Henry County

Single family home prices decreased across the United States for the first time since 1994 according to a recent report prepared by Global Insight & National City Corp.

The drop came in the 3rd quarter of 2007 when the median value of a home in the United States decreased by approximately 1%.  Approximately half of all metropolitan areas saw a decline.

This is an interesting point to note – because until this most recent study, the stronger real estate markets in the US have helped buoy up the other markets that were bringing the overall numbers down.  This is an indication that the other markets that have been fairing well even in a softer real estate market, may be slowing down and are not able to carry the rest of the other markets across the…

Foreclosed real estate decreased by 10 percent across the United States for the month of November 2007.  Kentucky saw a decrease of 6.65%.

This is significant in that this is the first time there has been a double digit percent decrease in foreclosures since April 2006 – some 20 months ago.

But, we aren’t out of the woods yet so to speak.  There are predictions for a very strong foreclosure rate in the 1st quarter of 2008 – a primary cause being the seasonal influx of persons that are filing before various deadlines, as well as those that may file due to an increase of adjustable mortgage rate persons having their mortgages reset and the current home owner not being able to address the debt service of the higher payment for their…

There are currently 3 sites being considered for a possible airport to be put in either Oldham County and/or Shelby County Kentucky.  The proposed sites would encompass approximately 250 acres with estimation of costs in the $20 million range.

Most residents in the areas feel that an airport isn’t needed given the proximity to other major airports including in Louisville Kentucky, Lexington KY, and northern Kentucky in Covington / Cincinnati.

Bowman field in Louisville KY is approximately 30 minutes away from the proposed sites.

Current estimates for air traffic for the proposed airport is over 100 plans arriving/departing per day.  But there would not be a control tower or air traffic controller handling and managing the incoming/departing…

According to the most report from Washington D.C., the United States real estate market had a negative impact on job hiring for the past month of November 2007.

Many construction companies fired employees in an effort to reduce costs during this slower real estate market.  Mortgage companies, real estate companies, and banks followed suit.

Still, unemployment overall remains at 4.7%.  Kentucky’s unemployment rate was 5.6%.

There were modest employment gains overall – primarily as a result of the services industry.

These modest job gains will likely stimulate the Federal Reserve to make interest rate cuts to help ensure that the economy remains moving forward.

Some more detailed information is as follows:

Non-farms payroll increased…

Within the past year (October 2006 through October 2007), the unemployment rate has increased for 94 Counties in Kentucky.

Only 18 Counties in Kentucky saw the rate decrease – while 8 Counties made no change within the past 12 months.

The dubious highest unemployment rate honor goes to:

Jackson County @ 10.2%

The 2 lowest Counties were:

Fayette County and Warren County @ 3.7%

It is important to note that these numbers represent a trend for employment, rather than noting how many persons may actually be working. Persons that are not currently seeking employment over the course of the past month are not included in these figures.

Various reasons can be attributed to the increase – including a softening economy and real estate…

30 year mortgage rates are the lowest that they have been in 6 months.  The rates dropped to an average of 6.20% for a 30 year fixed rate mortgage.  The previous week, they averaged 6.24%.

This is the lowest rate that they’ve been since the week of May 10 2007 where they were at 6.15%.

15 year mortgages also dropped to 5.83%.  The prior week, the 15 year fixed rate mortgage was at 5.88%.

5 year adjustable rate mortgages were down to 5.88%.  The prior week, they were 5.96%.

1 year adjustable rate mortgages were 5.42%.  The previous week, they were 5.50%.

Its a great time to buy real estate in Louisville Kentucky.  Search for homes for sale in Louisville Kentucky now – and see if you can lock in a good deal today! For anyone that…

The Friday November 23 2007 edition of the Shelbyville Kentucky newspaper, The Sentinel-News reported that the Kentucky employment rate saw increases in the month of October.

The unemployment rate for Kentucky was 6.1% in September.  In October, the unemployment rate was 5.6%.

Across the United States, the jobless rate has been fairly constant recently maintaining at 4.7% through September & October 2007.

Of the 11 major non-farm job classifications, 4 of them saw employment increases for the month of October.

6 of the major non-farm job classifications saw decreases for employment.

1 remained unchanged.

A net change of 100 jobs decrease was seen in October 2007 for Kentucky’s non-farm employment.  The total is currently: 1856500 jobs.…

According to the Louisville Kentucky newspaper, The Courier-Journal, the soft housing market may affect persons that you wouldn’t normally consider:  the homeless.

Most of the persons that donate to charities and help them through the winter months, are also the persons most likely to be feeling some of the fallout from the real estate markets and mortgage industries.  Add in rising food and energy costs, and many persons with disposable incomes to help out others, may start feeling the pressure that they need to help themselves first.

And then add in more persons in need of charitable assistance this year – many charities are reporting up to a 25% increase in persons in need this year.

Then add in the recent drop in the stock market (the S&P…

The Shelbyville Kentucky newspaper, The Sentinel-News, had an article today about the United States Department of Agriculture (USDA) Rural Development Office is going to be providing home repair loans for very low income applicants in the following counties:

Shelby County

Henry County

Oldham County

Spencer County

Franklin County

Trimble County

Applicants desiring to make application for the program, can apply at the Rural Development Office located at 90 Howard drive in Shelbyville Kentucky.

The maximum possible loan under this incentive program is $20000 with the interest set at 1% with a loan term not to exceed 20 years.

The uses for the home repair loans can be for a variety of needs including:

Gutters

Doors

New Septic…