Louisville Properties Blog

Historic Louisville-Area Homes Recognized

2010-09-09T06:00:00-07:00

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

The Housing Market of Summer 2010 Plagued by Many Factors

2010-09-21T06:00:00-07:00

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.

Some Homeowners Gain Limited Relief from Chinese Drywall Problems

2010-10-07T06:00:00-07:00

Homeowners struggling with strong odors, malfunctioning appliances, ruined electrical wiring and plumbing, a host of health problems and other difficulties from drywall manufactured with high levels of sulfur may finally have some help. Homeowners in 38 states have been dealing with a myriad of problems for the last several years as devastation from Hurricane Katrina and a housing boom drove record demand for drywall. Builders and distributors imported millions of sheets of drywall from China to rebuild homes along the Gulf Coast and for new construction elsewhere. Property owners' problems began shortly after moving in. Some of the contaminated drywall was manufactured in the U.S., but the overwhelming majority of the drywall was made in China and emits corrosive hydrogen sulfide gas. This gas causes respiratory problems, persistent headaches, sinus infections and other health issues for homeowners and corrodes most metals in a building. Many owners of homes built with the contaminated drywall are in an unenviable position as their current homes are uninhabitable and they must rent or buy other homes to escape the fumes. Making matters worse, their newly built homes are now nearly unsellable unless they gut them and rebuild at a cost of nearly $100,000. 'My property right now has no value -- it's toxic. I can't sell it. I can't do anything,' said one homeowner in Florida. Hundreds of lawsuits have been filed, but Chinese drywall manufacturers contend that U.S. courts have no jurisdiction over them. Only one, Knauf Plasterboard Tianjin, is negotiating with homeowners on a settlement. However, with at least 5,600 homeowners participating in a class-action lawsuit against 1,600 manufacturers, builders, installers and insurers, those receiving any financial help in the short term will be in the minority. The homes affected by the contaminated drywall were built in 2004 and after. If you're looking for an older home in the Louisville area to buy as your primary residence or as an income property, call the real estate professionals at Louisville Properties today at 502.744.9504.

Habitat for Humanity Builds Louisville Home #337

2010-10-28T06:00:00-07:00

The Louisville chapter of Habitat for Humanity has built 336 homes over the last 25 years, and a local mother recently took possession of home #337. The charitable organization, along with employees from Norton Healthcare, recently worked together to build a new Louisville home on East Caldwell Street in Smoketown. Volunteers framed the walls of the one-story, three-bedroom home and installed doors and windows for DeAndra Garnett. Garnett is the mother of a four-year-old and is expecting another child. She is employed by Kosair and was shocked and delighted with the progress of her new Louisville home. 'I was here on Monday, and it was just a deck,' she said. She continued, 'I came back today and it's all up, and it's amazing how it's up so fast.' In order to earn her new home, Garnett had to work for it by helping volunteers with the construction. She plans to move into her new house before the end of the year. At Louisville Properties, we applaud and support the efforts of Habitat for Humanity and the many other charitable organizations in our area that make a positive difference in people's lives. If you're looking for your next Louisville home or you're looking for qualified buyers to buy your current home, contact the pros at Louisville Properties. We have been helping people buy and sell commercial and residential real estate in the Louisville area for years. We have the resources and experience to help you find the perfect home or the perfect buyer. For more information about how we can help you buy or sell a Louisville home, call us today at 502.744.9504 or fill out our contact form for a fast reply!

Obama Administration Says Banks Can Restart Foreclosures

2010-11-04T06:00:00-07:00

Despite mounting evidence that many of the nation's mortgage lenders failed to follow due process when foreclosing on millions of homes, the Obama administration's top housing official has told lenders they may resume foreclosing on homes. The announcement follows a temporary moratorium that gave troubled homeowners a small respite from foreclosure proceedings. Taking their cue from the feds, two of the biggest players in mortgage lending. Bank of America Corp. and Ally Financial Inc.'s GMAC Mortgage unit, resumed foreclosing on delinquent home loans two weeks after the temporary halt. Others are expected to resume foreclosures in the near future. At the center of the issue is the concept of property ownership and the conditions that allow a mortgage lender to seize a piece of property from an owner. The laws are very clear about how and when a lender can foreclose, and it appears that lenders, attorneys and others involved in the foreclosure process failed to execute due diligence. The sheer volume of homeowners walking away from or otherwise defaulting on their mortgages buried people in these positions, and we know now that some of them signed more than 1,000 foreclosure authorizations in a day. This is dangerous as it clouds the facts regarding who has the true ownership of some foreclosed properties. The ramifications of these shortcuts have yet to be seen, but the moral of this story is the importance of buying good title insurance when buying a Louisville home. Your insurer has an obligation to research and disclose who holds the deed to a home, whether or not there are any liens against it and other critically important information. For more information about the importance of title insurance and the area's best selection of residential and commercial real estate, call Louisville Properties today at 502.744.9504.

