Monday, September 28, 2015

Louisville home buyers have fewest choices in a - WDRB 41 Louisville News

In Louisville, the price gains have been distributed fairly evenly across neighborhoods, according to association data for the first six months of the year, compared to the same period in 2014.
Shelby County (median price $175,000), the Iroquois Park / Auburndale / Fairdale area ($105,900) and the portion of Oldham County south of I-71 ($249,500) saw the biggest price gains in that six-month period:
Still, it might take several more years of rising prices for people who bought before the downturn to feel they can sell for enough to be “made whole,” Parks said. She noted that the Louisville market didn’t turn around until the end of 2011.
Stapleton, the buyer of the Hikes Point house, owned a home years ago in eastern Kentucky and was a little “gun shy” about once again taking on the responsibility – lawn mowing, maintenance – that comes with owning.
But with the apartment market tightening, the rent on her two-bedroom unit near Oxmoor Center had “steadily gone up and up” to about $1,200 a month – whereas she expects her mortgage to be about $780 a month even with a low down-payment of 3.5 percent.
Not all renters can easily make that same transition back to owning.
Brian Bates, senior vice president at local mortgage lender Wilson & Muir Bank, said new regulations from federally backed mortgage buyer Fannie Mae, for example, generally require that borrowers be at least four years removed from “adverse credit” events like a foreclosure or bankruptcy to get a conventional loan.
“Those people aren’t ones to jump back in right away,” he said.

EDITION | Louisville home buyers have fewest choices in a - WDRB 41 Louisville News