Louisville Properties Blog
The National Association of Realtors claims that uncertainties about a federal flood insurance program and delays in mortgage applications contributed to the dip in existing home sales in May. The association reported that there were 5.66 million existing home sales across the country in May, down from April's 5.79 million and far short of analysts' estimates of 6.12 million. While the numbers disappointed industry analysts, May's existing home sales did show a year-over-year improvement of 19 percent over May 2009. Lawrence Yun, the realtor association's chief economist, speculated that May's home sales received a boost from the expiring home buyer tax credit, and he did not expect that June's home sales would reflect a similar year-over-year improvement.
"We are witnessing the ongoing effects of the home buyer tax credit, which we will also see in June real estate closings," Mr. Yun said. "However, approximately 180,000 home buyers who signed a contract in good faith to receive the tax credit may not be able to finalize by the end of June due to delays in the mortgage process, particularly for short sales."
Congress failed to extend the country's flood insurance program before it recessed in March, causing its suspension until President Obama signed a temporary extension until May 31. This may have had an impact on home sales as lenders require flood insurance before they will provide mortgages for homes in flood-prone areas. Lenders require the owners of more than one-third of homes in Florida and Louisiana to carry flood insurance before they will provide mortgages.
If you're one of the flood of people thinking of buying Louisville homes, but are frustrated by limited listings on other sites, we invite you to grab a cup of coffee and view the Louisville homes for sale on our site. We have the area's best selection of Louisville homes and provide a wide range of services for buyers and sellers. Call us today at 502.744.9504 for more information!
Foreclosures, job losses, the economic downturn, employment insecurity and other factors are affecting homeownership across the country according to recent data from the Census Bureau. The Bureau reports that as of late 2009, the homeownership rate has dropped from a high of 69 percent in 2006 to around 67 percent. However, another report on homeownership issued by the New York Federal Reserve Bank claims that the actual rate is closer to 62 percent, a much sharper drop that, if accurate, would be far more worrisome.
The Census Bureau issued their report in June. It recommends that mortgage lenders and the federal government help struggling homeowners by focusing more of their efforts on reducing the principal owed on mortgages, rather than their current strategy of reducing monthly mortgage payments by cutting the interest rate and extending the repayment terms of the mortgage. A spokesman for the Mortgage Bankers Association refuted the recommendation, saying that "principal write-downs" would lower homeownership rates further by forcing lenders to require higher down payments and tighten lending standards. He said that lowering mortgage principals would lead to falling property values, worsening an already bad situation in many real estate markets across the country.
Are you thinking about boosting the homeownership rate by buying a Louisville home for sale? Then you have come to the right place! No other Louisville real estate company has a wider selection of residential real estate in the area than Louisville Properties. We're a locally owned and operated company that offers many different real estate services for buyers and sellers throughout the Louisville metropolitan area. We encourage you to browse our listings and our site. If you have any questions, fill out our contact form for a fast response or give us a call today at 502.744.9504!
Resource link: http://www.nytimes.com/2010/07/18/realestate/18mort.html?ref=realestate...
Louisville realtors sold 1,477 homes and condominiums in June, which represented a year-over-year increase of 26 percent from the previous June. Greater Louisville Association of Realtors members said that the jump was largely due to people taking advantage of the expiring federal tax credit for first-time homeowners and current homeowners wanting to buy roomier, more expensive homes. The jump in Louisville home sales represented the 12thconsecutive month of improving sales compared to the home sales in 2009.
Just across the river in Indiana, the Southern Indiana Realtors Association posted a modest year-over-year increase in June from 300 homes sold last June to 308 sold this year. One Louisville realtor said that increased home sales were certainly welcome, but July's sales would be the "true test" of how the Louisville real estate market is faring in the current economy. She said that since few home sales that closed in July would qualify for the tax credit, the number of local homes sold would be an accurate indicator of the status of the Louisville residential real estate market. Local realtors reported that home sales are up 29 percent in the first six months of 2010 compared to the previous year. The median selling price of Louisville homes for the period showed modest gains to $135,000 from the previous year's $129,900.
If you're looking for a Louisville realtor to help you buy or sell a home, look no further than the real estate professionals at Louisville Properties. This full service Louisville real estate company is locally owned and operated and offers a wide range of services including relocation assistance, rental housing assistance, flat fee transaction brokerage, FSBO assistance and property management and much more. To speak with their experienced Louisville realtors, call them today at 502.744.9504!
Resource link: http://www.courier-journal.com/article/20100719/BUSINESS/7190357/1008/NEWS01/Louisville+Realtors+sales+up+26+percent+in+June+in+last+boost+from+tax+credit...
