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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James Powell

Jim Powell has over 20 years of experience buying and selling luxury real estate in Louisville, KY and Managing over hundreds or rental properties across the city.
Jim Powell (License #191501)

Lauren Ghanavatian

Lauren Ghanavatian attended Assumption High School and the University of Louisville. Growing up in Louisville gave her a sense of the unique and diverse communities this city has to offer.

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Louisville Properties is a full service Louisville Real Estate Company for buyers and sellers of real estate. We offer the following services
3418 Frankfort Ave #100 Louisville, KY 40207 Louisville, KY 40207
United States
Phone: 1-502-744-9504

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