Price for Heating Louisville Homes Will Climb 12 Percent This Winter

2010-11-23T06:00:00-07:00

Louisville area residents who are customers of LG&E can expect to see higher heating bills this winter. The utility company recently told customers that it will hike prices for natural gas by 12 percent to defray the costs of a price increase from their supplier. A LG&E representative told reporters that a typical Louisville residential customer can expect to see his or her monthly bill to climb an average of $7.33 to about $66.96 per month. The company bases that estimate on average usage of 7,000 cubic feet of gas per month. Despite the price hike, LG&E officials claim their energy prices will still be the second lowest in Kentucky. Customers may find some solace in knowing that LG&E sells natural gas at their cost to customers, so padding their margins is not the driving factor of the rate increase. The utility company does, however, earn a profit on delivery charges for providing gas and electricity. LG&E is not the only Louisville-area utility company charging higher gas prices this winter. Columbia Gas and some other utilities have announced price increases that reflect higher costs. This news is one of many reasons to hope for a mild winter this year. If you're looking for energy-saving tips to save money on utility bills all year 'round, please check out other blog posts here on our site. Many of the most effective energy-saving tips cost little or no money and begin paying for themselves right away. If you're in the market for newer, energy-efficient Louisville homes, we can help with that, too! Browse the Louisville real estate listings on our site from the comfort of your own home, and when you're ready for a tour, just give us a call at 502.744.9504!

Louisville Home Sales Drop 29 Percent as Sales Slump Continues

2010-11-25T06:00:00-07:00

September sales of Louisville homes continued the recent slump with Louisville real estate agents selling 29 percent fewer homes and condos than they did the previous September. Members of the Greater Louisville Association of Realtors cited the expired first-time homebuyer tax credit and job uncertainty as the chief reasons for lower home sales. The decrease in home sales began last July here and in many housing markets across the country, and September's drop in sales reflected the steepest drop so far this year. Despite the three-month slump in sales, some Louisville real estate agents were quick to note that Louisville home sales for the year are still up overall from 2009's sales. They also pointed out that median home selling prices are up sharply from last year's $132,450 at this time to this year's $138,000. Home sales across the country dropped 19 percent in September year-over-year and reflected the caution many prospective buyers are exercising due to job losses and other economic uncertainty. Louisville home sales may be slumping over the last three months. However, steadily increasing median home selling prices indicate that the local housing market is fairly resilient and now may be the right time to invest in homes as a primary residence or income property. The people who aren't buying homes are renting, and the rental trend has been growing for the last couple of years. If the volatility of the stock market and low yields on T-bills have you looking for other investment opportunities, call us today at 502.744.9504and let us know how we can help. We look forward to hearing from you!

Property Management Courses Grow in Popularity

2010-11-30T06:00:00-07:00

During a down real estate market in which wary buyers prefer to rent instead of making the large financial commitment of buying a home, property management has become a hot topic in real estate circles. A wide range of different property management courses, from one-day seminars to weekend classes to weekday lectures and full 11-week courses, are popping up in many areas of the country. Many real estate professionals struggling with plunging home sales and lower incomes are taking to courses to expand their services offered to clients and improve their revenue streams. Even newcomers to the real estate business are enrolling in these classes as a way to build and grow an investment portfolio while they pursue a new career path. Prospective property managers are learning a variety of skills including the following: Tenant screening Advertising and marketing Rent collection and disbursement Property maintenance Preparation and management of legal documents Income and expense report production Other essential facets of this growing industry Here at Louisville Properties, we think it's great that more people are getting into the property management business. Competition makes us better at what we do, and we welcome newcomers to the Louisville property management community. We don't perceive it as a threat because, as the old saying goes, there's no substitute for experience, and we have been providing flexible, customizable property management services in Louisville for a very long time. We offer property owners a full suite of different property management services to meet their unique needs. If you're a property owner looking for professional, experienced Louisville property management services that solve problems for you instead of making them, please call us today at 502.744.9504. Let our expertise and experience be the catalyst for your success!

Safety Tips for Your Louisville Home This Holiday Season

2010-12-22T06:00:00-07:00

As we get closer to Christmas and New Year's Day, we thought we'd pass along some holiday safety tips to keep your family and Louisville home safe and happy this holiday season. Let's start with the Christmas tree. If you're buying a live tree this year, make sure that you do the following: Buy a fresh tree with needles that bend and are not easy to pull out. Keep the base of the tree immersed in water at all times to keep it as fresh as possible and give your Louisville home that great piney smell. Check all your strands of lights for frayed ends, exposed wires or cuts. For all trees, make sure to remember these things: Use only indoor light strands on your tree. Don't overload outlets by plugging in multiple power strips or extension cords. Also, bear in mind that thieves can be as busy during the holiday season as you are! Follow these tips to make your Louisville home less attractive to thieves: Vary your daily routine as much as possible and practical. Leave a TV or radio on, and use timers on lamps (remember to adjust these every few days). Never post that you're going to be out of town on your Facebook page or any other social media outlets. · Ask trusted neighbors, friends or family members to housesit or stop by frequently while you're away. All of us at Louisville Properties want to wish you and yours a very safe and happy holiday season. If you're thinking about buying or selling a Louisville home, please give us a call at 502.744.9504 or fill out one of our contact forms for a fast reply! Happy Holidays everyone!

