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Market
↑ Housing units (including one-unit, two or more units, and mobile homes): 100,399
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Housing units in 2000: 97,288
↑ Housing inventory: 2,723
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Housing inventory in February 2007: 2,094
↑ Homeowner-vacancy rate: 0.5 percent
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Vacancy rate in 2000: 1.6 percent
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U.S.: 2.7 percent
↓ Homeownership rate: 66.8 percent
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Homeownership rate in 2000: 67.9 percent
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U.S.: 68.1 percent
↑ Average days on market: 91
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Average days on market in February 2007: 68
↓ Single-family-residential building permits: 237
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Permits in April 2007: 422
↑ Median home price (March to May): $179,000
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Median home price in March to May 2007: $166,000
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U.S.: $200,700
↑ Median monthly housing costs: $1,132
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Median monthly housing costs in 2000: $837
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U.S.: $1,402
↓ Total home sales: 468
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Total home sales in May 2007: 605
↔ National foreclosure-volume rank (state): 32 (out of 51)
Industry
Licensing: Mortgage lenders, brokers and employee originators must be licensed. Applicants must pay a $400 fee for companies and $100 for individual originators. Companies must have $50,000 in net worth, in the form of a surety bond, a deposit in a state-based federally insured depository institution or as commissioner-approved securities. Ten hours of professional education required for originators before renewal. In July, the state joined the Conference of State Bank Supervisors/American Association of Residential Mortgage Regulators national licensing program.
Number of mortgage originators:
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Baton Rouge: 501
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Louisiana: 3,327
Résumé
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Demographics: 41 percent white, 55 percent black,4 percent Asian; 2 percent identify as Hispanic or Latino
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Top area employers: Turner Industries Group LLC, Louisiana State University System, ExxonMobil Corp., The Shaw Group Inc., Our Lady of the Lake Regional Medical Center
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Home to nation's 2nd-largest oil refinery
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9th-fastest-growing real estate market in 2007(Money/CNNMoney.com)
Ivanna C. Sukkar is an associate editor at Scotsman Guide. Reach her at (800) 297-6061 or ivanna@scotsmanguide.com.
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