Fed reduces discount rate by 3/4%.
As markets around the world react to the US economy, Fed Chairman Bernanke reduces several key interest rates by 3/4%. Such a significant reduction should help to reduce the volitility of the stock market.
Recent sell offs have made everyone nervous.
The rate cut should add stability and quelch fears.
Recent interest rate changes allow folks to afford more house than they could just months ago.
Opportunities are only getting better.
Buyers Beware;
The current buyer's market in Louisville is supported by inventory levels equalling 10 months of supply or more. Also, Buyers are able to obtain discounts not previously available and don't forget about the extremely low interest rates.
The market Nationally appears to be stabilizing with increased mortgage applications and slightly increased new home sales.
Buyers that are holding off to see where the market goes may miss an excellent opportunity.
Sellers prepare:
Home sales in Louisville continue to be down about 14.0% from 2006 levels but stabilization of the housing market predicted Nationally should help increase sales in Louisville. Louisville still had an average increase in the mediian house price of 4.5% from $135,000 to $141,500.
Sellers should be preparing their homes for sale now in anticipation of the market moving to more seller friendly. Update, Update, Update.................
RiverPark Plcae developers have scaled down the initial construction phase due to lenders concerns over current uncertainty in the mortgage industry.
Originally, the initial phase was to include two residential building, 144 slip marina to include the first of two 16 story towers.
Current the initial phase will include a four story building with about 50 condos built on top of a parking structure and include completion of the marina.
The original design of the complex will be completed eventually but over a longer period of time.
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