Commercial Real Estate Investors Embrace 'Buy and Hold' Strategy

2011-01-05T06:00:00-07:00

Savvy investors looking for relatively stable places for their capital to appreciate are increasingly looking at commercial real estate. With interest rates close to zero and Treasury bills yielding next to nothing, investors are betting that the country's commercial real estate markets will eventually rebound. Many are investing in distressed commercial properties and projects and taking a 'buy and hold' strategy until the market improves. Prices in commercial real estate have shown modest gains recently according to the CCIM Institute and the Real Estate Research Corporation. Analysts have been urging investors to sell in recent months and take advantage of modest gains in their investments. However, it appears that few are heeding this advice and are slowly adding more commercial property to their portfolios. Frank Simpson, 2011 President of the CCIM Institute, is one expert urging investors to continue holding onto their investments. In a recent statement, he validated the prevailing wisdom of making careful investments and holding onto them until the market rebounds. He said, 'Though much uncertainty remains in the overall economy, transaction trends for commercial real estate continue to improve. The challenge for investors remains finding the right properties at the right price with the best return potential.' As Louisville commercial real estate experts with years of experience helping investors find properties for their businesses and long-term investment goals, we agree with Mr. Simpson. That old saying about buying at the bottom of the market and waiting until it rebounds is definitely true in the current Louisville commercial real estate market. We have been helping savvy investors find business and investment opportunities for years and have seen many commercial real estate market cycles wax and wane. Let our experience and knowledge of Louisville commercial real estate inform your investment decisions. Call us at Louisville Properties today at 502.744.9504 to learn more!

Historic Piece of Louisville Real Estate Receives Recognition at Last

2011-01-26T06:00:11-07:00

A parcel of land called "the single-most important piece of real estate" in Louisville by one local historian is finally getting the recognition many feel is long overdue. The former site of Fort-on-Shore, the first mainland building and settlement in Louisville, has long been overlooked as other nearby Revolutionary War sites received recognition over the years. At long last, that slight is being corrected, thanks to the efforts of local historians. A state historical marker was dedicated on the site in the Shippingport warehouse district west of downtown between the Ohio River and Main Street. The historians wanted to correct the mistaken assumption that nearby Fort Nelson was Louisville's first settlement on the mainland. The new historical marker rightly indicates that Fort-on-Shore was built in 1779, a full three years before Fort Nelson was built. Local historian and Metro Councilman Tom Owen hoped that the new designation would spur interest in redeveloping the Shippingport area. He said, "There have been so many dreams about reclamation there." If you've been dreaming about reclaiming a piece of Louisville real estate for yourself, let the experts at Louisville Properties help you achieve your dream. We've been helping people in the area buy and sell residential and commercial real estate in the Louisville area for years. We value our relationships with local residents and businesspeople, and we have our own history, a history of outstanding customer service and always going the extra mile for our clients. If we can help you find the perfect piece of Louisville real estate or the perfect buyer for your real estate, please give us a call at 502.744.9504 today, and let our expertise help you make it happen!

Local Building Reopens With New Purpose and a Very Different Clientele

2011-01-19T06:00:38-07:00

A small building on McHenry Street that once housed the offices for the Louisville Textile Mill reopened recently with a very different purpose. The building in Louisville's Germantown neighborhood is the new home of Germantown Daycare, which will be able to care for up to 115 children between the ages of six months and 12 years old. The building's owner, Richard Morris, took extra care to retain the building's unique character during recent renovations. He said, "We left a lot of the art deco decor here and many of the outdoor features. When we came in and looked around, it was several smaller rooms that led into a bigger room. It just seemed to lend itself to what we needed." The new daycare opened on September 20, but renovating the 37,000-square-foot building presented some very serious obstacles for the new owners. Walls up to a foot thick required removal to create play areas for the kids, and obtaining zoning approval for the renovations and the building's new purpose presented challenges as well. Residents of the Germantown and nearby Schnitzelburg neighborhoods rallied for the new owners, leading a petition drive and contacting city officials to allow the new owners to proceed with plans. Area residents said that a nearby daycare is essential for the young families moving into the area and are very pleased that this resource is now available for their community. In a time when residents and the Louisville real estate market are struggling with so many difficulties, this story is a fine example of the good things that can happen when people work together toward a common goal. If your goal is to find the perfect piece of Louisville real estate for your next home or business, call us at Louisville Properties today at 502.744.9504!

