Hurricane Katrina was the most devastating natural disaster that any of us have ever seen. Hundreds of thousands were displaced from their ruined homes in New Orleans and surrounding areas. Has anything positive come from this tragedy?
Many housing markets from Texas to Florida and even beyond are suddenly booming with families looking to relocate and start fresh in a new town. Not only are homes being purchased above asking price, apartments and commercial units are also being fought over. This is great news for communities that may have been experiencing a slow spell in home sales, but this could really hurt those locals struggling to keep up with the quickly rising costs. Increased costs due to a surge in demand is acceptable, I just hope that we do not see prices being inflated by greedy home owners trying to take advantage of this situation!