Hurricane Katrina hit New Orleans on August 25, 2005--almost three years ago. I was surfing around on the interesting real estate website zillow.com, a site that gives aerial view and housing appraisals on most homes in the United States, and decided to take a trip down to New Orleans to see how the housing market was doing. The answer--terrible. 80% of homes in New Orleans suffered flood damage, and the result has been drastically cut home prices in all markets. Here are a few homes that caught my eye.
This 2,000- square-foot home in a once-nice neighborhood will set you back $1,000.
The United States was unprepared for a disaster of this magnitude. Response was slow. The recovery effort was bungled by political appointees with little background in dealing with the situation. Sadly, in 2008, New Orleans still has a long way to go.Have a little more to spend? This small brick home is selling for $1,100. Sad.