Louisville Properties Blog
Louisville Properties Blog

Louisville Properties Blog

Foreclosures and Unemployment Claims Rise in July

Real estate industry watchdog RealtyTrac reports that 325,229 homeowners in the U.S. received a notice of default, auction or bank repossession in July, an increase of four percent from the previous month, but down ten percent from foreclosure numbers from July 2009. RealtyTrac estimates that one in 397 American households received notice in July. This is a staggering number, but not as staggering as the 92,858 homes lenders seized from homeowners delinquent on their mortgages that month. This number represented the second-highest number of foreclosures since RealtyTrac began tracking this in January 2005. Rick Sharga, Senior Vice President of Marketing at RealtyTrac, offered a theory about the rise in foreclosures, saying, "The numbers are exploding due to unemployment and economic displacement. We will see them get a lot worse unless we see some job creation." One can find the evidence of Mr. Sharga's grim forecast for foreclosures and job losses in newspapers, websites and communities across the country. Jobless claims for the first week in August climbed by 2,000 to 484,000, the highest in six months, according to the Labor Department. Official unemployment figures are at 9.5 percent, close to a 27-year high, but the actual number of jobless people in the country is substantially higher. The Labor Department does not include the long-term unemployed who have given up trying to find a job in their official estimates, an excluded figure estimated in the millions. While the Louisville real estate market isn't immune to the economic downturn, our foreclosure figures aren't nearly as dire as those in many other metropolitan areas around the country. Property values rose steadily in the years before the recession, but not as steeply as they did in markets that are now among those suffering the worst foreclosure rates. If you're looking at Louisville homes for sale to buy as your primary residence or as an investment, near-record low interest rates make now the best...

Louisville Area Landmark Auctioned in October

According to a Canadian real estate company, there will be an auction on October 15th for the former workplace of thousands of Louisville area residents. The Colgate-Palmolive Plant in Clarksville, which once employed 1,500 people at its peak of production in the 1960s making toothpaste, shaving cream and other household products, will be on the auction block. Active International, which bought the property from Colgate-Palmolive in 2009, is hoping that developers will bid on the sprawling complex of buildings to make the property into homes, shops, offices, a hotel and other uses. Colgate-Palmolive closed the plant in December 2007, laying off the last 200 workers at the once bustling industrial complex. Since then, Clarksville city officials have rezoned the site for mixed-use development in the hope that developers will turn a liability into an anchor for revitalizing the city's struggling south end. City officials also hope that builders will preserve the complex's historic clock, visible from downtown Louisville for decades, one of the largest in the world and a local landmark, and make it the centerpiece of the site's redevelopment. Clarksville officials are hoping that a developer or consortium of developers with deep pockets and a plan in place to repurpose the industrial complex will come forward at the auction and transform a blighted part of the city into an asset. Are you a local business owner or budding entrepreneur looking for commercial real estate in the Louisville area to start a business or expand an existing company? For the area's best selection of Louisville commercial real estate and superb customer service, contact the real estate pros at Louisville Properties at 502.744.9504. There is a wide range of Louisville commercial real estate from which to choose throughout the Louisville metropolitan area. Call us today! ...

June Home Sales Surge 26% for Louisville Realtors and Sellers

Officials with the Greater Louisville Association of Realtors say that members sold 1,477 homes and condominiums in the Louisville area last June, a 26 percent jump from June 2009 sales. The boost in sales was a welcome development for sellers and realtors and marked the twelfth consecutive month of improving Louisville home sales compared to the previous year. Louisville Realtors President Linda Gibson Cecil reported that July's home sales figures would be the "true test" of how the Louisville housing market is performing. She said that the expired federal homebuyer tax credit program would not have an influence on Louisville homes sold in July. As a result, July's sales should be a better indicator of the overall health of the Louisville real estate market. The group of Louisville realtors reports that home sales are up 29 percent year-over-year for the first six months of 2010 with a corresponding rise in median sales prices from $129,900 to $135,000 for the same period. Cecil said she expected the tax credit to help June sales, as it did in the previous months, but "I didn't expect us to be up that much." If you've been looking for Louisville realtors to help you buy or sell a home, you've been looking for a Louisville real estate professional with experience, integrity, a proven track record of success and outstanding customer service. Your search is over. Contact the realtors at Louisville Properties and enjoy decades of experience in the business, a proven record of success, a sterling reputation for integrity, superb customer service and much more! Call them today at 502.744.9504 and experience the difference that professional Louisville realtors can make when buying or selling a home in the Louisville area....

