Nearly a decade after Kmart rang up its final sales at the Elmwood Shopping Center, the long-vacant site is on the brink of a bold new chapter. Developer Louis Lauricella, whose family first launched the shopping center in 1975, has unveiled a $120 million plan to breathe new life into the property by building 251 apartments and 64,000 square feet of shops and restaurants.

The project, a joint venture with New Orleans-based Felicity Property, received preliminary approval this week for a property tax incentive from the Jefferson Parish Economic Development Commission — a key step toward making the ambitious redevelopment a reality.

Reinventing Elmwood for a New Generation

Dubbed The Francis, the apartment complex will be the centerpiece of Elmwood's transformation from a traditional strip mall into a dynamic, mixed-use destination. The development aims to attract young professionals and new residents drawn to Jefferson Parish's growing healthcare, corporate, and creative sectors.

"Our vision has always been to evolve Elmwood into a place where people can live, shop, dine, and gather," said Will Place, director of development at Lauricella Land. "Getting rid of Kmart was the catalyst that finally made this possible."

The new community will include amenities like a pool, fitness center, co-working space, and a residents' library. Architecturally, the complex will feature three buildings connected by landscaped walkways and a "Main Street" feel that blends residential living with retail convenience.

Years in the Making

The road to redevelopment hasn't been easy. After Kmart closed its doors in 2016, Lauricella faced years of delays, largely due to the lease-holding tactics of hedge fund manager Eddie Lampert, who had acquired the struggling retailer. Real estate sources say Lauricella paid roughly $12 million to buy out the lease three years ago.

Other hurdles included the economic impact of the COVID-19 pandemic and skyrocketing building material costs. Despite those setbacks, Lauricella has remained committed to revitalizing the aging retail complex.

The Francis is a scaled-back version of an earlier vision approved in 2018, which proposed 500 apartments and 85,000 square feet of retail space. However, the intent remains the same: create a vibrant, walkable destination that reflects modern consumer preferences.

A Wider Trend in Mall Redevelopment

Elmwood's transformation mirrors broader efforts across the region to reimagine aging retail spaces. At Clearview City Center, an Ochsner medical facility, a 270-unit apartment complex, and plans for a public plaza have replaced the traditional mall layout. In New Orleans, Riverwalk Outlets is undergoing its own revival, with $25 million in sales taxes earmarked for turning Spanish Plaza into a restaurant and entertainment hub.

As older anchors like Kmart and Michael's have exited Elmwood, new tenants such as Nike, Banana Republic, and J. Crew Factory have stepped in. Popular local eateries, including Boulevard American Bistro and Byblos Mediterranean Grill, have also opened locations, signaling a shift toward a more diverse and curated tenant mix.

Public-Private Partnership

The Jefferson Parish Economic Development Commission's initial approval of a PILOT (payment in lieu of taxes) agreement will help fund the project by offsetting property tax obligations. The full tax break still requires final approval from the Parish Council, but support appears strong.

"This is a project we really want to see move forward," said JEDCO Executive Director Jerry Bologna. "It brings housing, retail, and investment to an area that has traditionally been one of our most important economic engines."

Bologna noted that retail remains a vital part of Jefferson Parish's economy, second only to healthcare in employment. As shopping malls across the country struggle, developments like this one offer a chance to modernize and retain relevance.

A Community in Transition

If all goes according to plan, The Francis will mark a turning point for Elmwood — and perhaps for suburban shopping centers across the country. By combining housing, walkable retail, and vibrant public spaces, developers are responding to changing lifestyles and the growing demand for live-work-play environments.

"This is about creating spaces where people can connect, stay, and make memories," said Place.

And with a long-empty Kmart finally out of the picture, Elmwood is ready to do just that.

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In a welcome shift for homebuyers, mortgage rates in the U.S. have declined for the third straight week, easing some of the financial strain in a housing market still grappling with high prices and affordability challenges.

