The 13-county metro area of Louisville saw homeownership rates drop to the lowest in 8 years in 2011, however reports indicate there may be hope for 2013. Keeping that percentage from dropping in the coming year depends not just on people buying homes, but also current homeowners in the area staying out of foreclosure.
Reports credit last year’s drop in homeownership in the area to effects of high foreclosure rates in the recent past, and that lending standards have gotten tighter. These tougher lending standards are hindering borrowers who are credit-worthy from obtaining a mortgage, according to reports.
It is possible that the number of homeowners could be raised by responsible lending, which means that tougher lending standards are actually a positive thing. The Greater Louisville Association of Realtors has already positive numbers, as members reported a 15 percent increase so far this year.
According to reports, the Louisville area homeownership rate for three months ended in September at 65 percent, which is three points higher than this time last year. This is also higher than the national average of metropolitan areas this year, which came in at 64 percent. Officials view this as a positive change in the homeownership trend as something that will continue to rise in the coming months.
Homeowners who find themselves having trouble making their mortgage payments may benefit from seeking out a lawyer to help with the issue. In several instances, the Kentucky Housing Corporation has helped get homeowners in touch with legal counsel to help deal with finances and avoiding foreclosure.
Source: courier-journal.com, ” Louisville-area homeownership lowest in 8 years,” Marcus Green, Dec. 9, 2012