The Housing Market of Summer 2010 Plagued by Many Factors

Real estate industry analysts' cautiously optimistic forecasts last spring of slow, but gradual growth in the country's housing market over the summer have not come to fruition. Sales of newly built homes are stagnant. Foreclosures for the first six months of 2010 are up as much as 75 percent in most urban areas. Pending sales of existing homes are sluggish. Qualified buyers with good credit are still having problems arranging mortgage financing. The combination of these and other factors is making a housing recovery difficult in most markets across the country. John Burns, who owns a real estate research and consulting company in California, predicts more rough waters for the nation's housing market for the near future. Burns says the biggest problems currently plaguing the housing market include the following:

  • Lower demand for housing due to job insecurity and high housing prices
  • A nine-month supply of unsold homes sitting on the market, which is two months above average
  • Economic uncertainty as the country continues to grapple with the recession

Burns says that near-record low mortgage rates would be a boon to home sales under normal conditions, but current conditions are anything but normal. He expects that housing markets around the country will continue to struggle as banks begin to list inventories of foreclosed homes, increasing the amount of unsold homes to 11- and possibly 13-month supplies. If you're a prospective homebuyer looking for Louisville homes for sale, the real estate professionals at Louisville Properties want you to know that current market conditions favor buyers, but the buyer's market will not last forever. For the area's best selection of Louisville houses for sale, browse the listings on our site, and give us a call at 502.744.9504 for more information.

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Scam Artists Exploiting Surge of Short Sales to Commit Fraud

Plunging home values in many housing markets across the country have led to increased short sales (sales in which a home sells for less than the amount owed on the mortgage), and some scam artists are using the spike in short sales to commit fraud. California-based CoreLogic, a firm that provides research, analysis and business services to real estate and other industries, is reporting that lenders need to be on the lookout for short sale fraud. CoreLogic reports that nearly two percent (1.9) of all short sales in the U.S. over the last two years are fraudulent. They estimate at least 15,000 cases of short sale fraud, or approximately one in every 53 sales. There are many variations on this scam, but they all involve collusion between unscrupulous agents and buyers who agree to sell a home below current market value and quickly resell the home at a profit. CoreLogic reports that in most cases, the crooked agent has a higher offer for the home from a lender that he or she "overlooks" in order to make a bigger profit by selling at a lower price to another buyer. In this arrangement, the agent makes money, the buyer saves money and the lender is the fraud victim that takes a loss of tens of thousands of dollars. Short sales help homeowners struggling to meet their mortgage obligations by allowing them to move on, and these transactions help lenders by attenuating financial losses and removing the liabilities of a property sitting empty for months on end. If you've been considering the advantages of Louisville short sales for your next home or as an investment property, contact Louisville Properties today at 502.744.9504. No scams, we promise....

Mortgage Rates Heading Up Say Industry Analysts

Mortgage lenders, brokers and real estate analysts have been forecasting for months that mortgage rates would be heading up soon. The only cause of disagreement was how much they would increase. However, months after predicting rate hikes, mortgage rates have actually dropped one-half of a percentage point and are near record lows. As of August 2010, the average rate on a 30-year fixed-rate mortgage was 4.49 percent. This is down slightly from 4.54 percent in July. After reassessing their forecasts in light of recent developments, analysts are citing a variety of factors that are continuing to keep mortgage rates at near-record lows. Chief among them was that lenders offered mortgages at artificially low rates, secure in the knowledge that they could package and sell these to government-owned Fannie Mae and Freddie Mac. Conventional wisdom (and standard operating procedure) held that Fannie and Freddie would then sell these securities to the Fed. Analysts also cited Greece's financial crisis last spring and the economic uncertainties it created as another factor that kept mortgage rates low as skittish finance ministers took a wait-and-see approach to how that would play out in world markets. Now, lenders are taking a different approach, enticing homebuyers with marketing that draws attention to low mortgage rates and once-in-a-lifetime opportunities for them to save money. However, many people with sizable down payments and good credit are still concerned about job security and are reluctant to take on the debt of buying a home in the current climate. If you've been watching mortgage rates and waiting for the right time to buy a Louisville house, current low rates can mean tens of thousands of dollars in savings over the term of a mortgage. For the area's best selection of Louisville real estate, call Louisville Properties at 502.744.9504 today. Resource link: http://www.nytimes.com/2010/08/08/realestate/08mort.html?ref=realestate...