According to mortgage giant Freddie Mac, the average rate on a 30-year fixed mortgage dipped to 6.6% this week, down from 6.69% last week and notably lower than the 6.95% average from a year ago. This marks the lowest level for the 30-year rate since late October, when it hovered around 6.54%.

Rates for 15-year fixed mortgages, a popular option for homeowners refinancing their loans, also saw a drop — falling to 5.84% from 5.96% the previous week. A year ago, that rate stood at 6.38%.

Encouraging Signs for a Sluggish Market

The recent dip in rates comes during a season that's typically less competitive for homebuyers, and it's breathing a bit of life into an otherwise sluggish housing market. According to Freddie Mac's chief economist, Sam Khater, a combination of lower mortgage rates, steady income growth, and a strong stock market has bolstered homebuyer demand.

Still, Khater cautioned that while these factors point to a more optimistic outlook, the gains are tempered by ongoing affordability hurdles. "The outlook for the housing market is improving," he said, "but the improvement is limited given that homebuyers continue to face stiff affordability headwinds."

Indeed, despite the downward trend in rates, U.S. home sales are on track for their worst year since 1995. Elevated borrowing costs and persistently high home prices have made it difficult for many would-be buyers to enter the market.

The Fed's Role and the Path Ahead

The drop in mortgage rates closely mirrors shifts in the 10-year Treasury yield, which helps set the pace for long-term mortgage rates. While the Federal Reserve doesn't directly control mortgage rates, its monetary policy decisions — particularly regarding interest rates — heavily influence bond yields and, in turn, mortgage rates.

In recent months, the Fed has signaled a more dovish stance, with many economists and Wall Street traders anticipating another rate cut in the upcoming policy meeting. That sentiment has helped pull Treasury yields down from highs seen earlier this year. The yield on the 10-year Treasury was at 4.3% midday Thursday, down from above 4.7% in October and under 3.7% as recently as September.

Borrowers Take Advantage

As rates edge downward, borrowers are jumping at the opportunity. Mortgage applications increased by 5.4% last week, according to the Mortgage Bankers Association (MBA), marking the fifth straight weekly gain. Applications for refinance loans surged even more, climbing 27% from the prior week.

MBA CEO Bob Broeksmit noted that purchase applications have posted year-over-year increases nearly every week for the past three months — a rare bright spot in a market still facing stiff headwinds.

Cautious Optimism for 2024

Despite the positive momentum, most housing economists remain cautious. With home prices near record highs and only slowly decelerating, many prospective buyers are holding out hope for even lower rates in the coming months. But experts warn that rates are unlikely to fall dramatically in the near future.

Forecasts suggest that average 30-year mortgage rates will stay above 6% through 2024, potentially keeping many sidelined from homeownership unless incomes rise or home prices soften more substantially.

For now, buyers and homeowners looking to refinance may find that this window of lower rates — however modest — offers the best opportunity in months. The question is how long the reprieve will last and whether it will be enough to thaw a housing market that's still feeling the chill.

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Granite vs. Quartz – Which Is Right for Your Kitchen?

Few home design choices ignite as much passion as the debate over granite vs. quartz countertops. It's a topic that's fueled countless arguments on renovation shows and sparked deep homeowner loyalty. But beneath the preferences and personal tastes lies a practical question: is one better than the other?

To help you cut through the noise and make an informed decision, let's explore the key differences between granite and quartz — from appearance and cost to maintenance and durability.

Understanding the Materials

Granite is a 100% natural stone formed from cooled and solidified molten rock. It's quarried, cut into slabs, polished, and shipped for installation. Each piece is unique, showcasing natural patterns and colors shaped by the earth over millions of years.

Quartz, on the other hand, is engineered. It's made from roughly 95% natural ground quartz and 5% polymer resins and pigments. This gives it the appearance of natural stone while allowing for more customization in color and texture.

Appearance: Natural vs. Custom

Granite is prized for its one-of-a-kind appearance. No two slabs are alike, making it a standout option if you're seeking a natural, unique look in your kitchen. It comes in a wide range of colors and patterns, often with dramatic veining or flecks of minerals that add character.

