The Market

Welcome to "The Market Blog," a one-stop source for all goings on about Bluegrass real estate!

Bluegrass real estate market continues to outpace national trends

October 21st 2008

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Full third quarter real estate market activity reports on the Bluegrass will be released tentatively beginning on Friday, October 24th and posted on www.lbar.com/news. LBAR President Judy Craft says that “the combination of our locally stable economy, low mortgage interest rates, stable home prices and recent federal action is resulting in, once again, Central Kentucky outpacing the national market in several key areas.”

Existing home sales median sales prices over the last three months were up an average of 2.5% for the Bluegrass, while the National Association of REALTORS® reported a drop of 8% and 9.5% for July and August respectively (national figures have not been released for October as of this writing). Existing home sales rose 1.34% in September, while NAR reports drops of 11 to 15% for July and August. Additionally, the Housing Affordability Index (HAI) for September for the Bluegrass region was 164, while the national figures for July and August have been around 120. An HAI of 164 means the median family income is 164% of the necessary income to qualify for the median priced home using 20% down, 30-year fixed rate mortgage.

Rentals now searchable on MLS

September 12th 2008

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You can now search for rentals just as you would any other property type! Click here to check it out. Just select "rentals" as your property type.

NAR predicts increase in home sales due to Fannie & Freddie's takeover

September 9th 2008

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The National Association of REALTORS® has predicted that the federal government’s takeover of secondary mortgage giants Fannie Mae and Freddie Mac should cause a drop in mortgage rates in the short term that benefits home buyers. The GSEs (government sponsored enterprises) will be allowed to increase their mortgage funding over the next year and a half to help stabilize markets. Starting in 2010, the plan calls for them to reduce their portfolios. In the short term, this should result in government money driving interest rates down, which is expected to spur an increase in home sales. For more information from NAR, click here.
 
For the latest news on the impact of the Fannie & Freddie takeover, click here.

Housing and Economic Recovery Act signed July 30

August 1st 2008

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Learn more about the Housing and Economic Recovery Act of 2008, which will help homeowners facing foreclosure find ways to refinance and will help strengthen mortgage markets.

Read a summary of key provisions >

View homebuyer tax credit chart (PDF: 98K) >
 
Frequently asked questions about the first-time homebuyer tax credit
 
Information courtesy of the National Association of REALTORS(R).

Nicholasville named 1st in housing affordability

July 15th 2008

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Nicholasville, Ky has been named number 1 on CNN Money.com's list of best places to live for affordable homes. Click here for the full list.

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