Louisville Real Estate Sales are bouncing back, at least for June 2009. The latest number of Louisville home sales for June show some interesting results. Contracts to purchase a home were up from a year before by 30% but the number of homeowners who actually sat down at a closing table and signed over deeds was off 1.5 %.
A slow down by the appraisal process created much of the problem. Back on May 1 2009, new government regulations required mortgage companies and banks to go through a 3rd party to order appraisals. This created a new “3rd party” industry this separation between lender and appraiser was supposed to keep business relationships from influencing appraisers. All it appears to have done is make the process more expensive for the buyer who picks up the fee for the 3rd party and more complicated organizing the process and delivering the reports. Additionally mortgage companies are requiring more documentation (in some cases) and have to wait for those appraisals to come back.
Looking back to 2007 just before the start of the home sales dive, June 2009 Home sales are down by 25% from June 2007. Rising interest rates for the last half of June 2009 slowed down 1st time buyers, but the rated have dropped a little and that may help get home sales back on track for 2009. For more information on Louisville real estate head to www.weselllouisville.com
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