Louisville Properties Blog
Louisville Properties Blog

Louisville Properties Blog

Louisville Home Mortgage Broker Ordered to Cease Doing Business in Indiana

Indiana's Securities Commissioner has ordered a Louisville-based home mortgage broker and another broker based in Las Vegas to stop doing business in Indiana. A complaint filed with the Indiana Securities Commission cites Louisville-based Home Ownership Possibilities for Everyone LLC as one of the companies operating illegally without a license in Indiana. The state cited the mortgage broker for trying to obtain residential mortgage loans for clients in Indiana without having a license to do so. The other company ordered to cease operations is Las Vegas-based SEEED Consortium LLC, which also tried to secure mortgage financing for customers without an Indiana license. "It is critical for us to alert Hoosiers of these unlawful business practices and inform our residents that these companies are not licensed to offer loan broker services for residential real estate transactions in Indiana," said Secretary of State Todd Rokita whose office oversees mortgage broker licensing. The Indiana Securities Commission is seeking a $10,000 civil penalty per violation from each company, but it was unknown how many violations each company currently faces. There have been plenty of reports of fraudulent mortgage practices across the country over the last couple of years as troubled homeowners upside-down on their mortgages try to keep their homes. Tighter lending standards have created opportunities for unscrupulous mortgage brokers to prey on desperate borrowers. Anyone looking for a mortgage to buy a home in the Louisville area should check the legitimacy of any mortgage brokerage offering loans before signing any documentation. While you must be cautious about your mortgage broker, if you're looking for a Louisville real estate broker, look no further than Louisville Properties. We have a proven record of success and integrity helping people buy and sell homes and commercial real estate in the Louisville area. Call us today at 502.744.9504 and put our experience, honesty and professionalism...

Sales of New Louisville Homes Buck National Trend

While homebuilders across the country are reeling from their worst sales month since 1981, sales of new Louisville homes remain strong according to members of the Greater Louisville Association of Realtors. Nationally, new home sales fell 33 percent in May to their lowest level since 1961, when the recording of sales of newly built homes started. Louisville realtors say that sales of new Louisville homes have seen a steady rise since last summer. Sales were up 46 percent in May 2010 from the previous May and rose 21 percent above April's new home sales. After taking a wait-and-see attitude for the last couple of years to see how the national economy would affect sales of new Louisville homes, homebuilders in the Louisville area are building again, confident that these homes will sell. Chuck Kavanaugh of the Home Builders Association of Louisville cautioned that the numbers of new homes built in Louisville are "nowhere near where they were three or four years ago." However, he also said that building permits for residential construction are up 16 percent thus far this year in Jefferson, Oldham, Bullitt, Shelby and Spencer counties. However, while the Louisville real estate market shows modest gains, most housing markets across the country continue to struggle. The recession, massive unemployment, foreclosures and many other factors have created a "prefect storm" of bad news for home sales nearly everywhere else. "We all knew there would be a housing hangover from the expiration of the tax credit," a real estate and interest rate analyst at Weiss Research said of the national figures. "But this decline takes your breath away." If you're thinking about buying a new or existing Louisville home or considering selling Louisville real estate, call 502.744.9504 today. Louisville Properties has the area's best selection of residential and commercial real estate and offers discount brokerage, property management, flat-fee MLS listings and many other services. ...

New Home Sales Drop 33% Nationwide in May

Since the federal government began tracking new home sales in 1963, there has never been a month like May 2010. With the federal tax credit program expiring, expectations were already low, but actual sales of new homes across the country established a record low. Homebuilders report that they sold newly-constructed homes at an annual rate of 300,000 in May, 32.7 percent below the previous month's rate of 446,000 and around a third the level of new homes sold during normal economic conditions. Housing analysts had projected adjusted sales of around 400,000 for May, but were genuinely surprised when actual sales data became available. "We would be lying if we said the size of the drop was not shocking," said one analyst for brokerage firm Miller Tabak. Even with near-record low interest rates, new homes are not selling and sales were lower in May than they were during the economic recession of the early 80s when mortgage interest rates hovered near 20 percent. May's sales numbers eclipsed the previous record low set in September 1981. Housing consultants expected the tough time to continue for homebuilders. One consultant expressed the idea that builders were exacerbating an already-tough situation by saying, "I think that builders should bite the bullet and stop building houses. They keep dumping new inventory into the market when what the market really needs is a moratorium." Large inventories of new homes for sale in Louisville and other housing markets across the country make this the ideal time to buy your dream home at the best price in a generation. For the area's best selection of new and existing Louisville homes for sale, call Louisville Properties today at 502.744.9504 or browse the extensive Louisville real estate listings on our site! ...