Quartz, while not naturally varied like granite, has its own appeal. It offers a clean, consistent look and is available in nearly any color or pattern you can imagine. If you have a specific color palette in mind, quartz can be easier to match and is generally more predictable in design.

Cost: A Range That Depends on Quality and Installation

Granite tends to cost between $2,000 and $4,500 for materials and installation, depending on the type of stone and complexity of the job. You may be able to save by sourcing the material directly, but fabrication and installation should be left to the pros.

Quartz usually falls on the higher end, averaging between $3,000 and $7,500. It's heavier than granite and requires careful installation to ensure your cabinetry can support it. Like granite, some prep work can be DIY, but expert installation is recommended.

Environmental Impact: Mining vs. Manufacturing

Granite's natural origins come with a trade-off — it must be quarried, which consumes a lot of energy. If you opt for imported slabs, transportation adds to the carbon footprint. Choosing locally sourced granite or salvaged stone can reduce the environmental impact.

Quartz, though man-made, can be more eco-conscious if it's manufactured and fabricated locally. Because it's engineered, manufacturers can control the sourcing and waste more efficiently than quarrying natural stone.

Maintenance: Daily Care and Long-Term Needs

Granite needs a bit more attention. It's porous, so it should be sealed once a year to prevent stains and bacteria from seeping into the surface. Daily cleaning with mild soap and water is usually enough, but spills should be wiped quickly.

Quartz is virtually maintenance-free. It doesn't require sealing, and its non-porous surface resists staining and bacteria buildup. Simple cleaning with soap and water keeps it looking sharp.

Durability: Strength Meets Practicality

Granite is tough and heat-resistant, making it a solid choice for busy kitchens. Still, it can chip or crack if hit hard enough, and unsealed granite is vulnerable to certain spills and acidic substances.

Quartz is even more durable. It resists chips, cracks, and stains better than granite, and because it's non-porous, it also offers better protection against bacteria. However, it's not invincible — direct exposure to high heat can damage quartz, so always use trivets or hot pads.

Final Thoughts: Which One Wins?

If you're looking for a countertop with timeless, natural beauty and don't mind a little extra upkeep, granite could be your ideal match. On the other hand, if low maintenance, long-term durability, and design flexibility top your list, quartz might be the better choice.

In reality, you can't go wrong with either. Both materials offer excellent performance and add value to your home. The best choice depends on your lifestyle, design goals, and how much upkeep you're willing to take on. So whether you're team granite or team quartz, know that your kitchen will benefit from a beautiful, lasting surface either way.

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The U.S. housing market is gradually returning to pre-pandemic conditions, with more homes available for buyers and less competition compared to recent years. As of December 2024, the number of homes on the market approached one million, the highest December inventory since 2019. While the overall supply remains 25% below the 2018–2019 average for this time of year, it is significantly better than the extreme shortages seen during the pandemic, when inventory fell to a 51% shortfall in early 2022.

As more sellers enter the market, price growth is also slowing, creating a more balanced environment for buyers and sellers alike. Zillow's Market Heat Index indicates that, for the first time since 2019, the housing market is in neutral territory. With home values stabilizing in many metro areas, buyers may find better negotiating power heading into 2025.

Home Prices and Market Conditions

The typical U.S. home value in December 2024 was $358,461, with a monthly mortgage payment of $1,844 assuming a 20% down payment. Home values declined in 45 out of the 50 largest metro areas, showing signs of a cooling market.

• The largest price drops were seen in Tampa (-0.9%), Austin (-0.8%), New Orleans (-0.7%), Buffalo (-0.7%), and Atlanta (-0.7%).

• Only Louisville saw an increase in home values, rising 0.2%.

• Home values remained steady in Salt Lake City, San Jose, Washington, D.C., and Oklahoma City.

• Year-over-year, home values increased in 42 out of 50 major metro areas, with the highest gains in San Jose (7.9%), Providence (6.7%), Hartford (6.5%), Cleveland (6.4%), and New York (6.4%).

