Northern Kentucky Foreclosure List Prices Dropped 21 Percent
Home sales across Northern Kentucky increased in April and May as foreclosure list prices and other housing list prices fell by 21 percent in the region in May, according to real estate sales data in the state.
In April, 384 housing units were sold, with an average sales price level of $142,101. May home sales increased to 405, with an average sales price of $137,167, a drop of more than 3 percent from the April average price. The average home sales price in May 2008 was $172,088.
With affordability levels increasing, many previously-owned homes have been receiving multiple offers, pushing down the number of properties in foreclosure list inventories and other pre-owned inventories.
Real estate analysts contend that the ideal housing market inventory level is a six-month supply of homes for sale. This level, according to market experience, gives a balanced playing field for both buyers and sellers and gives them confidence about the fairness of the selling and buying deal.
In Northern Kentucky, there was a point in the past few years when the housing market had an 11-month level of inventory of foreclosure list homes and non-foreclosed homes.
Just like in other low-priced housing markets, homes in the $100,000 to $200,000 price range are getting sold faster than homes priced above $200,000. Houses in the lower range have been receiving multiple offers.
Kentucky analysts said the 5.5 percent increase in sales of foreclosure list homes and non-foreclosed properties in May would have been higher if credit was as widely available as during the housing boom. Mortgage lenders now are requiring credit scores in the 620 to 680 range before home buyers can get home loans.
It was the federal tax credit, many real estate analysts in Kentucky said, which enticed first time home buyers to make their home purchases, as the tax credit is set to expire in November this year.
Many analysts are saying that if national lawmakers can extend, increase or widen the scope of the tax credit, more prospective home buyers would act on their home ownership plans and help contain foreclosure list inventories across the U.S.
Kentucky is not as battered by foreclosure inventories as other states because there were not as many subprime and other predatory loans originated in Kentucky as in other states. In May, there were only 783 real estate owned and foreclosure list homes in Kentucky.
Search Foreclosure Lists in Kentucky Cities:
- Foreclosure Lists in Louisville
- Foreclosure Lists in Lexington
- Foreclosure Lists in Covington
- Foreclosure Lists in Erlanger
Related Posts:
- Foreclosed House Inventories Need Tax Credit Extension
- Buying Foreclosure Homes for Sale in the West
- Price Cuts on REO Properties for Sale to Lure Buyers
- Foreclosed Homes for Sale in Atlanta: Median Price Falling
- Lower Home Price Forecasts Due to Foreclosures
