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Great Profit Prospects in New Orleans Foreclosure Investing

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By : John Cutts    99 or more times read
Recent city developments affirm strong profit prospects in New Orleans foreclosure investing. Among these are the inauguration of a new mayor filled with energy to revive New Orleans, the decline in foreclosure filings and the creation of laws designed to eliminate blight and rejuvenate neighborhoods.

In the first quarter of this year, total foreclosure filings in the New Orleans metro area fell by nearly 8 percent to 1,867 filings from the final quarter last year. The metro area is not clobbered by foreclosures as much as other areas despite the lingering effects of Hurricane Katrina, as it ranked 119th among 203 areas in foreclosure rate.

Nonetheless, foreclosure investors targeting New Orleans can still make profits by buying available foreclosed homes on sale and renting them out while waiting for the time the city has fully recovered.

Judging from the statements of the new city leader, Mayor Mitch Landrieu, New Orleans can rise up again. The mayor had a different take on recovery from Hurricane Katrina. He said the city needs to stop thinking about rebuilding and to start dreaming about building the kind of city it wants to become.

With former residents expected to return and more people enticed to live in the city, New Orleans foreclosure investing is a profitable decision.

Landrieu became the first white mayor since his father left the position 32 years ago. After serving for six years as lieutenant governor of Louisiana and 16 years as a state legislator, he won the support of African Americans who comprise two-thirds of the city’s population to win the mayoral elections.

Another positive development is the approval of a House bill that would allow the city of New Orleans to sell abandoned, blighted properties to third parties without waiting for owners to remedy code violations. Some rural legislators opposed the bill because it could defile private property rights, but proponents argued that the city is being battered by thousands of blighted properties abandoned by owners who do not care about the effects of their deteriorating properties on neighborhoods.

A number of these properties were properties that were repossessed through foreclosure auctions in Louisiana, but were not resold. In 2009, nearly 12,000 units became New Orleans foreclosure investing can expect to gain profits in a few years.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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