Home Prices Drop 3.2 Percent in Third Quarter

2011-01-12T06:00:45-07:00

Real estate analysts from the Federal Housing Finance Agency are claiming that lower demand and the expiration of the homebuyer tax credit are continuing to put downward pressure on home prices across the country. Home prices fell 3.2 percent in the third quarter of 2010, down significantly from the same quarter in 2009. The agency said that Atlanta suffered the greatest decline in prices among the 25 largest metropolitan areas of the country with a 10 percent drop in home prices. San Diego posted the biggest gain with a 4.6 percent jump. Overall, home prices fell in 40 states compared to the third quarter of 2009. Idaho, Georgia, Arizona, Oregon and South Carolina led the declines in residential real estate. One analyst had an especially gloomy forecast for the nation's home prices for 2011. Celia Chen, a Housing Analyst with trend watcher Moody's Analytics, did an interview before the release of the Federal Housing Finance Agency's report. She said, "Our overall expectations for home prices is that they'll drop by another eight percent by the third quarter of next year." We'll have to wait and see whether or not Ms. Chen's dire forecast is accurate, but it is certainly an accurate snapshot of the current mood of home sellers whose homes have been languishing on the market for months. If you're trying to sell your Louisville home and are looking for an experienced, proactive Louisville real estate agent to help make that happen, please give us a call today at 502.744.9504. Louisville Properties has been helping people sell Louisville homes in all kinds of market conditions for years, and we use our resources and experience to help sellers find qualified buyers. For more information, give us a call or fill out our contact form. We look forward to hearing from you!

Foreclosures Rates Down Slightly But Remain a Persistent Problem Across the Country

2010-12-29T06:00:15-07:00

Figures provided by the Mortgage Banker's Association suggest that mortgage delinquency rates declined a bit in the third quarter of 2010, but warn that the coming winter will show little improvement for homeowners struggling to make house payments. The Association reports that foreclosures "declined last quarter amid hints of improvement in the job market, but headwinds from defaults and a rising rate of new foreclosure applications keep the housing outlook muddied." Real estate website Zillow.com's foreclosure figures differed from the Mortgage Banker's Association. They reported that foreclosures have reached a new peak in the U.S. since 1.17 in every 1,000 homes either are in the foreclosure process or perilously close. They report that high negative equity rates, which increased in the third quarter from 22.5 to 23.2 percent, will continue to drive foreclosures and "will be weighing on housing demand for the next few years." Zillow's Real Estate Market Reports publication had additional bad news for the nation's housing market. They said, "Home value depreciation began to accelerate again in September, fueled by lower transactional volumes and increased inventory levels. Home values dropped 0.4% from August to September and 4.3% from September 2009. With home values 25% below their peak and 51 consecutive months of declines, the length and severity of the current downturn is fast approaching the length and depth of the Depression-era housing declines. From the end of 1928 to the end of 1933 (60 months), nominal home values fell 25.9% according to Robert Shiller's reconstruction of long-term home price appreciation in the United States." While the Louisville real estate market has been somewhat insulated from the worst of the foreclosure crisis, it is not immune. If you're thinking of investing in foreclosed or non-foreclosed Louisville real estate as your primary residence or as income property, we have the area's best selection. To learn more, just give Louisville Properties a call today at 502.744.9504.

Home Prices Drop 3.2 Percent in Third Quarter

2010-12-15T06:00:31-07:00

Prices for Commercial Real Estate Rose Sharply in September

2010-12-08T06:00:27-07:00

A report recently published by Moody's Investors Service and Real Estate Analytics LLC states that prices for commercial real estate in the U.S. jumped a record 4.3 percent in September from the previous month. This represented the first gain in commercial real estate values since May and was a much-needed bright spot in an industry plagued by empty floors in office buildings and empty storefronts in malls and downtown shopping districts. While down a staggering 43 percent since their peak in 2007, commercial real estate prices showed a 0.3 percent year-over-year increase from the previous September. However, analysts were quick to downplay the significance of September's numbers. Nick Levidy, Managing Director for Moody's, warned that the jump in prices is not an indication of better times ahead for the commercial real estate industry. He said the recent volatility in prices "are due in part to the uncertain macroeconomic environment and the effects of a thin market with low transaction volumes." In our area, Louisville commercial real estate prices are down, but not as sharply as many areas of the country since we are somewhat insulated from the wild swings that have roiled many markets. This provides stability and makes commercial real estate in Louisville an attractive investment for business owners looking to expand operations. It is also a viable option for real estate investors looking for income property and a safe place for their money to appreciate. If either of these scenarios describes your situation and you're looking for the area's best selection of Louisville commercial real estate, please browse the pages of our site and call Louisville Properties at 502.744.9504 for more information. Let our expertise and knowledge of the Louisville real estate markets be the catalyst for your success!

