Louisville Properties Blog
Louisville Properties Blog

Louisville Properties Blog

Habitat for Humanity Builds Louisville Home #337

The Louisville chapter of Habitat for Humanity has built 336 homes over the last 25 years, and a local mother recently took possession of home #337. The charitable organization, along with employees from Norton Healthcare, recently worked together to build a new Louisville home on East Caldwell Street in Smoketown. Volunteers framed the walls of the one-story, three-bedroom home and installed doors and windows for DeAndra Garnett. Garnett is the mother of a four-year-old and is expecting another child. She is employed by Kosair and was shocked and delighted with the progress of her new Louisville home. 'I was here on Monday, and it was just a deck,' she said. She continued, 'I came back today and it's all up, and it's amazing how it's up so fast.' In order to earn her new home, Garnett had to work for it by helping volunteers with the construction. She plans to move into her new house before the end of the year. At Louisville Properties, we applaud and support the efforts of Habitat for Humanity and the many other charitable organizations in our area that make a positive difference in people's lives. If you're looking for your next Louisville home or you're looking for qualified buyers to buy your current home, contact the pros at Louisville Properties. We have been helping people buy and sell commercial and residential real estate in the Louisville area for years. We have the resources and experience to help you find the perfect home or the perfect buyer. For more information about how we can help you buy or sell a Louisville home, call us today at 502.744.9504 or fill out our contact form for a fast reply!


Commercial Real Estate Analysts Say 'Delay and Pray' Strategy is Not Viable

A meeting convened recently at the McDonough School of Business of Georgetown University where some of the biggest names in commercial real estate discussed the state of the industry. Commercial real estate in the U.S. is currently mired in its worst funk since the Great Depression, and in the two years since the credit bubble burst, prices have plunged an average of 40 percent. Industry analysts say that a perfect storm of depressed property values, tight lending practices and the Great Recession has paralyzed the country's commercial real estate market. Prices are down an average of 40 percent across the country, putting additional pressure on reluctant lenders to tighten lending standards further. Analysts say that since no one really knows what commercial real estate is worth at the moment, obtaining lines of credit could get even tougher for the foreseeable future. The analysts said that outside of a few high profile, "can't miss" commercial developments in New York and Washington that have begun recently, little else is happening. They say that everyone is in a holding pattern, waiting for a magical rebound that isn't likely to happen. They also said that the prevailing "delay and pray" strategy that the industry is pursuing is counterproductive and will only extend the status quo and could make it worse. There is no doubt that the economic downturn has affected the prices of Louisville commercial real estate. However, conditions here are not nearly as bad as most markets, which makes now an excellent time to sell and buy commercial real estate in Louisville. If you're an owner looking for a buyer or a buyer seeking your next opportunity, contact the commercial real estate experts at Louisville Properties today. Give us a call at 502.744.9504 and put our experience and resources to work for you!...

Existing Home Sales Up 7.6 Percent in August

August sales of existing homes brought modest relief to a struggling housing market in most areas of the country with sales up 7.6 percent from record lows. The National Association of Realtors reported that sales of previously owned homes rose to an annual rate of 4.13 million. The NAR also reported that the 12.5-month inventory of unsold homes in the U.S. in July dropped to 3.98 million, or an 11.6-month supply. Selling prices for homes sold in August also showed modest gains of 0.8 percent with the median price for an existing home measured at $178,600. While any gains are welcome signs for the country's beleaguered housing market, some economists predict that any recovery could take a long time for many of the hardest hit housing markets. NAR Chief Economist Lawrence Yun expected the housing market to remain soft through October and November despite lower home prices and mortgage rates at record lows. "The housing market is trying to recover on its own power without the home buyer tax credit," Yun said. He reported that any recovery "will likely be slow and gradual because of lingering economic uncertainty." If you're thinking of selling your Louisville home, there are qualified buyers out there looking for their next home. Is your home getting the exposure and marketing you need to attract them? Call 502.744.9504 today and have the Louisville real estate professionals at Louisville Properties help you sell your home. Their experience, Internet marketing skills and professionalism can make all the difference when you're ready to sell your home. Whether you need a discount brokerage, FSBO assistance or a full-service Louisville real estate agent, rely on us to help you sell your home and get results!...

