just by moving the evacuees into waiting apartments or homes, I wonder? It's not like overzealous New Orleans landlords aren't helping the problem along. (Registration may be required for that link--I'm not sure.)

The money quote: Now, with city officials eager to begin rebuilding, those tenants' belongings are keeping precious apartment space out of the market, landlords said. That's space where imported workers could live.

Yeah, between finding a job, getting insurance, education for the kids, a car, and dealing with a mountain of bills, gun ownership was their first priority, I'm certain. :)

Two similar-but-different looks at September housing sales, courtesy of Reuters-via-Yahoo and AP-via-USA TODAY. You can tell a lot about the conflicted state of the market from these two stories. The Reuters story keeps it pretty flat and sticks to the basics. The AP story starts off really enthusiastic, and then goes on for multiple paragraphs about how low consumer confidence may cause pain for retailers and realtors alike.

And of course, both articles quote David Lereah, like he's the Yoda of real estate trends. Quoth the sage:

"The outlook for housing in my opinion is mixed," said David Lereah, the group's chief economist, citing strong construction data but rising interest rates that are expected to dampen buyer demand.

"There's some air coming out of these hot markets," Lereah said, noting he expects some slowing in home sales and price appreciation. "Going forward we're looking for a soft landing in the housing sector."

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The Wall Street Journal reports that much of the funds collected for Katrina relief have yet to be spent. I think it's interesting that NOW they're suddenly talking about oversight in the spending process, when they were throwing money around like it was Powerball when the hurricane hit. And of course, the idea that FEMA should have sole control over the money disbursement should scare anyone who's ever tried to call for disaster assistance. Here's an interesting stat from that article: Of the $18.3 billion total, $6.6 billion is for housing, to pay for evacuees' hotel or rental costs and to buy manufactured housing. How many billions could they cut from that total just by moving the evacuees into waiting apartments or homes, I wonder? It's not like overzealous New Orleans landlords aren't helping the problem along. (Registration may be required for that link--I'm not sure.) The money quote: Now, with city officials eager to begin rebuilding, those tenants' belongings are keeping precious apartment space out of the market, landlords said. That's space where imported workers could live. "Imported?" That's an interesting euphemism. I wonder if it has anything to do with people being where they shouldn't. Nah. Couldn't be. Don't worry about it, though, because FEMA residents are now safe to own guns. Yeah, between finding a job, getting insurance, education for the kids, a car, and dealing with a mountain of bills, gun ownership was their first priority, I'm certain. :) Two similar-but-different looks at September housing sales, courtesy of Reuters-via-Yahoo and AP-via-USA TODAY. You can tell a lot about the conflicted state of the market from these two stories. The Reuters story keeps it pretty flat and sticks to the basics. The AP story starts off really enthusiastic, and then goes on for multiple paragraphs about how low consumer confidence may cause pain for retailers and realtors alike. And of course, both articles quote David Lereah, like he's the Yoda of real estate trends. Quoth the sage: "The outlook for housing in my opinion is mixed," said David Lereah, the group's chief economist, citing strong construction data but rising interest rates that are expected to dampen buyer demand. "There's some air coming out of these hot markets," Lereah said, noting he expects some slowing in home sales and price appreciation. "Going forward we're looking for a soft landing in the housing sector." This just in...Real estate prognosticator goes to Hell for pointing out what we knew all along, and major media is just now catching on to. News at eleven!