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Louisville Property Trends Compared to the Rest of the Country

Starting with home sales on the national basis, sales of existing homes are up 36 percent as of November 2009 (the most recent real estate figures available) from their lowest reason for January 2009. Home sales in Louisville are up a more modest 17.4 % within the same period. It's important to note, however, that while Louisville's housing market had suffered setbacks in line with many other areas of the nation, these setbacks were mostly not as deep or severe. This puts Louisville's realty market recovery in a a lot more favorable and accurate light.

Median sales price is another barometer from the local and national housing industry that property professionals and economists use to determine property trends. Nationally, median prices of existing single-family homes are down 4.3 % year-over-year from the previous November with an average selling price of $171,900. The median value of Louisville homes for sale is up 1.1 % or $1,350 to $126,750. Again, Louisville's gains are modest however with a lot of housing markets across the country reeling in the housing crisis, Louisville real estate is outperforming many other markets, at least for now.

Another essential indicator of the market's health is the number of foreclosures. Foreclosures negatively impact housing values and make up a host of other problems and some neighborhoods across the nation have whole streets with abandoned homes with just one or two occupied. Nationally, this news on foreclosures is grim with another wave of foreclosures expected in mid-2010 as another round of adjustable-rate type of loan increases is due. In the third quarter of 2009, foreclosure filings, which include bank repossessions, default notices and scheduled auctions, rose 5 percent from the second quarter to 937,840 properties repossessed. This rise in foreclosures was up a very discouraging 23 percent in the third quarter in 2008.

Louisville homes for sale

Louisville foreclosures aren't as dire because the remaining country, but still a serious problem for homeowners, lenders yet others. Within the latest report available, the Louisville real estate market suffered 1,496 foreclosures from September to November 2009. That is still a really high figure for the Louisville metropolitan area; however, when compared with comparably sized cities across the nation, Louisville is faring far better than most. Area of the reason behind this really is Louisville property values didn't escalate as steeply within the previous years as many other markets around the country did, so when they fell, they didn't fall as hard.

Overall, the marketplace isn't great, but very few markets across the nation are in the moment. Louisville real estate prices have stabilized for now and therefore are showing modest appreciation. If the Louisville realty market will continue to enhance in the coming year is tough to forecast for the time being, however, many Louisville insiders are confident that it'll.