Louisville is a Top 10 Market for Real Estate Investors

Check out this article from the Wall Street Journal.

WSJ

Foreclosures Under Review

It seems some lenders have not necessarily been above board with their foreclosure processes.  Several revelations concerning these processes have come to light over the past couple weeks prompting the Office of the Comptroller of the Currency to order several large lenders to review their procedures.  Both GMAC and JP Morgan Chase have halted pending foreclosures, while the following lenders have been contacted and ordered to review their foreclosure procedures:  Bank of America, Citibank, HSBC, PNC Bank, US Bank and Wells Fargo.  Below is a link the an article providing discussing the situation in greater detail.

The Washington Post

Status Report

Currently, both the housing market and the economy as a whole are stuck in a rut.  Click on the link below for a detailed explanation of where we are currently on a national level.  Keep in mind, Bloomberg is a national publication and the Louisville area has seemed much more steady, not experiencing the deep troughs that has plagued the national market during the entire recession.

Bloomberg

Short Sale Process Getting Quicker

Check out this link:  American Land Title Association News

It appears that short sale approval turnaround time has shown a marked improvement recently.  A year ago the process was estimated to take, on average, at least three months.  The same process can now be completed in thirty days.  Some will argue that the time frame had nowhere to go but up, but for those of us still practicing in this market, this is very good news as it appears short sales are with us for the near future.

Rates Still Low

It has been a while since I've updated the blog and for that, I apologize. The good news is that the reason I've been unable to update is that it has turned into a fairly busy summer. Rates have remained low and we've seen an influx of refinance transactions. Sales transactions continue to remain steady as well. Please read the attached blurb from Realtor Magazine Daily...rates are still extremely low and hopefully will remain that way throughout the fall and winter.

Rates Remain Low

A Long, Slow Recovery

Included herein is a link to an article located at the International Business Times website. The content is basically that the recovery will not be a quick touch of the bottom and then an immediate rebound, but rather a prolonged trough. good news is that we have most likely hit bottom, but it may take a longer to get off the bottom than we first realized.

International Business Times

Short Sale Article in The Courier Journal

Attached hereto is an interesting article about short sale deals in our area. Notice that Mike Pitt is quoted within.

The Courier Journal