Kentucky Rebates Let Residents Go Green and Save Green

If you've been looking for a reason to retire that aging avocado green fridge, here's your best chance. On April 22, the state of Kentucky will begin giving away up to $4 million in rebates to people who replace old home appliances with new U.S. certified Energy Star appliances bought in Kentucky. These rebates range from $40 for single-room air conditioners to $400 for air-source or geothermal heat pumps and solar or electric water heaters. The new rebate plan, which is funded by the federal government's economic stimulus program, covers 16 different appliances. Funds have been allocated to each state based on population, and the officials in each state determine which appliances are eligible for rebate. For residents of Kentucky, the rebates will continue until claims reach $4 million. Indiana launched a similar rebate program on February 1, and $6.1 million in rebates are available for residents, but only apply to heating, air-conditioning and ventilating equipment. "We opted to have a wide selection (of appliances)," said Virginia Phifer, manager of the Kentucky program, so that residents "would have more choices and we would spread the money more evenly." Local appliance sellers are bracing for an expected boost in sales on and after the 22nd. "We're not going to give anybody that day off," said Joe Dumstorf, president of Trend Companies, an appliance and remodeling business in Jeffersontown. Louisville residents hoping to cash in on the appliance rebate program may be pleased to know that they can recycle up to three large items for free if they bring them to the city's Waste Reduction Center at 636 Meriwether Avenue. It is open from 8 a.m. to 5 p.m. Tuesday through Friday and from 8 a.m. to 3 p.m. on Saturdays. If you'd like to save some more green and you are looking at Louisville homes for sale, contact Louisville Properties today at 502.744.9504. No one has a better selection of Louisville residential and commercial real estate. ...

Spring and Summer Maintenance Guide for Your Louisville House

Like car repairs, toothaches and many other things in life, the more you ignore a small problem with your Louisville home, the bigger and more expensive it will eventually become. In order to keep your Louisville house in great condition and protect your investment, there is some routine maintenance you can do each spring and summer to stay on top of things. To that end, here are some easy and inexpensive maintenance tips:
  • Clean your gutters and downspouts and make any needed repairs. Everyone knows that leaves and twigs clog gutters and spouts and result in serious water damage. So check and clean them out in spring and late fall.
  • Thoroughly inspect your roof and replace or secure any loose or missing shingles. Pay special attention to any aluminum flashing, and make sure that it is flush against any chimneys, gables or other features of your home.
  • Speaking of chimneys, closely examine the one on your Louisville house and look for missing mortar, cracks, loose bricks and other signs of damage. If you find any damage, call a reputable contractor and get it taken care of as soon as possible or you're asking for big trouble and bigger repair bills.
  • If there are places around your home where water is pooling and not draining away, this is a potentially serious problem and you should address it ASAP. There are many different ways to create drainage systems, so conduct some research and determine which one will be best for your Louisville home.
  • Slowly walk around your home and look for any gaps or damage to its siding. Water can get in through gaps and then freeze, creating serious damage. Fix or replace any loose or missing siding as soon as possible to protect your home.
These are all very basic home maintenance remedies, but they can make a big difference over time. If your current Louisville...