A government oversight official recently told a Senate panel that President Obama's program to help troubled homeowners avoid foreclosure is not working and that Treasury Department officials have failed to fix the program's shortcomings. Neil Barofsky, Special Inspector General for the financial bailouts, told members of the Senate Finance Committee that the Treasury Department has ignored demands to establish clearer goals for the program. Barofsky made the statements during a hearing on the $700 billion bank bailout. Another member of the panel, Elizabeth Warren, who chairs the Congressional Oversight Panel on the bailouts, told members that the Treasury's failure to move swiftly could be impairing economic recovery efforts.
The administration created the homeownership program to help homeowners keep their homes and avoid foreclosure by reducing the principal balance on homes to reduce monthly mortgage payments. Records indicate the program has helped at least 400,000 homeowners thus far, but 530,000 more have stopped participating in the program for undisclosed reasons. The federal bailout allocated $50 billion to fund the mortgage modification program, but as of July 2010, the program has only issued $248 million in funds. Barofsky told panel members that the Treasury's broad parameters for the program give mortgage lenders too much room in deciding who qualifies for principal reduction.
If your current home doesn't have enough room to meet your needs and you're looking for Louisville homes for sale, we invite you to explore the pages of our site and browse our extensive listings of residential and commercial Louisville real estate. No one has a wider selection from which to choose and offers more services for buyers and sellers than Louisville Properties does. For more information, call us today at 502.744.9504!
Resource link: http://content.usatoday.net/dist/custom/gci/InsidePage.aspx?cId=courier-journal&sParam=34098777.story
After decades of serving breakfast, lunch and dinner to hungry Louisville residents, Masterson's Food & Drink in Old Louisville closed recently, and the building will be razed to make room for a large Louisville commercial real estate project. Located for more than 50 years at Third Street and Cardinal Boulevard, Masterson's is the future site for a four-story retail and apartment complex, which will serve local residents and students at the University of Louisville. Heine Bros. Coffee, Jimmy John's Gourmet Sandwich Shop, Qdoba Mexican Grill and other retailers have already signed on as tenants of the new development. The project's first phase will be completed by fall 2011, and it will include retail space and apartments for up to 373 students.
The venerable 42,000-square-foot full-service restaurant, catering and banquet hall served its last hungry guest on July 31, and many of the regulars mourned its closing while praising the food and service. Four siblings owned and operated the restaurant, and they currently have no plans to reopen. They have relocated the catering business to a new building on Lexington Road in Irish Hill.
The new Louisville commercial real estate is good news for students and residents in the area. If you're a commercial property owner in the Louisville area who is seeking professional property management services, call the Louisville property management professionals at Louisville Properties at 502.744.9504. They offer a wide range of customizable property management services including tenant screening, Internet marketing, income and expense reports and many others. For more information about our professional Louisville property management services, call us today!
Resource link: http://www.courier-journal.com/article/20100721/ZONE07/7210312/Old+Louisville+landmark+Masterson+s+to+be+missed...
People who are thinking about buying a home or refinancing a mortgage right now know that it is tough to get lenders to work with them whether they have an excellent credit rating and credit history or not. No matter how many hoops they must jump through to satisfy mortgage lenders, it is definitely in borrowers' best interests to endure the paper chase as mortgage interest rates are at near-historic lows right now. The average interest rate for a 30-year fixed home loan dropped from 4.75 to 4.69 percent recently. This represents the lowest home mortgage interest rate since mortgage giant Freddie Mac began tracking rates in 1971.
Mortgages rates on 5- and 15-year mortgages also fell recently, which means that right now is the best time in nearly 40 years to take on a mortgage or refinance an existing loan. Mortgage interest rates have steadily declined as nervous investors have sought the relative safety of Treasury bonds. As demand for these bonds goes up, yields on these bonds fall, and traditionally, mortgage rates tend to reflect the yields of these long-term investments.
However, many homeowners looking to refinance their mortgages are having a tough time finding a lender to work with them. Lenders, smarting from their losses and expected losses from foreclosures and defaults, are making it very hard even for qualified borrowers.
"It's not the desire to refinance; it's the ability to refinance," said a loan officer with Trinity Mortgage Co. in Orlando, FL. "A lot of the people who can already have."
Because refinancing a home loan isn't free, many mortgage experts say that refinancing is only worthwhile if homeowners can shave at least three-quarters, or 0.75 of a percentage point off their current loan. Other experts say that unless a full percentage point or more can be shaved off the rate, refinancing isn't worth the hassle and expense.
