Kentucky REALTOR® News
- Unemployment rates down in 82 Kentucky counties in October
- November 29, 2016
Unemployment rates fell in 82 Kentucky counties between October 2015 and October 2016, rose in 33 and stayed the same in five counties (Breckinridge, Knott, Laurel, McLean and Powell), according to the Kentucky Office of Employment and Training, an agency of the Kentucky Education and Workforce Development Cabinet.
Woodford County recorded the lowest jobless rate in the Commonwealth at 3 percent. It was followed by Oldham and Shelby counties, 3.1 percent each; Fayette and Spencer counties, 3.3 percent each; Warren County, 3.4 percent; and Anderson, Boone, Campbell and Scott counties, 3.5 percent each.
Magoffin County recorded the state’s highest unemployment rate at 14.1 percent. It was followed by Leslie County, 11.6 percent; Harlan County, 10.5 percent; Letcher County, 10.3 percent; Elliott County, 10.1 percent; Floyd County, 9.9 percent; Pike County, 9.6 percent; Knott County, 9.5 percent; and Clay and Perry counties, 9.3 percent each.
In contrast to the monthly national and state data, unemployment statistics for counties are not seasonally adjusted. The comparable, unadjusted unemployment rate for the state was 4.6 percent for October 2016, and 4.7 percent for the nation.
To view a set of maps detailing these monthly numbers, click here. For PDF charts of the data, click here.
To access Local Area Unemployment Statistics (LAUS) data click here.
Learn more about the Office of Employment and Training at www.workforce.ky.gov.
- 7 things you should never do online
- November 18, 2016
As real estate agents, you spend (or probably should spend) a lot of time online collecting leads, generating referrals, researching properties, etc. Most of that time may be spent on social media. Are you using that time wisely and appropriately? Here are seven tips on ways to quit bad behavior and make better choices on what you do online. Stop doing these things:
- Kentucky's unemployment rate at 5.1% in October
- November 18, 2016
Kentucky’s seasonally adjusted preliminary unemployment rate for October 2016 was 5.1 percent from a revised 5 percent in September 2016, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet.
The preliminary October 2016 jobless rate was 0.4 percentage points lower than the 5.5 percent rate recorded for the state in October 2015. The U.S. seasonally adjusted jobless rate for October 2016 was 4.9 percent, according to the U.S. Department of Labor.
Labor force statistics, including the unemployment rate, are based on estimates from the Current Population Survey of households. It is designed to measure trends rather than to count the actual number of people working. It includes jobs in agriculture and those classified as self-employed.
In October 2016, Kentucky’s civilian labor force was 1,996,795, an increase of 14,997 individuals compared to the previous month. Employment was up by 12,931, and the number of unemployed increased by 2,066. Read More
- NAR's chief economist, Lawrence Yun, examines real estate under a new presidency
- November 18, 2016
Lawrence Yun, NAR's chief economist, examines how the real estate market will be impacted by Donald Trump’s victory and Republicans controlling both chambers of Congress. Though Mr. Trump is a real estate man, his policy platform has been largely vague on real estate proposals. Here are his thoughts on how certain real estate issues may play out under President Trump and their potential impact to consumers.
- There will no doubt be a short-term stimulus to the economy. A combination of tax cuts and government spending in the form of upgrading nation’s infrastructure and for national defense will provide a short boost to the economy in the first half of 2017. Inflation will likely kick a bit higher from a faster GDP growth and that will lead to modestly higher interest rates. Accompanying gains in consumer confidence will further move the economy higher. Should the faster GDP growth be sustained and arise out of higher productivity, then inflation will be manageable. Moreover, more jobs will automatically mean more tax revenue, which will lessen budget deficit. Should, however, the stimulus impact give only a short term boost and not be durable then a much larger budget deficit will force interest rates notably higher. The future generation will be saddled with more debt. Read More
- Kentucky's unemployment rate at 5% for September
- October 20, 2016
- CFPB loses with the court, RESPA referral suit was an overreach
- October 12, 2016
The real estate industry won a major referral-law victory in court this week when a federal appeals court shot down a controversial Sec. 8 anti-kickback enforcement action taken by the Consumer Financial Protection Bureau last year.
In a decision that aligns with arguments by NAR and other industry groups, the court said the CFPB incorrectly levied a $109 million fine on a mortgage company, PHH Corp., for entering into an arrangement with mortgage insurers to refer customers to them if they bought reinsurance from PHH-affiliated reinsurers.
