An Insiders Perspective

B.R. housing prices continue to increase

Baton Rouge home prices were up 2.4% in March, compared to the year before, another sign of market stability in the wake of a national housing downturn. The modest increase was a little worse than the February numbers from First American CoreLogic's Home Price Index. In February, Baton Rouge home prices were 4.14% higher than what they were in February 2008. Nationally, home prices were down 11.5% in March when compared to the year before. In Louisiana, home prices were up 1.76% in March, the third-highest appreciation rate in the nation. Only West Virginia (7.45%) and South Dakota (1.95%) were higher. First American bases the HPI on public records sources such as property sales, tax assessments and mortgage filings. First American notes that 44 states had price declines in March, compared with 30 the year before, and the number of states posting double-digit price drops went from seven in March 2008 to 14 in March 2009. First American notes that U.S. home prices, which peaked in July 2006, have fallen more than 22% and are at their lowest point in five years.