Prepare Your Louisville Home for Tornado Season

Springtime is here, and that means that tornado season is underway in Kentucky and other states in the region. Although there isn't much that people can do to prevent a tornado from hitting their area, there are steps that homeowners can take to minimize damage to their Louisville houses if one is nearby. Here are some things that you can do to limit tornado damage to your home:
  • If you've been thinking about replacing old windows with new, energy-efficient windows, spend a little extra and get impact-resistant window systems.
  • Sliding glass doors are especially vulnerable to wind damage. Look for impact-resistant doors made of laminated glass, a combination of plastic and glass or another strong combination.
  • Garage doors, particularly aluminum doors, are vulnerable to wind damage. If your home has an older, flimsy garage door that needs replacement anyway, spend a little extra for a stout garage door system built to withstand high winds.
  • If you've been putting off replacing your roof, go ahead and contact a reputable roofer. Make sure that they use metal clips and straps that will anchor the roof to the frame of your house more securely.
While those steps require an investment in your home, the following emergency preparedness steps are cost-free and even more important. To protect your family in the event of a tornado or another type of emergency, take the following steps:
  • Create an emergency plan and designate the best place to take shelter in your home or nearby. Make sure that everyone knows what to do and where to meet if you are separated.
  • Stress the importance of staying calm and thinking clearly in an emergency.
  • Test your children's understanding of what to do and discuss alternate plans under certain situations.
  • Designate a...

Private Mortgage Insurance Companies Slowly Returning to the Market

The Federal Housing Authority, which insures mortgage losses for lenders if borrowers don't make their payments, is reevaluating its policies to shore up its financial position as a rising number of mortgage defaults have depleted its operating funds. While the FHA tightens lending requirements, private mortgage insurance companies are beginning to enter the market again after running for cover when housing markets began tanking. "Private mortgage insurers are coming back," says Mark Goldhaber, senior vice president for affordable housing at Genworth Mortgage Insurance in Raleigh, NC. The FHA was created during the depths of the Great Depression in 1934 to help low-to moderate-income people buy their own homes. The agency's structure allows it to expand its role when housing markets take a downturn, but in 2009, the FHA insured almost 30 percent of all single-family mortgages. Optimally, the FHA should insure no more than 10 percent. "We have stretched to the limit to help stabilize the housing market," FHA Commissioner David Stevens said in a recent speech in Orlando, FL. "But we need to stay ahead of any potential problems." Although private mortgage companies are cautiously entering the market again, they are also changing lending standards to limit their exposure to risk. Many are taking a wait-and-see approach until the FHA finishes tightening lending standards. Are you thinking of selling your Louisville real estate, but would like to save some money by doing some of the legwork yourself? Call 502.744.9504 today to speak with the pro at Louisville Properties, the leading Louisville discount real estate broker. He provides all the tools and support you need to sell your commercial or residential Louisville real estate. He will help you sell your home, condo, vacant lot, commercial property and other types of real estate. Resource link: http://www.latimes.com/business/custom/yourmoney/la-fi-0425-lew-20100425,0,6204112,full.story...

New Construction Offer Incentives When Tax Credit Ends

Homebuilders, reeling from an extended period of few new projects and even fewer buyers, are preparing to lure buyers to newly constructed homes with incentives that might have seemed very unlikely just a few years ago. Builders are bracing for the end of the government's homebuyer tax credit program by offering free options and upgrades, offering to help pay for closing costs and other incentives to entice wary homebuyers. Industry analysts remain skeptical that the incentives will be as generous as they were during the height of the housing meltdown, but these giveaways are almost always available if prospective buyers do their homework and ask about them. "Incentives don't disappear, even in the best of times," says Steve Melman, director of economic services for the National Association of Home Builders. "Even in the good times, builders will throw things in." According to the National Association of Home Builders, three homebuilders in four were cutting prices and creating other incentives in December of 2008 to facilitate the sales of unsold inventory. During that period, two-thirds tried to tempt hesitant buyers with free fireplaces, gourmet kitchens, finished basements and other incentives. Some builders (28 percent) offered to subsidize their buyers' mortgage rates, 59 percent offered to help pay closing costs and 41 percent offered to pay for the points that mortgage lenders charged buyers. Thinking about buying a newly constructed home in the Louisville area? Look no further than Louisville Properties. No one else in the area has a better selection of new Louisville homes and existing residential and commercial real estate. Whether you're buying or selling, the pro at Louisville Properties can help make it happen. Call him today at 502.744.9504. Resource link: http://www.latimes.com/business/custom/yourmoney/la-fi-lew18-2010apr18,0,6376692.story...