Deal for Downtown National City Tower Could Be the Biggest Louisville Real Estate Deal in Years

2010-12-01T06:00:45-07:00

The Louisville commercial real estate market could see its biggest sale since 2004 when the $115 million, all-cash sale of the National City Tower downtown is complete sometime in December. One of several "trophy towers" across the country that are defying downward trends in the commercial real estate markets, the National City Tower most recently sold in 2005 for $95 million. According to insiders, a real estate investment trust based in Newport Beach, CA, KBS Realty Advisors Cos., has a contract to buy the tower from Meridian Investment, Inc. The tower is located in Louisville's central business district and is considered a very attractive investment as it is currently 94 percent leased. This is a notable exception to many office towers that are struggling with vacancies. Towers such as our National City Tower are more than graceful additions to our skyline; they are important magnets for business development, and they enhance the value of nearby properties. While we don't help clients buy and sell huge downtown office buildings, we do make our own contributions to the Louisville real estate market. We have been helping people buy and sell homes, duplexes, apartment buildings and a wide range of commercial properties for years, and we are proud of the services we provide to our clients. We offer many different flexible services to help you find a qualified buyer for your home, and we use our experience and resources to help buyers find the perfect Louisville real estate for their needs. If you're thinking of buying or selling real estate in the Louisville area, call Louisville Properties first at 502.744.9504.

Retired Engineer Helps Build Louisville Homes for Habitat for Humanity

2010-11-18T06:00:37-07:00

Here's the kind of story that's always welcome. Eighty-two-year-old Middletown resident Bob Haswell recently received a 2010 WLKY Bell Award for community service. Since 1991, when he retired as a mechanical engineer at Smurfit-Stone Container Corp. on Westport Road, Haswell has been helping the local chapter of Habitat for Humanity build homes. He has driven nails, framed windows and doors, laid flooring and invested his time in more than 200 of the Habitat homes built in the area since 1991. "You can really see you did something at the end of the day," he said. Haswell is one of 4,000 local volunteers who spend Fridays and Saturdays building houses for low-income families who also must help build their homes before they can move in. Despite his considerable accomplishments for Habitat for Humanity and other local charitable organizations, Haswell avoids the spotlight and prefers to go about the business of helping people. We salute Bob and wish him many more years of good health and success building Louisville homes for grateful area families. If you're thinking about buying or selling a Louisville home and are looking for a real estate professional to help you along, call us today at 502.744.9504 or fill out a contact form. We are longtime residents of the Louisville area and have decades of experience helping people buy and sell residential and commercial property. We offer a wide range of different professional real estate services from property management to flat-fee brokerage and much more. Please give us a call today, and give us the opportunity to help you!

Mortgage Bankers Association Predicts Slowdown in Mortgage Refinancing

2010-11-16T06:00:28-07:00

In a time when home sales are down, buyers are nervous, and many homeowners are eager to take advantage of near record low mortgage rates. Mortgage refinancing has been a vital revenue stream for lenders. However, the Mortgage Bankers Association (MBA) is predicting that that stream will slow to a trickle if mortgage rates climb to around five percent by the end of 2011 as the MBA foresees. Compared to rates just a few years ago, five percent is still a very attractive interest rate, but MBA trends suggest that any time rates increase by even a modest amount, interest in refinancing plummets. They report that members will refinance $921 billion in mortgages in 2010, and that volume could drop to a third of that figure in 2011. The MBA is also projecting that new home purchase mortgages could show modest signs of improvement in the near future. They project that this portion of the mortgage market will grow by as much as $146 billion in 2011 to reach a total of $626 billion. They expect the volume of new home sales will rise about two percent, but average home prices across the country will drop by one percent. Time will tell if the MBA's predictions will be true, but they have been tracking these metrics for a very long time and have a vested interest in making accurate projections. As the owner of Louisville real estate, you have a vested interest in getting the best price possible for your property, and we can help. Our knowledge of the Louisville real estate market combined with our internet marketing skills, database of properties for sale and other advantages for sellers make us a worthy choice to help you find a qualified buyer for your property. If you're thinking of selling, call the Louisville real estate experts at Louisville Properties today at 502.744.9504!