If you have good credit and want to take advantage of favorable mortgage rates by buying a Louisville home, call Louisville Properties today at 502.744.9504. We can help you find the perfect home for your needs now and for the future....
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
An innovative house hunting bicycle tour and a Chicago suburb's plans to significantly expand bike routes in and around town may be a glimpse of a future of less reliance on gasoline and internal combustion engines. The "Homewood Green Streets House-Hunting by Bike" tour in the south suburbs and another bicycle real estate tour planned for Oak Park on the west side of the city may be the first signs of a new way of thinking about urban sprawl. The Active Transportation Alliance organized both tours, and judging by participation rates, they will be planning more in the future.
Both suburbs have taken great strides to promote walking and bicycle riding to reduce traffic congestion, deter expensive development of new roads and promote healthier lifestyles.
Oak Park has launched a 10-year plan to add 20 miles of bike paths, and their first house hunting by bike tour drew nearly 50 prospective homebuyers. Tour participants receive maps that identify homes for sale in the community, and riders can go on their own tour or join other cyclists in organized tours that showcase selected homes for sale. Riders say that riding, as opposed to driving, gives them a much better feel for a neighborhood and community.
"It's a much more intimate way to get a view of the community," one said. "The maps direct people off the main streets and onto side streets, where there's more of a neighborhood feel."
No Louisville homes for sale bicycle tours are in the works yet, but with higher fuel prices and the massive oil spill in the Gulf of Mexico weighing on everyone's consciences, this could be an effective way to attract buyers. If you're shopping for Louisville homes for sale, you don't need a bike or a car to view the area's best selection of Louisville real estate. Just call 502.744.9504 or point your Web browser to and let your fingers do the walking (or riding)!
One Louisville couple figured that the two-story colonial house they bought on Bashford Manor Lane in 2003 would be their residence for the rest of their lives. Now, one refers to the former dream home as "the albatross that hangs around my neck." One of them has a job offer in New York, but they are finding that if they sell their Louisville home, they'll get at most about $15,000 to $30,000 less than what they owe on the mortgage. Like other Louisville couples, they are thinking seriously about a "short sale" of their home, which is a fairly new concept inside and outside the Louisville real estate market.
In a short sale, a mortgage lender agrees to accept less than the borrower owes on the home loan and to forgive the difference in price. From the lender's perspective, it can be an attractive option. They can occasionally receive more money in the short sale of a home than they would if they foreclosed on the property and sold it. By short selling, they can also avoid legal fees and the costs of maintaining a vacant Louisville home.
From the struggling homeowner's perspective, short sales are attractive because they are less stressful and confrontational than a foreclosure and their credit rating doesn't take the beating from a foreclosure. In a short sale approval, the lender must agree in advance to take a loss, and bankers are understandably reluctant to lose money on their investments.
Short sales create unique opportunities for savvy Louisville real estate buyers. If you're thinking about buying a Louisville home, call 502.744.9504 or browse the real estate listings on this site for the area's best selection of Louisville homes for sale.
The Louisville Metro Planning Commission recently reviewed and approved plans for a $45 million South Pointe Commons shopping center project, and the plans now require the approval of the Louisville Metro Council. The project expects to break ground on Bardstown Road just south of the Snyder Freeway in Fern Creek shortly after it receives approval from the Metro Council. It could be a bright spot in an otherwise tough Louisville commercial real estate market.
Mike Brown, director of business development for Louisville-based Barrister Commercial Group LLC, was hopeful about the project's chances for approval, saying, "I'm pretty confident it will be successful." If approved, there will be 366,000 square feet of new commercial space built on the 43.5-acre site, which will include movie theaters, restaurants, at least one big-box retailer and other retailers. In addition to the estimated 1,000 construction jobs created by the project, the new shopping center will create an expected 560 permanent jobs and have a projected economic impact of $6.5 million annually.
If approved by Louisville zoning boards and other agencies, ground would be broken on the project by early 2011, and barring any unforeseen obstacles, the first retailer would be able to open for business in late 2012 or early 2013. Initially, the project was slated to include 12 buildings and a total of 220,000 square feet. However, enthusiastic support from local and national retailers inspired the contractor to increase the size of the project.
Unlike the Louisville residential real estate market, commercial real estate in Louisville has struggled over the last couple of years as the recession tightened lending standards and throttled consumer spending. However, Louisville's tough commercial real estate climate has also created unique opportunities for businesses and investors. For the area's best selection of Louisville commercial real estate and outstanding customer service, call Louisville properties today at 502.744.9504.