Looking for Professional Louisville Property Management? Here's Why You Should Call Us First!

Many people who own investment real estate in the Louisville area face the same dilemma: manage the properties themselves or hire a professional Louisville property management company. Neither is better than the other is; it really boils down to the property owner's situation. Nevertheless, if you're a Louisville income property owner who lives outside the Louisville area and has no plans to move here, you've already made your decision. You need to find a property management company in the Louisville area to handle the day-to-day business of managing and protecting your investment. Why should you choose Louisville Properties for your Louisville property management needs? Here are a few reasons:


  • Proven successful track record for managing single-family homes, condos and apartment buildings

  • Professional, reliable rent collection and disbursement

  • Extensive tenant screening including applications and credit verification

  • Income and expense reports for your review

  • Ongoing maintenance and 24 hour emergency repair service

  • Compliance with all local laws and regulations

  • Advertising and Internet marketing to reduce vacancies

  • ...

Homebuyer Tax Credit Extension Approved for Closing Deadline

In an effort to stimulate lagging home sales, the House of Representatives voted recently to extend the first-time homebuyer credit an additional three months so that buyers can take advantage of up to $8,000 in tax credits. The legislation moved on to the Senate, but with the current tax credit set to expire on June 30, the passing of the extension was uncertain. Even if the Senate passes the extension, it will not help buyers who have not yet signed a contract to buy a home. Buyers had until April 30 to qualify for the tax credit. If passed, the extension would merely give additional time to people who have already committed to buying a home. The House passed the measure to extend the closing deadline by a vote of 409 to 5. If the Senate approves the measure, it also contains provisions to go after criminals who have defrauded the tax credit program. An estimated 1,300 criminals are currently incarcerated for defrauding the government of $9 million in tax credits they did not deserve. If passed, the bill would allow the IRS to disclose tax return information to prison administrators. While the first-time homebuyer tax credit may have expired, Louisville real estate conditions still favor buyers, and right now is a smart time to buy. It's a buyer's market, and if you're looking for Louisville homes for sale, contact Louisville Properties today at 502.744.9504. For many years, we have been helping buyers find perfect Louisville homes, and we've been helping sellers find qualified buyers for their Louisville real estate. We offer a wide range of different services including flat-fee MLS listings, discount real estate brokerage, property management and much more. Call us today! ...

Defaults Increasing on Loan Modification Program

The Obama administration's efforts to help homeowners remain in their homes through a government loan modification program have taken a body blow with recent news about the success, or lack thereof, of the program. The Treasury Department and the Housing and Urban Development Department reported that despite having achieved loan modifications through the federal program, the number of homeowners who defaulted on their mortgages almost doubled in March. Since the program began helping homeowners last fall, more than 1,000 participants defaulted on their modified mortgages in January, 1,499 defaulted in February and that number nearly doubled to 2,879 in March. These defaults, euphemistically called "cancellations," have the Treasury Department at a loss for explaining why a program intended specifically to reduce mortgage defaults for participants has been ineffective. Around seven million households in America are behind in their mortgage payments due to a number of factors, primarily job losses. The Treasury Department's goal for the program is to help up to four million homeowners keep their homes. However, a recent oversight report was much less optimistic, saying, "but only some of these offers will result in temporary modifications, and only some of those modifications will convert to final, five-year status. Even among borrowers who receive five-year modifications, some will eventually fall behind on their payments and once again face foreclosure. In the final reckoning, the goal itself seems small in comparison to the magnitude of the problem." If you've been thinking about selling your home in the Louisville area to get out from under a mortgage obligation or simply because you don't need as much space as you once did, call the Louisville discount real estate broker at Louisville Properties today. He offers flat-fee MLS listings, FSBO tools and much more. Call 502.744.9504 to learn more. Resource Link: http://www.nytimes.com/2010/04/15/business/15mortgages.html?8au&emc=au...
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