How Foreclosures Affect Home Prices

2010-11-11T06:00:59-07:00

There is plenty of evidence here in the Louisville real estate market and elsewhere that foreclosures have a negative effect on home prices, but researchers at Harvard and MIT wanted to know precisely how much. They analyzed years of home sales data in Massachusetts and found that foreclosed homes sell for an average of 27 percent less than homes that have mortgages in good standing or are owned outright. They also looked at how a foreclosure affects the selling prices of nearby homes and found that a non-foreclosed home takes a one percent hit in selling price for each foreclosure within 250 feet. The higher the number of foreclosed homes on a block, the higher the negative, cumulative effects on sale prices of homes on the market. Daniel Hartley, an economist with the Federal Reserve Bank of Cleveland, recently used the Harvard and MIT study in a study of his own on how foreclosures affect neighborhoods. He calls foreclosures "disamenities' and notes that other factors shape the effect of foreclosures. He said: "In neighborhoods with low vacancy rates (tight markets), foreclosures lower the prices of nearby single-family houses by way of the supply effect. I estimate that housing prices within 250 feet of a foreclosure are lowered by about 1.6 percent per foreclosure through the supply effect, while the disamenity effect is about zero. In contrast, in neighborhoods with high vacancy rates ("looser" markets), foreclosures lower prices of nearby single-family houses by way of the disamenity effect. I estimate that housing prices within 250 feet of a foreclosure are lowered by about two percent per foreclosure through the disamenity effect, while the supply effect is about zero." We have stated many times that, while not immune to the effects of foreclosures, the Louisville real estate market has been spared the worst of the problems that are affecting many other housing markets across the country. This is good news for buyers, sellers, real estate professionals and most everyone in the area. Still more good news is that you don't have to buy a foreclosure to get a great deal on Louisville real estate right now. For the area's best selection of residential and commercial properties, call us today at 502.744.9504.

Mortgage Rates Up Slightly Last Week of October

2010-11-09T06:00:21-07:00

Mortgage watchers from the Wall Street Journal report that overall, mortgage rates were mixed in the last week of October with long-term fixed-rate mortgages slightly higher for the second consecutive week. These gains, however modest, broke a long streak of many weeks of record lows, according to federal mortgage giant Freddie Mac. Thirty-year fixed-rate mortgages averaged 4.23 percent for the last week of the month, which is up ever so slightly from the previous week's 4.21 percent, but lower than the 5.03 percent average for the same week in 2009. Interest rates on 15-year fixed-rate mortgages averaged 3.66 percent, which is down from 4.46 percent for the same week in 2009. At Louisville Properties, we may not be able to help you find the perfect interest rate on a mortgage, but we can help you find the perfect piece of Louisville real estate for your home or business. We're a locally owned and operated business that puts the needs of our clients before all other considerations. We take great pride in helping people buy and sell all kinds of property in the Louisville area. If you're thinking of buying or selling a single-family home, condo, duplex, apartment building, warehouse, storefront or other type of residential or commercial property in the area, call us first and customize our services to meet the unique needs of your situation. Simply give us a call today at 502.744.9504or fill out a contact form for a prompt reply. Let us help you find the perfect Louisville real estate for your needs or a qualified buyer for your property. We look forward to hearing from you!

Sales of Louisville Homes Continue Downward Trend, But Sellers Trying Different Tactics

2010-11-02T06:00:27-07:00

A recent Fox 41 investigation into the sales of Louisville homes found that sales dropped each month over the summer, and sellers are getting creative in trying to find and entice prospective buyers. Robin Feeney is one of the sellers looking at new ways to attract interest and sell her home. For the last 33 years, she has lived in Crestwood, and she says that she's not afraid to try anything to sell her home, including yard sale marketing. "I have stuff from when I used to own a shop, so I have tons of Derby stuff. I've got all kinds of winter coats. I mean, I've got some fabulous coats. Mega sale! Everything's for sale, inside and out, the house too if anybody wants it!" she said. She said that she tries to time her yard sales when there is an open house nearby. "Usually I do them on Sundays. Lately, I've been getting a lot of turnout from open houses, and I thought, well let's give it a try on Saturday. And look, someone showed up, and you know it's worth it." Feeney and others trying to sell their Louisville homes face an uphill battle at the moment. In July 2009, 1,195 Louisville homes were sold, but only 785 were sold this past July. When selling your Louisville home in a tough market, it's very important to think outside the box and explore marketing alternatives as Ms. Feeney and other home sellers have. At Louisville Properties, we have been helping people sell their Louisville homes for years by thinking outside the box, using our experience and resources and harnessing the marketing power of the Internet. We're locally owned and operated and have a proven track record of success helping people sell their homes in all market conditions. For more information on how we can help you sell your Louisville real estate, call us today at 502.744.9504!

Commercial Real Estate Analysts Say 'Delay and Pray' Strategy is Not Viable

2010-10-26T06:00:59-07:00

A meeting convened recently at the McDonough School of Business of Georgetown University where some of the biggest names in commercial real estate discussed the state of the industry. Commercial real estate in the U.S. is currently mired in its worst funk since the Great Depression, and in the two years since the credit bubble burst, prices have plunged an average of 40 percent. Industry analysts say that a perfect storm of depressed property values, tight lending practices and the Great Recession has paralyzed the country's commercial real estate market. Prices are down an average of 40 percent across the country, putting additional pressure on reluctant lenders to tighten lending standards further. Analysts say that since no one really knows what commercial real estate is worth at the moment, obtaining lines of credit could get even tougher for the foreseeable future. The analysts said that outside of a few high profile, "can't miss" commercial developments in New York and Washington that have begun recently, little else is happening. They say that everyone is in a holding pattern, waiting for a magical rebound that isn't likely to happen. They also said that the prevailing "delay and pray" strategy that the industry is pursuing is counterproductive and will only extend the status quo and could make it worse. There is no doubt that the economic downturn has affected the prices of Louisville commercial real estate. However, conditions here are not nearly as bad as most markets, which makes now an excellent time to sell and buy commercial real estate in Louisville. If you're an owner looking for a buyer or a buyer seeking your next opportunity, contact the commercial real estate experts at Louisville Properties today. Give us a call at 502.744.9504 and put our experience and resources to work for you!