Foreclosure Oversights Could Be "Epidemic" in Mortgage Banking Industry

Recent announcements from Bank of America, JPMorgan and some other mortgage lenders about a stop to foreclosures until they had investigated "oversights" in the foreclosure process suggest that these problems are more serious and widespread than we initially thought. In a deposition she gave last February, one Bank of America official admitted that she signed 7,000 to 8,000 foreclosure documents per month and typically did not read them. "I typically don't read them because of the volume that we sign," she said. She also admitted that she had identified herself as a representative of Bank of New York Mellon, a company that did not employ her. At the center of the issue is the fact that hundreds of thousands, perhaps millions, of foreclosure documents have been signed without the required investigations to ensure that the lender is within their right to foreclose. One attorney representing someone who may be dealing with an unlawful foreclosure said, "We have had thousands, maybe hundreds of thousands of foreclosures around the country by entities that did not have the right to foreclose." Consumer advocates say that the foreclosure oversight problems are not limited to Bank of America, JPMorgan and a few other lenders that have halted foreclosures recently. "The general level of sloppiness is pervasive around the industry," said Diane Thompson, Counsel at the National Consumer Law Center. If these and other lenders are found to have "rubber-stamped" foreclosure documents without reading them or vetting their contents, foreclosures on homes that are currently pending and those that have already occurred could be rendered invalid or illegal. If this occurs, the nation's foreclosure crisis could continue for a very long time. Buying foreclosures may not look like an attractive investment now, but if you're shopping for Louisville real estate, you're in the right place! We have the area's best selection of residential and commercial real estate. Browse the listings on our...

Bank of America Stops Home Foreclosures in Kentucky, Indiana and Other States

Bank of America announced recently that it is delaying foreclosures on homes in Kentucky, Indiana and 21 other states. The country's largest bank reported that it is halting foreclosures to review whether it rushed the foreclosure process on thousands of homes without reading the documentation for each foreclosure. Other mortgage lenders, including Ally Financial Inc.'s GMAC Mortgage unit and JPMorgan Chase, have recently admitted that their employees may also have signed foreclosure documents without properly vetting the information on them. The companies admitted the oversights after the lapses were made public. These revelations could result in serious headaches for the mortgage lenders. Thousands of homeowners currently in the foreclosure process or those who have lost their homes to foreclosure could contest the validity of the foreclosure, potentially leaving properties in limbo until each case is sorted out. If other mortgage lenders admit the same oversights, it could extend the current foreclosure crisis sweeping the country for years. Some states are getting involved by preventing lenders from foreclosing on mortgages in default. Connecticut Attorney General Richard Blumenthal recently requested that a state court freeze all home foreclosures in the state for 60 days. He said the freeze "should stop a foreclosure steamroller based on defective documents." California Attorney General Jerry Brown told JPMorgan to suspend foreclosures until it could prove that it has complied with a state consumer protection law. Attorneys General in Florida and Ohio have similar investigations underway looking into foreclosure oversights. This development could have far reaching consequences for the millions of homes across the country that have been foreclosed on or are in the process of foreclosure. Fortunately, there are plenty of Louisville homes for sale that are not affected by foreclosure. For the area's best selection of Louisville homes for sale, contact Louisville Properties...