• The largest annual declines occurred in Austin (-3.2%), Tampa (-2.5%), San Antonio (-1.8%), New Orleans (-1.4%), and Jacksonville (-0.9%).

While mortgage rates remain elevated—contributing to affordability challenges—the increase in housing supply has helped slow price appreciation. The typical monthly mortgage payment has risen by 1.6% since last year and is up 109.7% since pre-pandemic levels, reflecting the impact of higher interest rates.

Housing Inventory and New Listings

More homes are available for buyers, providing them with more choices than in previous years. Active inventory in December increased by 16.8% compared to last year, while the number of new listings declined by 30.9% month over month, a seasonal trend typical during the winter months.

Key inventory insights include:

• Total inventory remains 25.1% below pre-pandemic levels.

• Homes are staying on the market longer, with a median age of inventory at 82 days.

• The number of price cuts increased slightly, with 17.2% of listings seeing reductions, up 1.7 percentage points from last year.

• Fewer homes are selling above list price, with 26.9% of homes selling for more than asking, down 2.4 percentage points from last year.

Buyers vs. Sellers: A More Balanced Market

For the first time in five years, the housing market is evenly balanced between buyers and sellers, according to Zillow's Market Heat Index. This means neither buyers nor sellers have a strong upper hand, creating more room for negotiation.

• The strongest sellers' markets include San Jose, San Francisco, Hartford, Buffalo, and Boston, where demand remains high.

• The strongest buyers' markets are Miami, New Orleans, Jacksonville, Indianapolis, and Pittsburgh, where homes are sitting longer on the market and price cuts are more common.

Rental Market Trends

Rents have also shown signs of stabilization, falling 0.2% month over month in December, which aligns with the pre-pandemic seasonal trend. However, rents remain 3.4% higher than a year ago.

• Rent prices decreased in 32 of the 50 largest metro areas, with the largest monthly drops in Denver (-1.3%), Salt Lake City (-0.6%), San Jose (-0.6%), Portland (-0.6%), and Austin (-0.5%).

• Annual rent increases were highest in Hartford (7.9%), Cleveland (7%), Richmond (6.5%), Providence (6.2%), and Chicago (5.8%).

What This Means for Buyers and Sellers in 2025

With inventory continuing to recover and price growth slowing, buyers entering the market in 2025 may find more negotiating power than in previous years. However, mortgage rates remain a key affordability challenge, keeping monthly payments high. The return of sellers who had been hesitant due to higher interest rates could further increase inventory, offering buyers even more options.

For sellers, realistic pricing and strategic marketing will be crucial, particularly in metro areas where price declines have been more pronounced. While demand remains steady in certain regions, the days of bidding wars and rapid price escalation have largely passed.

As the market continues to stabilize, both buyers and sellers should remain informed and flexible in their approach, ensuring they make the most of the evolving housing landscape in 2025.

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Understanding Mortgage Rates & What Drives Them and How They Impact Homebuyers

For many Americans, buying a home is the largest financial decision they will ever make. At the core of this decision lies a critical factor: the mortgage interest rate. This seemingly small percentage can significantly impact monthly mortgage payments, making the difference between a manageable budget and financial strain.

Mortgage rates have fluctuated dramatically in recent years, making it difficult for buyers to determine the best time to enter the market. During the pandemic, rates dipped as low as 3%, but by 2023, they surged past 8% before moderating slightly. As of early 2025, the average 30-year mortgage rate sits at 7.01%. Even a small reduction in this rate can translate to thousands of dollars in savings over the life of a loan.

To navigate the homebuying process effectively, it is essential to understand the factors that influence mortgage rates. These factors fall into two broad categories: economic forces that shape overall lending conditions and personal financial factors that affect individual loan offers.

Economic Factors That Drive Mortgage Rates

Several key economic indicators influence mortgage interest rates. Lenders adjust rates based on these factors to manage risk and maintain profitability.