At the time it handed down the fine, the CFPB said the “tying” arrangement between the companies amounted to an illegal referral arrangement under Sec. 8(c)(2) of the Real Estate Settlement and Procedures Act. Sec. 8 prohibits payments of anything of value for referrals of business in connection with real estate settlements. Read More
- Time to sell more homes - Kentucky's economy continues to expand
- September 16, 2016
There’s a saying in Kentucky that “you need to make hay while the sun is shining” and during the previous month, the sun definitely shined brightly in the Commonwealth. Kentucky’s seasonally adjusted preliminary unemployment rate for August 2016 was 4.9 percent from a revised 5 percent in July 2016, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet.
The preliminary August 2016 jobless rate was 0.4 percentage points lower than the 5.3 percent rate recorded for the state in August 2015.
The U.S. seasonally adjusted jobless rate for August 2016 was 4.9 percent, according to the U.S. Department of Labor. Read More
- KAR hires new Director of Education & Training Services
- September 15, 2016
The Kentucky Association of REALTORS® (KAR) announces that Nicole DeBoth has been hired as its Director of Education & Training Services. Nicole comes to KAR from LaCrosse, Wisconsin, bringing with her a strong and impressive background in coordinating professional education programs for leading real estate companies.
Nicole has expertise in organizing high level employee training and creating customized courses for clients in the real estate industry nationwide and has worked to ensure client satisfaction and success.
“Nicole will bring a great wealth of real estate training knowledge to our organization and has the ability to help us create and deliver cutting edge programs for our members,” said KAR CEO Steve Stevens. “Our obligation is to help KAR members access training that not only meets their continuing education requirements, but helps them be the best in our industry in the nation.”
Her primary responsibility at the Association will be to provide leadership and coordination for programming and services to KAR that fall under the Kentucky Real Estate Education Foundation (KREEF) – a 501(c)(3) organization that serves as the educational arm for the KAR. The purpose of KREEF is to promote suitable standards of education in real estate, to broaden and expand real estate course offerings at educational institutions within the Commonwealth of Kentucky, and to promote other activities that foster, encourage and support the improvement of quality, interest and research in the teaching and study of real estate.
- Downpayment assistance offered through the Kentucky Housing Corporation
- August 29, 2016
In January of this year, Kentucky Housing Corporation (KHC) launched the Hardest Hit Fund Down payment Assistance Program (HHF DAP), which gave new homebuyers, in distressed counties, forgivable second mortgage. HHF DAP was only available in four of Kentucky’s counties, as deemed by the U.S. Department of Treasury, for being hardest hit with serious delinquency, negative equity, distressed sales, and foreclosures. The goal of this program was to reduce obstacles for homeownership and stabilize those local housing markets for families and their communities. That first launch of the program was successful, generating 559 loans, and so effective for home buyers in these counties that is being brought back for a second time.
As such, KHC is announcing a new round of HHF DAP, which provides first-time home buyers with $10,000 in down payment assistance. This product is only available with new reservations on or after Thursday, September 1, 2016.
HHF DAP Guidelines:
- $10,000, 0 percent interest, forgivable second mortgage loan with a five-year term.
- Property (new or existing) must be located in one of the four counties:
- Secondary Market Purchase Price and Income Limits apply.
- Borrower must be a first-time home buyer (no ownership interest in the last three years).
- Pre-purchase home buyer education required.
- Dodd-Frank Affidavit must be completed (will print with loan reservation).
- Unemployment rates down in 93 KY counties
- August 25, 2016
Unemployment rates fell in 93 Kentucky counties between July 2015 and July 2016, but rose in 27 counties, according to the Kentucky Office of Employment and Training, an agency of the Kentucky Education and Workforce Development Cabinet.
Oldham County recorded the lowest jobless rate in the Commonwealth at 3.5 percent. It was followed by Woodford County, 3.6 percent; Campbell, Fayette, Shelby and Spencer counties, 3.8 percent each; Boone County, 3.9 percent; Anderson County, 4 percent; and Franklin, Jessamine, Kenton, Monroe, Owen and Scott counties, 4.1 percent each.
Magoffin County recorded the state’s highest unemployment rate at 16.3 percent. It was followed by Leslie County, 12.7 percent; Harlan County, 12.3 percent; Letcher County, 12.2 percent; Elliott County, 11.6 percent; Knott County, 11 percent; Floyd County, 10.9 percent; Pike County, 10.8 percent; and Lawrence and Wolfe counties; 10.6 percent each.
In contrast to the monthly national and state data, unemployment statistics for counties are not seasonally adjusted. The comparable, unadjusted state unemployment rate for the state was 5.2 percent for July 2016, and 5.1 percent for the nation. Read More