September Real Estate Recap Reflects More of the Same for 2010

Each month thus far in 2010 hasn't been much fun for real estate professionals across the country, and September was no exception. Sales are down, home prices are down in most markets, foreclosures continue to mount and economic uncertainty is dissuading buyers from making purchasing decisions. For buyers, uncertainty about the nation's economy is trumping record low mortgage rates that make now the best time to borrow money to buy a home in decades. On September 30, giant mortgage lender Freddie Mac released a survey that indicated mortgage rates for 15- and 30-year mortgages in the last week of September met or exceeded record lows. Rates for borrowers with the best credit averaged 4.32 percent for 30-year fixed rate mortgages, a figure that would have been unthinkable just a few years ago. A survey released by the Census Bureau recently shed some light on why low mortgages rates have failed to spur home sales. For many Americans, buying a home is not economically feasible. The Bureau's American Community Survey released September 28 indicated that more than one in five Americans can barely afford to pay rent and 40 percent of respondents reported spending more than 35 percent of their income on housing. The nation's commercial real estate sector is also flagging. Moody's/REAL All Property Type Aggregate Index for September showed that sale prices for commercial real estate are only 0.9 percent higher year-over-year from October 2009. Current conditions in both residential and commercial real estate have created the best buyer's market in recent memory. If you've been thinking about investing in Louisville commercial real estate to start a business, expand an existing one or as income property, contact the experts at Louisville Properties today at 502.744.9504. We offer the full spectrum of real estate services from property management to brokerage services and much more!...

Some Homeowners Gain Limited Relief from Chinese Drywall Problems

Homeowners struggling with strong odors, malfunctioning appliances, ruined electrical wiring and plumbing, a host of health problems and other difficulties from drywall manufactured with high levels of sulfur may finally have some help. Homeowners in 38 states have been dealing with a myriad of problems for the last several years as devastation from Hurricane Katrina and a housing boom drove record demand for drywall. Builders and distributors imported millions of sheets of drywall from China to rebuild homes along the Gulf Coast and for new construction elsewhere. Property owners' problems began shortly after moving in. Some of the contaminated drywall was manufactured in the U.S., but the overwhelming majority of the drywall was made in China and emits corrosive hydrogen sulfide gas. This gas causes respiratory problems, persistent headaches, sinus infections and other health issues for homeowners and corrodes most metals in a building. Many owners of homes built with the contaminated drywall are in an unenviable position as their current homes are uninhabitable and they must rent or buy other homes to escape the fumes. Making matters worse, their newly built homes are now nearly unsellable unless they gut them and rebuild at a cost of nearly $100,000. 'My property right now has no value -- it's toxic. I can't sell it. I can't do anything,' said one homeowner in Florida. Hundreds of lawsuits have been filed, but Chinese drywall manufacturers contend that U.S. courts have no jurisdiction over them. Only one, Knauf Plasterboard Tianjin, is negotiating with homeowners on a settlement. However, with at least 5,600 homeowners participating in a class-action lawsuit against 1,600 manufacturers, builders, installers and insurers, those receiving any financial help in the short term will be in the minority. The homes affected by the contaminated drywall were built in 2004 and after. If you're looking for an older home in the Louisville area to buy as your primary residence or as...

Kentucky, Indiana Will Receive Some of $3 Billion in Housing Aid

Kentucky and Indiana will receive portions of $3 billion in housing aid to assist unemployed homeowners who are nearing foreclosure. The Treasury Department announced recently that 17 states with unemployment rates higher than the national average will receive the funds. Under the plan, Kentucky will receive $56 million, and Indiana will get $83 million. Kentucky Governor Steve Beshear was pleased with the announcement. He said, "These funds will help active job seekers bridge the gap for a few months with their mortgage payments." The Kentucky Housing Corporation is planning to announce the allocation of the funds in the coming weeks. The Indiana Housing & Community Development Authority has not released their plans on how they will disburse the funds to unemployed homeowners. Struggling Kentucky homeowners who need free advice on how to keep their homes can visit www.protectmykyhome.org or call 866-830-7868. The Obama administration plans to use $1 billion to fund another program designed to provide struggling homeowners with emergency zero interest rate loans of up to $50,000 for up to two years. The Department of Housing and Urban Development is overseeing this program, and they plan to release details about it in the near future. The Louisville real estate professionals at Louisville Properties welcome any program that helps struggling homeowners remain in their homes. If you're tired of staying in your current home and are looking for a new Louisville house, condominium, farm, country estate or other type of real estate, call the experts at Louisville Properties today at 502.744.9504. No other Louisville real estate company has more Louisville homes from which to choose or more experience helping people buy and sell homes....
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