The CJ published this article on Friday: Local economics expert: Louisville in good shape to ride out recession. I have to say, “Great job!” Not only is this expert’s opinion based in fact, it also is coming from someone outside the real estate market.
First Professor Paul Coomes talks about the strength of our local banks then goes on to clear up a misconception by showing that the bulk of foreclosures are not occurring with average families.
Even though local foreclosures are on the rise, Coomes says 50 to 70 percent belong to real estate investors who bought multiple properties and borrowed way too much. “What we found was that a majority of foreclosures in this market are not to single family homeowners.”
Obviously, the economy is not where we’d like it to be but the housing market in Louisville has little in common with cities most often cited by the mainstream media.
“I would give Louisville an A or A+ in a measure of home value and I think you can get a lot of home in Louisville for your money,” said Coomes.
I have to say, “I agree.”