Historic Louisville-Area Homes Recognized

Louisville suburb Windy Hills and some nearby towns are redefining themselves and drawing attention to some of their historic Louisville-area homes with new signage, a brochure and a look back at some early settlers of the area. Signage along Brownsboro Road and other Windy Hills thoroughfares now read 'Windy Hills -- City of Historic Homes.' The city is now working on a brochure that will note the locations of these historic Louisville-area homes and provide a bit of history about them such as former owners and other information of note. Richard Taylor, Kentucky pioneer, Revolutionary War soldier and father of former President Zachary Taylor, built one of the homes. Also known as the Taylor-Herr House, this and other historic homes will have markers outside explaining a bit about their histories. The John Marshall Chapter of the Daughters of the American Revolution and the Louisville-Thruston Chapter of the Sons of the American Revolution install the markers in front of each historic Louisville-area home. Daughters of the American Revolution members have been documenting each historic home and sending the information back to their national headquarters in Washington, D.C. for posterity. Thus far, they have commissioned and placed markers in front of three other historic Louisville-area houses: the William Christian home near Oxmoor Center, the Isaac Hite home on Lucas Lane in Anchorage and the Jonathan Clark home on Trough Springs Lane in the Belknap neighborhood. If you're looking to buy or sell a Louisville-area home, the Louisville real estate professionals at Louisville Properties can help whether it is a historic landmark or not. They have decades of experience helping buyers and sellers of Louisville homes, and they tailor their services to the unique needs of each client. For more information, call them today at 502.744.9504! Resource link: http://www.courier-journal.com/apps/pbcs.dll/article?AID=2010308110043

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Home Foreclosures Up in Jefferson County

A new report issued by a real estate analysis firm reports that foreclosure rates in Louisville and Jefferson County were up by more than two percent in May. The news was in the "Real Estate News and Trends" publication issued by Corelogic, which is an information, analytics and business services company. The two-and-one-quarter percent rise in foreclosures represented a jump of one-quarter of one percent from foreclosure rates in May 2009. The mortgage delinquency rate in and around the Louisville area is nearly six percent, and industry analysts disagree whether or not foreclosure rates in the area will continue to rise. Click here for a map of foreclosure rates by zip code in the Louisville area. Plunging home values, upside-down mortgages and other factors plaguing many housing markets have not hit the Louisville real estate market as hard as many others. However, we're not immune to job loss, and while the Corelogic report didn't cite any causes for the rise in Louisville foreclosures, job loss is certainly a leading factor. Many of our area's larger employers have cut staff and closed facilities, which surely contributed to the spike in foreclosures. If you're looking at foreclosures in the area for your primary residence or as an investment, feel free to browse our listings or give us a call for the area' most complete selection of residential and commercial Louisville real estate. We offer a wide range of services for buyers and sellers that are customizable to fit the unique needs of your situation. To speak with an experienced Louisville real estate professional at our locally owned and operated firm, call us today at 502.744.9504. Resource link: http://www.fox41.com/Global/story.asp?S=12773286...

Real Estate Investment Company Predicts Fast Turnaround for Commercial Real Estate

Real estate investment giant Prudential Real Estate Investors is predicting that the struggling commercial real estate market in the country will recover much more quickly than during a similar downturn in the 1990s. Prudential said they are "relatively optimistic" about a faster turnaround for hotels, apartment buildings, retail space and office buildings. "Last time it took five years for real estate values to go down to where they bottomed... We've done that now in about two years," a manager of the Prudential Global Real Estate Fund told reporters in New York. "So we are going to see a faster recovery, a faster write-up in the market." He also said that a lack of new construction largely due to tougher lending standards for developers would contribute to a faster turnaround by keeping new commercial real estate from affecting the market for up to five years. He cited current rock-bottom commercial real estate rents as another contributing factor that would help the turnaround by enticing tenants who will open new businesses and expand existing ones. Prudential did cite one threat to a commercial real estate recovery, which is jobs. They said that unless companies began hiring again, they would have little reason to seek out larger spaces to accommodate their needs and open new branches. While it has taken some hits like most other markets across the country, the Louisville commercial real estate market is in better shape than most are. If you've been looking for a new space to open a new business or a larger space to grow your business, you have come to the right place. No one has a better selection of Louisville commercial real estate than Louisville Properties, and we offer a wide range of customizable services to meet your needs. Call us today at 502.744.9504 to speak with the leader in Louisville commercial real estate! Resource link: http://www.reuters.com/article/idUSN2027331720100720...
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