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Speculators Rushing In as the Water Recedes

Would-be home buyers are betting New Orleans will be a boomtown. And many of the city's poorest residents could end up being forced out.

KATRINA'S AFTERMATH

September 15, 2005|David Streitfeld, Times Staff Writer

The house, which cost $225,000, is partially flooded. Her boyfriend, a Virginian who figures he's seen enough of hurricanes to last him the rest of his life, wants to move. The insurance company won't return calls.

Last week, Blacksher was worried she would lose her beloved house either to foreclosure or a forced sale. One of those bottom-feeders would get it.


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She was more optimistic Wednesday. Somehow, she would get through this.

"Because the house survived the storm, it will be even more valuable," she said. "You could offer me $300,000 and I wouldn't take it. No way."

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Times staff writer Nicholas Riccardi in New Orleans contributed to this report.

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Housing in New Orleans

Real estate investors are looking for bargains in the New Orleans metropolitan area after Hurricane Katrina, but in some areas prices already are on the rise.

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Rent versus own in the city of New Orleans

Renter-occupied 53.2%

Owner-occupied 46.8%

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Vacant versus occupied in the city of New Orleans

Occupied 84.8%

Vacant 15.2%

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Percentage of owner-occupied homes in each price range in the city in 2004

Under $50,000: 5.6%

$50,000-$99,999: 27.0%

$100,000-$149,999: 24.2%

$150,000-$199,999: 18.4%

$200,000-$299,999: 14.4%

$300,000-$499,999: 6.5%

$500,000 and over: 3.9%

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Sources: Map data from 2000 Census; median prices from National Assn. of Realtors; all other data are 2004 Census Bureau estimates

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