Existing Home Sales Up 7.6 Percent in August

2010-10-21T06:00:47-07:00

August sales of existing homes brought modest relief to a struggling housing market in most areas of the country with sales up 7.6 percent from record lows. The National Association of Realtors reported that sales of previously owned homes rose to an annual rate of 4.13 million. The NAR also reported that the 12.5-month inventory of unsold homes in the U.S. in July dropped to 3.98 million, or an 11.6-month supply. Selling prices for homes sold in August also showed modest gains of 0.8 percent with the median price for an existing home measured at $178,600. While any gains are welcome signs for the country's beleaguered housing market, some economists predict that any recovery could take a long time for many of the hardest hit housing markets. NAR Chief Economist Lawrence Yun expected the housing market to remain soft through October and November despite lower home prices and mortgage rates at record lows. "The housing market is trying to recover on its own power without the home buyer tax credit," Yun said. He reported that any recovery "will likely be slow and gradual because of lingering economic uncertainty." If you're thinking of selling your Louisville home, there are qualified buyers out there looking for their next home. Is your home getting the exposure and marketing you need to attract them? Call 502.744.9504 today and have the Louisville real estate professionals at Louisville Properties help you sell your home. Their experience, Internet marketing skills and professionalism can make all the difference when you're ready to sell your home. Whether you need a discount brokerage, FSBO assistance or a full-service Louisville real estate agent, rely on us to help you sell your home and get results!

Foreclosure Oversights Could Be "Epidemic" in Mortgage Banking Industry

2010-10-19T06:00:35-07:00

Recent announcements from Bank of America, JPMorgan and some other mortgage lenders about a stop to foreclosures until they had investigated "oversights" in the foreclosure process suggest that these problems are more serious and widespread than we initially thought. In a deposition she gave last February, one Bank of America official admitted that she signed 7,000 to 8,000 foreclosure documents per month and typically did not read them. "I typically don't read them because of the volume that we sign," she said. She also admitted that she had identified herself as a representative of Bank of New York Mellon, a company that did not employ her. At the center of the issue is the fact that hundreds of thousands, perhaps millions, of foreclosure documents have been signed without the required investigations to ensure that the lender is within their right to foreclose. One attorney representing someone who may be dealing with an unlawful foreclosure said, "We have had thousands, maybe hundreds of thousands of foreclosures around the country by entities that did not have the right to foreclose." Consumer advocates say that the foreclosure oversight problems are not limited to Bank of America, JPMorgan and a few other lenders that have halted foreclosures recently. "The general level of sloppiness is pervasive around the industry," said Diane Thompson, Counsel at the National Consumer Law Center. If these and other lenders are found to have "rubber-stamped" foreclosure documents without reading them or vetting their contents, foreclosures on homes that are currently pending and those that have already occurred could be rendered invalid or illegal. If this occurs, the nation's foreclosure crisis could continue for a very long time. Buying foreclosures may not look like an attractive investment now, but if you're shopping for Louisville real estate, you're in the right place! We have the area's best selection of residential and commercial real estate. Browse the listings on our site, and feel free to give Louisville Properties a call at 502.744.9504 today!

Bank of America Stops Home Foreclosures in Kentucky, Indiana and Other States

2010-10-14T06:00:05-07:00

Bank of America announced recently that it is delaying foreclosures on homes in Kentucky, Indiana and 21 other states. The country's largest bank reported that it is halting foreclosures to review whether it rushed the foreclosure process on thousands of homes without reading the documentation for each foreclosure. Other mortgage lenders, including Ally Financial Inc.'s GMAC Mortgage unit and JPMorgan Chase, have recently admitted that their employees may also have signed foreclosure documents without properly vetting the information on them. The companies admitted the oversights after the lapses were made public. These revelations could result in serious headaches for the mortgage lenders. Thousands of homeowners currently in the foreclosure process or those who have lost their homes to foreclosure could contest the validity of the foreclosure, potentially leaving properties in limbo until each case is sorted out. If other mortgage lenders admit the same oversights, it could extend the current foreclosure crisis sweeping the country for years. Some states are getting involved by preventing lenders from foreclosing on mortgages in default. Connecticut Attorney General Richard Blumenthal recently requested that a state court freeze all home foreclosures in the state for 60 days. He said the freeze "should stop a foreclosure steamroller based on defective documents." California Attorney General Jerry Brown told JPMorgan to suspend foreclosures until it could prove that it has complied with a state consumer protection law. Attorneys General in Florida and Ohio have similar investigations underway looking into foreclosure oversights. This development could have far reaching consequences for the millions of homes across the country that have been foreclosed on or are in the process of foreclosure. Fortunately, there are plenty of Louisville homes for sale that are not affected by foreclosure. For the area's best selection of Louisville homes for sale, contact Louisville Properties today at 502.744.9504. We are the Louisville area's premier real estate professionals.

