Louisville Properties Blog
Louisville Properties Blog

Louisville Properties Blog

Real Estate Experts Fear a New Chill in Home Sales

Even though homes sales have increased for three straight months, the combination of several factors have real estate professionals concerned about a winter slowdown for home sales. The two biggest contributors to surging home sales over the last several months—artificially low interest rates and the federal tax credit for first-time homebuyers—will end. The New York Times reports that mortgage defaults and distress sales are on the rise in the middle and upper price ranges of homes, and millions of homeowners are so upside-down on their mortgages that they are essentially locked into their home for many years. "Plenty of pain yet to come," said Joshua Shapiro, Chief United States Economist for MFR. He is forecasting an imminent resumption of price declines. Home sales this past summer gave hope that housing markets were somewhat stabilized. The federal tax credit program prompted many homebuyers to stop waiting for a better price and buy a home. However, consumers across the country seem very much aware of the financial difficulty that lies ahead, as indicated by October's unexpected drop in the consumer confidence index. Right now, foreclosures are the only sector of the real estate market that has remained hot as investors and first-time homebuyers take advantage of these opportunities. Many experts forecast more foreclosures in the near future. Nevertheless, growing concerns about the nation's housing market inspired lawmakers to extend the first-time homebuyers tax credit that has resulted in nearly 400,000 home sales. If there was no extension of the program, the real estate industry could have faced a very long and quiet 2009. Falling home prices have made Louisville homes for sale an uncommonly good investment. If you're looking for Louisville real estate for a primary home or income property, call 502.744.9504 or...

Website Provides Fraud Watch for Homeowners and More

Mortgage fraud continues to plague homeowners, and lenders and criminals are constantly creating new ways to separate people and mortgage lenders from their money. However, a new website provides free assistance to prevent homeowners from becoming victims of a new and especially problematic type of fraud called "house theft."  The new site—ePropertyWatch.com— monitors public documents associated with a home and promises to let homeowners know if there is any illegal activity, such as a forged deed that fraudulently transfers a home's title, in connection with their home. The site also provides informal home appraisals and other tools to track real estate activity in a homeowner's neighborhood and much more. In scams called "house theft," a thief assumes "ownership" of a home so that they can sell it to other criminals who have secured a loan on the property. The fictitious "seller" then splits the take with anyone else in on the scam. Incidents of mortgage fraud jumped 36 percent in 2008 over the previous twelve months to almost 64,000 cases, according to the FBI's annual report. The site uses a combination of home selling prices in the user's neighborhood, recent appraisals, foreclosures and other neighborhood-specific information to estimate any home's current value. It provides long-term changes in the median selling prices of a zip code. Users can sign up to receive emails when a new lien is placed on their home or when their home's assessed value changes significantly. While mortgage fraud may be on the rise, there's nothing unsavory about finding your perfect home or selling one quickly with the assistance of LouisvilleProperties.com. This Louisville real estate professional has many years of experience assisting clients and has the area's best selection of Louisville homes for sale. Call today at 502.744.9504....
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