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!