WVUE Fox 8: Rising gas prices and mortgage rates put pressure on New Orleans homebuilding
Peter Ricchiuti, senior professor of practice in finance and research director of Burkenroad Reports, was interviewed by WVUE Fox 8 about the impact of rising mortgage rates on New Orleans homebuilding.
“That has made affordability very difficult,” Ricchiuti said. “You could say 6% to 6.5% that doesn’t sound like much. But because it’s such a long-term loan, that’s a huge change for the monthly payment and then you have to factor in the sky-high prices people pay for property insurance in the state.”
To read the story in its entirety, visit fox8live.com:
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