BluegrassForeclosure.com

Kentucky.com is reporting that home sales are up 11.5% for this September compared to the same time period last year.  39.4% of the homes sold during September were to first-time home buyers.  Clearly the Federal tax incentive of $8,000.00 is driving much of the increase in home buying.  Along with home sales being up, the median home price has dropped though as well by 11.5% from last September.  This appears to be a much needed correction to the inflated home prices from the housing bubble.  Even in Central Kentucky, home prices went up too much, too quickly.

Finally, home inventory is going down.  Do consumers see light at the end of the tunnel?  Or are frustrated home owners, just buckling down and are willing to stay in their house longer?  Any thoughts?

Here is a great map of the foreclosure rate in the surrounding counties:

Jefferson

Fayette

Hardin

Warren

Daviess

According to David O’Neill, Property Value Administrator for Fayette County, Central Kentucky is weathering the foreclosure crisis well and property values have not dropped significantly.  Central Kentucky has a little more diverse workforce, so when the economy duldrums hit other communities, it does not take such a big swing.  It also helps that the biggest manufacturer, Toyota, is still making cars, albeit, more slowly.  Can we ever imagine a time before Toyota?

Should we ask the question, what happens if Toyota hits the skids?  Might be another topic for another day.

But, back to home valuations in and around Fayette County, for the most part, they are down, but not significantly.  Mr. O’Neill also discusses how long homes are sitting on the market.  The average has not changed much, surprisingly.

The best year, 2006, homes were turning over in about 58 days.  2007, it was about 76 days on average for a home to sell.  2008, about 77 days, and in July, 2009 it was about 78 days on average.  That is a lot less than I was expecting.

But it also suggests to the investor that for the right price, location, and amenities, houses are still moving.

For the full article by David O’Neill, check it out here.

Sheriff’s Tax Lien Sale for Delinquent Taxes set for April 23, 2009 at 10:00 a.m. in the Fayette District Courthouse, 150 N Limestone Ave.

For a listing of this year delinquent tax bills being sold, click here.