It’s clear that the real estate market has improved in 2012. No question. What’s unclear is where we’re headed. But these reports are promising.
Kentucky Home Values Improving
According to CoreLogic, Louisville home prices increased by 1.7% in the past year. If you exclude distressed houses, that number is 2.6%. This Louisville Kentucky Housing Data is readily available on LHB each month.
Nationally, the increase was 6.3%, the biggest increase since June 2006.
However, homes are still being foreclosed upon, and, depending on where you live, numbers could actually be going up.
Kentucky Foreclosures Compared to Neighbors, Nation
Generally speaking, the national picture is improving.
“A lower foreclosure inventory is a good indicator of improving housing markets,” said Anand Nallathambi, president and CEO of CoreLogic. “The downward trend in foreclosure inventories over the past year is yet another signal that a recovery in housing is gaining traction.”
Zooming in a bit, we can review the following chart to see how Kentucky has performed against our neighboring states, as well as, nationally.
Foreclosure Inv. Point Change 1yr Completed Foreclosures 12mo National 3.2% -0.3% 779,793 Kentucky 2.6% -0.3% 2,149 Indiana 3.2% -0.5% 17,855 Ohio 3.3% -0.3% 26,763 Tennessee 1.5% -0.6% 24,095
As you can see, Kentucky has had far fewer foreclosures than our neighbors, which is great. Our numbers have also been declining, at the same rate as the nation.
This makes sense as for a city our size, Louisville foreclosures are few and far between.
Because we typically trend on a time delay, we’ll continue to have foreclosures with us for some time but we can enjoy a stronger real estate market here in Louisville than in many cities.
