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 c

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.

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 w

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/Val

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%

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) 5,00