Louisville Properties Blog
Louisville Properties Blog

Louisville Properties Blog

Foreclosures Rates Down Slightly But Remain a Persistent Problem Across the Country

Figures provided by the Mortgage Banker's Association suggest that mortgage delinquency rates declined a bit in the third quarter of 2010, but warn that the coming winter will show little improvement for homeowners struggling to make house payments. The Association reports that foreclosures "declined last quarter amid hints of improvement in the job market, but headwinds from defaults and a rising rate of new foreclosure applications keep the housing outlook muddied." Real estate website Zillow.com's foreclosure figures differed from the Mortgage Banker's Association. They reported that foreclosures have reached a new peak in the U.S. since 1.17 in every 1,000 homes either are in the foreclosure process or perilously close. They report that high negative equity rates, which increased in the third quarter from 22.5 to 23.2 percent, will continue to drive foreclosures and "will be weighing on housing demand for the next few years." Zillow's Real Estate Market Reports publication had additional bad news for the nation's housing market. They said, "Home value depreciation began to accelerate again in September, fueled by lower transactional volumes and increased inventory levels. Home values dropped 0.4% from August to September and 4.3% from September 2009. With home values 25% below their peak and 51 consecutive months of declines, the length and severity of the current downturn is fast approaching the length and depth of the Depression-era housing declines. From the end of 1928 to the end of 1933 (60 months), nominal home values fell 25.9% according to Robert Shiller's reconstruction of long-term home price appreciation in the United States." While the Louisville real estate market has been somewhat insulated from the worst of the foreclosure crisis, it is not immune. If you're thinking of investing in foreclosed or non-foreclosed Louisville real estate as your primary residence...

Safety Tips for Your Louisville Home This Holiday Season

As we get closer to Christmas and New Year's Day, we thought we'd pass along some holiday safety tips to keep your family and Louisville home safe and happy this holiday season. Let's start with the Christmas tree. If you're buying a live tree this year, make sure that you do the following:

  • Buy a fresh tree with needles that bend and are not easy to pull out.
  • Keep the base of the tree immersed in water at all times to keep it as fresh as possible and give your Louisville home that great piney smell.

Check all your strands of lights for frayed ends, exposed wires or cuts. For all trees, make sure to remember these things:

  • Use only indoor light strands on your tree.
  • Don't overload outlets by plugging in multiple power strips or extension cords.

Also, bear in mind that thieves can be as busy during the holiday season as you are! Follow these tips to make your Louisville home less attractive to thieves:

  • Vary your daily routine as much as possible and practical.
  • Leave a TV or radio on, and use timers on lamps (remember to adjust these every few days).

Never post that you're going to be out of town on your Facebook page or any other social media outlets. ·    Ask trusted neighbors, friends or family members to housesit or stop by frequently while you're away. All of us at Louisville Properties want to wish you and yours a very safe and happy holiday season. If you're thinking about buying or selling a Louisville home, please give us a call at 502.744.9504 or fill out one of our contact forms for a fast reply! Happy Holidays everyone!

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Home Prices Drop 3.2 Percent in Third Quarter

Real estate analysts from the Federal Housing Finance Agency are claiming that lower demand and the expiration of the homebuyer tax credit are continuing to put downward pressure on home prices across the country. Home prices fell 3.2 percent in the third quarter of 2010, down significantly from the same quarter in 2009. The agency said that Atlanta suffered the greatest decline in prices among the 25 largest metropolitan areas of the country with a 10 percent drop in home prices. San Diego posted the biggest gain with a 4.6 percent jump. Overall, home prices fell in 40 states compared to the third quarter of 2009. Idaho, Georgia, Arizona, Oregon and South Carolina led the declines in residential real estate. One analyst had an especially gloomy forecast for the nation's home prices for 2011. Celia Chen, a Housing Analyst with trend watcher Moody's Analytics, did an interview before the release of the Federal Housing Finance Agency's report. She said, "Our overall expectations for home prices is that they'll drop by another eight percent by the third quarter of next year." We'll have to wait and see whether or not Ms. Chen's dire forecast is accurate, but it is certainly an accurate snapshot of the current mood of home sellers whose homes have been languishing on the market for months. If you're trying to sell your Louisville home and are looking for an experienced, proactive Louisville real estate agent to help make that happen, please give us a call today at 502.744.9504. Louisville Properties has been helping people sell Louisville homes in all kinds of market conditions for years, and we use our resources...

Prices for Commercial Real Estate Rose Sharply in September

A report recently published by Moody's Investors Service and Real Estate Analytics LLC states that prices for commercial real estate in the U.S. jumped a record 4.3 percent in September from the previous month. This represented the first gain in commercial real estate values since May and was a much-needed bright spot in an industry plagued by empty floors in office buildings and empty storefronts in malls and downtown shopping districts. While down a staggering 43 percent since their peak in 2007, commercial real estate prices showed a 0.3 percent year-over-year increase from the previous September. However, analysts were quick to downplay the significance of September's numbers. Nick Levidy, Managing Director for Moody's, warned that the jump in prices is not an indication of better times ahead for the commercial real estate industry. He said the recent volatility in prices "are due in part to the uncertain macroeconomic environment and the effects of a thin market with low transaction volumes." In our area, Louisville commercial real estate prices are down, but not as sharply as many areas of the country since we are somewhat insulated from the wild swings that have roiled many markets. This provides stability and makes commercial real estate in Louisville an attractive investment for business owners looking to expand operations. It is also a viable option for real estate investors looking for income property and a safe place for their money to appreciate. If either of these scenarios describes your situation and you're looking for the area's best selection of Louisville commercial real estate, please browse the pages of our site and call Louisville Properties at 502.744.9504 for more information. Let our expertise and knowledge of the Louisville real estate markets be the catalyst for your success!...

Deal for Downtown National City Tower Could Be the Biggest Louisville Real Estate Deal in Years

The Louisville commercial real estate market could see its biggest sale since 2004 when the $115 million, all-cash sale of the National City Tower downtown is complete sometime in December. One of several "trophy towers" across the country that are defying downward trends in the commercial real estate markets, the National City Tower most recently sold in 2005 for $95 million. According to insiders, a real estate investment trust based in Newport Beach, CA, KBS Realty Advisors Cos., has a contract to buy the tower from Meridian Investment, Inc. The tower is located in Louisville's central business district and is considered a very attractive investment as it is currently 94 percent leased. This is a notable exception to many office towers that are struggling with vacancies. Towers such as our National City Tower are more than graceful additions to our skyline; they are important magnets for business development, and they enhance the value of nearby properties. While we don't help clients buy and sell huge downtown office buildings, we do make our own contributions to the Louisville real estate market. We have been helping people buy and sell homes, duplexes, apartment buildings and a wide range of commercial properties for years, and we are proud of the services we provide to our clients. We offer many different flexible services to help you find a qualified buyer for your home, and we use our experience and resources to help buyers find the perfect Louisville real estate for their needs. If you're thinking of buying or selling real estate in the Louisville area, call Louisville Properties first at 502.744.9504....
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