Economic Growth and Inflation

The overall health of the economy plays a significant role in determining mortgage rates. In times of strong economic growth, businesses expand, consumer spending rises, and demand for credit increases. As a result, lenders often raise interest rates to keep pace with demand.

Inflation is a particularly strong driver of mortgage rates. Lenders must ensure that the interest rates they charge exceed inflation to maintain the real value of their returns. When inflation rises, mortgage rates typically follow suit, as lenders adjust rates to compensate for the decreasing purchasing power of future loan payments.

Federal Reserve Policy

The Federal Reserve does not set mortgage rates directly, but its monetary policy decisions strongly influence them. The Fed controls the federal funds rate, which determines the cost of borrowing for banks. When the Fed raises this rate, borrowing becomes more expensive, which typically leads to higher mortgage rates.

During the 2020 pandemic, the Fed took aggressive measures to keep mortgage rates low, including purchasing mortgage-backed securities. However, as inflation surged in 2022 and 2023, the Fed raised interest rates 11 times to slow economic growth, contributing to higher mortgage rates.

Bond Market Trends

Mortgage rates are closely tied to the yield on 10-year U.S. Treasury bonds. These government-backed securities serve as a benchmark for mortgage rates because they compete with mortgage-backed securities for investor capital. When Treasury bond yields rise, mortgage rates generally increase as well.

Global economic events and geopolitical instability also play a role. During uncertain times, investors often seek the security of Treasury bonds, driving yields down and leading to lower mortgage rates. Conversely, when confidence in the economy is high, Treasury yields rise, pushing mortgage rates upward.

Housing Market Supply and Demand

The housing market itself influences mortgage rates. When demand for homes is strong, lenders may raise rates to manage loan volume and risk exposure. In contrast, during a housing market slowdown, lenders often lower rates to attract more borrowers. Default rates and foreclosure trends also factor into lenders' pricing strategies. If default risks rise, mortgage rates may increase as lenders seek to protect themselves against potential losses.

Personal Factors That Affect Mortgage Rates

While broader economic conditions set the stage for mortgage rates, an individual borrower's financial profile determines the exact rate they receive.

Credit Score

Lenders use credit scores to assess risk. Borrowers with higher credit scores typically qualify for lower interest rates, as they are viewed as less likely to default on their loans. Maintaining a strong credit score by making timely payments and managing debt responsibly can lead to significant savings on mortgage costs.

Loan Amount and Term

The size and duration of a mortgage impact the interest rate. Larger loan amounts may come with slightly higher rates due to increased lender risk. Likewise, loans with longer repayment terms, such as 30-year mortgages, often have higher rates than shorter-term options like 15-year loans.

Down Payment

A larger down payment reduces the lender's risk and can result in a lower mortgage rate. Borrowers who put down at least 20% typically receive better rates and avoid the added cost of private mortgage insurance (PMI).

Debt-to-Income Ratio (DTI)

Lenders evaluate a borrower's DTI ratio, which compares monthly debt payments to gross income. A lower DTI signals financial stability and can lead to better loan terms. Keeping debt levels manageable before applying for a mortgage can improve loan eligibility.

Loan Type

Different mortgage products come with varying interest rates. Fixed-rate mortgages offer stable payments over the loan term, while adjustable-rate mortgages (ARMs) start with lower rates that can increase over time. Government-backed loans, such as FHA, VA, and USDA loans, often have competitive rates but may include additional requirements.

Making Informed Decisions in a Changing Mortgage Landscape

Understanding what drives mortgage rates can help homebuyers make more informed decisions about when to enter the market and how to secure the best loan terms. While economic conditions set the baseline for rates, personal financial factors play a crucial role in determining the final cost of borrowing.

By monitoring market trends, improving financial health, and comparing loan offers, buyers can position themselves to secure the most favorable mortgage rates possible. In a fluctuating rate environment, staying informed and working with knowledgeable professionals can make all the difference in achieving long-term financial stability through homeownership.

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