BluegrassForeclosure.com

A new report out shows that home prices are rising slowly again, but still below the market average from last year.  Overall, the Standard&Poor’s/Case-Shiller home price index is up 1.2% nationally.  However, home prices nationally are still 13% below last year.  This article makes a great point that once the Federal tax credit for first time buyers expires, if the unemployment rate continues to rise, and if this is a jobless recovery, will the market be able to sustain itself?

All of these factors may lead to increased foreclosures.  Read the full article.

Stay tuned for more.

Anyone have any thoughts?

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.