September Real Estate Recap Reflects More of the Same for 2010

2010-10-12T06:00:02-07:00

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!

Kentucky, Indiana Will Receive Some of $3 Billion in Housing Aid

2010-10-05T06:00:08-07:00

Kentucky and Indiana will receive portions of $3 billion in housing aid to assist unemployed homeowners who are nearing foreclosure. The Treasury Department announced recently that 17 states with unemployment rates higher than the national average will receive the funds. Under the plan, Kentucky will receive $56 million, and Indiana will get $83 million. Kentucky Governor Steve Beshear was pleased with the announcement. He said, "These funds will help active job seekers bridge the gap for a few months with their mortgage payments." The Kentucky Housing Corporation is planning to announce the allocation of the funds in the coming weeks. The Indiana Housing & Community Development Authority has not released their plans on how they will disburse the funds to unemployed homeowners. Struggling Kentucky homeowners who need free advice on how to keep their homes can visit www.protectmykyhome.org or call 866-830-7868. The Obama administration plans to use $1 billion to fund another program designed to provide struggling homeowners with emergency zero interest rate loans of up to $50,000 for up to two years. The Department of Housing and Urban Development is overseeing this program, and they plan to release details about it in the near future. The Louisville real estate professionals at Louisville Properties welcome any program that helps struggling homeowners remain in their homes. If you're tired of staying in your current home and are looking for a new Louisville house, condominium, farm, country estate or other type of real estate, call the experts at Louisville Properties today at 502.744.9504. No other Louisville real estate company has more Louisville homes from which to choose or more experience helping people buy and sell homes.

Foreclosures and Unemployment Claims Rise in July

2010-09-30T06:00:08-07:00

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 time in decades to buy. For the area's best selection of Louisville homes for sale, browse our listings and call the experts at Louisville Properties today at 502.744.9504!

Louisville Area Landmark Auctioned in October

2010-09-28T06:00:39-07:00

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

2010-09-23T06:00:20-07:00

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.

Scam Artists Exploiting Surge of Short Sales to Commit Fraud

2010-09-16T06:00:52-07:00

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

2010-09-14T06:00:27-07:00

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

Home Foreclosures Up in Jefferson County

2010-09-07T06:00:43-07:00

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

2010-09-02T06:00:40-07:00

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

Decline in Home Sales Blamed on Mortgage Delays

2010-08-31T06:00:52-07:00

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! Resource link: http://www.nytimes.com/2010/06/23/business/economy/23econ.html?scp=7&sq=home%20sales&st=cse

Homeownership Rate Down Slightly in U.S.

2010-08-26T06:00:41-07:00

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 Report Expiring Tax Credit Boosted Home Sales 26 Percent in June

2010-08-24T06:00:31-07:00

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

Government Watchdog Claims Obama Mortgage Program Not Working

2010-08-19T06:00:17-07:00

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

Louisville Landmark Set for Demolition for New Commercial Development

2010-08-17T06:00:41-07:00

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

Mortgage Interest Rates Lowest Since 1971

2010-08-12T06:00:54-07:00

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.

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

2010-08-12T06:00:48-07:00

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 Preparation of all leases and other documents Custom proposals tailored to your unique needs Peace of mind that your property is being managed by a Louisville property management company with many years of experience and a reputation for honesty and integrity Residential and commercial property management is one of the many services we provide our clients. If you have been looking for a property management company in the Louisville area, please call us at 502.744.9504 and find out for yourself why we have become the area's preferred Louisville property management company.

Innovative House Hunting Via Bicycle Tour

2010-08-10T06:00:29-07:00

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)!

More Louisville Real Estate Short Sales for Banks and Borrowers

2010-08-05T06:00:44-07:00

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.

New Shopping Center Shot in the Arm for Louisville Commercial Real Estate

2010-08-03T06:00:20-07:00

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.

Louisville Home Mortgage Broker Ordered to Cease Doing Business in Indiana

2010-07-29T06:00:28-07:00

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 to work for you!

Sales of New Louisville Homes Buck National Trend

2010-07-27T06:00:22-07:00

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

2010-07-22T06:00:52-07:00

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

2010-07-20T06:00:50-07:00

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

2010-07-15T06:00:27-07:00

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 home no longer fits your lifestyle and you're looking for Louisville homes for sale, contact the pro at Louisville Properties today. You can reach him at 502.744.9504 or visit his website for the area's best selection of Louisville real estate. Resource link: http://www.houselogic.com/articles/spring-summer-seasonal-maintenance-guide-midwest/