Fighting Foreclosure in Louisville, Kentucky
Jun 23, 2008 News, Residential
Foreclosures have a front row seat in the mainstream press these days. What options does a homeowner truly have when faced with this dire prospect?
According to a USAToday piece, in cities like Philadelphia, courts are getting involved.
Sheriff’s sales cannot go forward without a last-ditch effort by the lender and homeowner to work out a deal.
To some, suing the lender sounds like a viable option, but it really flies in the face of capitalism for a business to loan money to someone they believe won’t be able to pay—there’s no money in it. I doubt these suits will ever make it court.
How is our city, Louisville, reacting to the problem? According to the article:
Louisville, also is giving out up to $5,000 in loans. The loans will be forgiven if the homeowner stays put for a decade. The city has teamed up with the United Way to offer access to housing help in addition to the charity’s social services.
Surely a short-term fix, but one that could certainly help a good portion of homeowners facing foreclosure. Way to go Louisville!
Canfield Plans Two New Developments
Jun 22, 2008 Residential
Certainly the most aggressive residential real estate developer in Louisville these days is Steve Canfield. In what Business First calls a “gloomy outlook” Canfield is announcing two new housing developments.
The first development, Glenview Park, calls for a 52-lot subdivision that would be located on Cabin Way, near Lime Kiln Lane. [link]
My brother and his wife are currently designing a new home to be built in another Canfield development, Poplar Woods, located in Goshen. He says their experience so far has been quite good.
Cooling Your Home Without Touching the A/C
Jun 19, 2008 Home Improvement
From a wonderful, home improvements site, Home Tips, comes this helpful list of ways to help your home stay cool as Summer is almost upon us. Keeping your home in great shape is your number one way to have a quick sale when you choose to sell.
- Cut back the transfer of heat through the roof and walls. If the attic isn’t already insulated or is under-insulated, insulate it NOW. This will give you the greatest change in comfort for the least amount of expense. Before you buy, see the Home Insulation Buying Guide. Weatherize your home to reduce the loss of conditioned air. Employ caulk and weather stripping to cut back on the transfer of air.
- Install a foil radiant barrier in the attic. Staple it to the underside of the roof rafters, allowing an air space between the foil and the roof sheathing. Place staples about 3 inches apart. Position seams between sheets of foil centered on the rafters and seal the seams with a bead of caulking compound.
May 2008 Home Sales in Louisville, KY
Jun 17, 2008 Trends/Statistics
As expected, as we head into Spring the number of sales are increasing. Average prices are also holding pretty steady, if not also rising.
Compare with April 2008 Home Sales in Louisville, KY if you like, and as always, please contact me with any questions you might have.
May 2008
| AREA | SALES | AVERAGE | DoM |
| 0 Central Downtown District | 11  |
$300,915 |
79 |
| 1 Downtwn/Old&WestLouisville/Shively | 105 |
$56,186 |
83  |
| 2 Butchertown/Highlands/Germantwn | 85 |
$185,265 |
54 |
| 3 Brownsboro/StMatthews | 57 |
$196,876 |
50 |
| 4 Pleasure Rdg/Valley Station | 58 |
$104,445 |
74 |
| 5 Auburndale/Fairdale/Iroquois Park | 65 |
$119,904 |
78 |
| 6 Buechel/Highview/Okolona/FernCreek | 137 |
$130,861 |
91 |
| 7 FernCrk/Hikes Point/Jeffersontown | 129 |
$170,187 |
76 |
| 8 Hurstbourne/Middletwn/Anchrg | 84 |
$259,386 |
84 |
| 9 Anchrg/Lyndn/Prospct/UpRvrRd | 102 |
$240,853 |
80 |
| 11 Bullitt Co. | 73 |
$131,643 |
102 |
| 19 Spencer Co. | 17 |
$176,147 |
108 |
| 20 Oldham Co. – North | 35 |
$333,011 |
86 |
| 21 Oldham Co. – South | 28 |
$281,368 |
98 |
| 30 Shelby Co. | 39 |
$157,459 |
72 |
Source: MetroSearch, Inc. Values are not warranted by LHB.
Money Magazine Forecasts Modest Gains for Louisville Homes
Jun 9, 2008 Commercial
Listening to Money’s opening thrust of this article:
The S&P Case/Shiller Home Price Index, which tracks 20 of the largest housing markets, showed prices plummeting by 12.7% in the 12 months ending February. That’s the biggest fall since the index began tracking prices in 2000.
…the future doesn’t sound very bright, well, except for people living in Texas. Meanwhile, here in Kentucky, things don’t look nearly so bleak.
| Metro Area | Home Price (median) |
Price Change (5 years) |
Forecast (May ‘09) | % change in foreclosure rate (1 year) |
| Louisville | $133,000 | 20.7% | 0.5% | 17% |
It is, after all, a positive gain and which could turn out to be even higher. The housing market here in Louisville is stronger than many other parts of the country. Just look at their predictions for some of our neighboring cities.
Indianapolis: 1.3%
St. Louis: -0.8%
Memphis: -1.5%
Nashville: -3.3%
Cincinnati: -4.2%
Columbus: -4.4%
Florida is getting absolutely hammered. Retirees putting a priority on economic factors might not be heading South for their silver years.
Louisville Foreclosures on the Decline
Jun 7, 2008 Commercial
Just a quick post to note what we’ve been saying around here for months has been getting some local attention.
“We’re very fortunate in that we’re kind of steady. We never saw crazy appreciation, 30-40 percent increases in value, but at the same time we’re not experiencing the flipside to that, where we see the bubble burst and the losses,” says Adam Hall, president of the Kentuckiana Chapter of the Mortgage Bankers Association.
Given all the press that the topic of foreclosures has received, how many do you think we’ll have here in Louisville this year?
A) 20,000
B) 10,000
C) 5,000
D) 2,000
According to Adam Hall, president of the Kentuckiana Chapter of the Mortgage Bankers Association, he predicts it will be even lower than 2,000.
