The Louisville foreclosure rate declined by 48% this year in 2008 compared to the same month in 2007. And this is on the heels of a decline of 8% drop that took place during the 1st quarter of this year (again, using the same frame of comparison of during the same period in 2007).
And if you compare those numbers to the national average that has experienced a 65% INCREASE in foreclosures, you can see clearly that the Louisville real estate market is definitely bucking the trend.
To get into specifics: 288 foreclosure filings were made in the metropolitan Louisville homes market for April 2008. This equates to approximately 1 in every 1874 homes in the area. Nationally, there was approximately 1 foreclosure filing made for every 519 homes.
And even on a larger perspective of the entire state of Kentucky, Kentucky ranks 43rd for foreclosure rates with 1 in every 3710 homes making a foreclosure filing. Our nearby neighbor Indiana, was ranked 11th with 1 in every 544 homes filing.
Again, the “bad” real estate markets continue to fair poorly: Out of the top 10 highest foreclosure rates in the entire country for metropolitan areas, 9 of the 10 were in Florida and California.
The overall real estate market softening that Louisville has experienced has been slight – and its not been primarily from a market correction as much as it is due to a build up with inventory and a softening of the national economy overall. Basically, a lot of the problems (which aren’t many) that Louisville may be having is primarily due to everyone else muddying things up – and not really from what we’ve been doing on our own accord.
The Louisville homes market should continue to strengthen despite a softening economy nationally, provided no major changes occur that would have a negative impact, and housing inventory remains constant or declines.
Louisville Foreclosure Rate Declines
And if you compare those numbers to the national average that has experienced a 65% INCREASE in foreclosures, you can see clearly that the Louisville real estate market is definitely bucking the trend.
To get into specifics: 288 foreclosure filings were made in the metropolitan Louisville homes market for April 2008. This equates to approximately 1 in every 1874 homes in the area. Nationally, there was approximately 1 foreclosure filing made for every 519 homes.
And even on a larger perspective of the entire state of Kentucky, Kentucky ranks 43rd for foreclosure rates with 1 in every 3710 homes making a foreclosure filing. Our nearby neighbor Indiana, was ranked 11th with 1 in every 544 homes filing.
Again, the “bad” real estate markets continue to fair poorly: Out of the top 10 highest foreclosure rates in the entire country for metropolitan areas, 9 of the 10 were in Florida and California.
The overall real estate market softening that Louisville has experienced has been slight – and its not been primarily from a market correction as much as it is due to a build up with inventory and a softening of the national economy overall. Basically, a lot of the problems (which aren’t many) that Louisville may be having is primarily due to everyone else muddying things up – and not really from what we’ve been doing on our own accord.
The Louisville homes market should continue to strengthen despite a softening economy nationally, provided no major changes occur that would have a negative impact, and housing inventory remains constant or declines.