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Kentucky REALTOR® News

2016 forecast: home sale increase expected
January 19, 2016

Following the housing market's best year in nearly a decade, existing-home sales are forecasted to expand in 2016 at a more moderate pace as pent-up buyer demand combats affordability pressures and meager economic growth, according to National Association of Realtors® Chief Economist Lawrence Yun in a newly-released video on his 2016 housing market expectations.

 

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Kentucky jobless rates down in 109 counties
January 5, 2016

Unemployment rates fell in 109 Kentucky counties between October 2014 and October 2015, rose in seven counties and remained the same in four, 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 2.8 percent. It was followed by Fayette County, 3.1 percent; Oldham, Scott and Spencer counties, 3.2 percent each; Owen and Shelby counties, 3.3 percent each; and Boone, Campbell and Madison counties, 3.4 percent each. Read More

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Lexington named top 20 small city for college students
January 5, 2016

The city of Lexington has been ranked by the American Institute for Economic Research (AIER)as one of the top 20 small cities for American college students for 2016.

AIER, an independent economic research organization, says that in addition to the educational benefits colleges have to offer, students also look at “essential supplements to formal education.” Those supplements, such as the people students meet, places they go and the school and employment opportunities that may await them after graduation, are tied to the cities where the college or university resides. Read More

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Louisville council approves 'Airbnb' ordinance
January 5, 2016

After a nearly two hour debate with multiple threats of further delay, Metro Council pushed through an ordinance regulating Louisville short-term rentals Thursday evening by a 20-6 vote.

"The ordinance allows this growing industry to operate in Louisville, levels the playing field with hotels and motels on transient occupancy taxes and protects neighborhoods by limiting the number of occupants and other provisions,” said Councilman Bill Hollander, an original sponsor. Read More

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Email scams and online fraud hitting the real estate industry
December 22, 2015

Criminals are hacking into the email accounts of real estate agents or other persons involved in a real estate transaction and using information gained from the hack to dupe a party into a fraudulent wire transfer. The hackers often send an email that appears to be from an individual legitimately involved in the transaction, informing the recipient, often the buyer, that there has been a last minute change to the wiring instructions. Find out how to spot the crime and what to do if you are targeted. Read More

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Funding bill passes, contains real estate provisions
December 21, 2015

The Omnibus Appropriations Bill, sweeping legislation of more than two-thousand pages to fund the Federal Government for Fiscal Year 2016, was signed into law. The new legislation will put an end to the series of stop-gap funding measures known as “Continuing Resolutions” that have funded the government since October 1, 2015. Read the various real estate related provisions included in the bill. Read More

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Fed raises interest rates for the first time in 9 years
December 16, 2015

The nation's recovery from the Great Recession reached a historic milestone Wednesday as the Federal Reserve raised interest rates for the first time in nearly a decade, ending an extraordinary era of easy-money policy.

The modest ¼ percentage point increase in the Fed's benchmark rate was widely expected and accompanied by signals that Fed policymakers intend to nudge up rates even more gradually than anticipated the next few years. That's a nod to inflation that remains unusually low and vestiges of the downturn that continue to thwart a more vibrant economy. Read More

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Drone registry starts December 21 with the FAA
December 14, 2015

Nearly all owners of remote-controlled aircraft across the country will have to register hundreds of thousands of drones with the Federal Aviation Administration starting Dec. 21.

The owner – whether it’s a new purchase or a drone that’s been flying for years – will have to register a name, a physical address and an email address with the FAA, the agency announced Monday. The decision follows a recommendation Nov. 21 by a task force of manufacturers, retailers, pilots and hobbyists. Existing owners will have to register by Feb. 19, 2016, and new buyers will have to register before their first flight. ​

The registry for drones weighing at least 9 ounces marks the latest balancing act for federal regulators who are trying to keep the skies safe as drones increasingly share airspace with passenger planes. Industry groups have estimated that hundreds of thousands have already been sold, with many more on the way as holiday gifts. Read More

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Remodeling Impact Report reveals benefits to homeowners
December 10, 2015

The first-ever "Remodeling Impact Report" looks at the resale value and customer satisfaction of 12 interior and 8 exterior projects. The projects range from upgrades (a new HVAC system) to full-scale remodels (a new master suite). Members of NARI reviewed specs and provided cost estimates for each project. REALTORS reported that 3 interior projects and 2 exterior projects - all estimated to cost under $10,000 - provide the greatest cost recovery at resale.

Download the report now

Read the press release with additional infographics
 

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More than half of US renters are 40 and older
December 10, 2015

The majority of U.S. renters are now 40 and older, a fundamental shift over the past decade that reflects the lasting damage of the housing crash and an aging population.

This finding in a report released Wednesday by Harvard University's Joint Center for Housing Studies overturns the assumption that the rental boom is only the result of twenty-somethings flocking to hip urban centers. Single-family houses are a growing share of rentals. And affordability problems are mounting as rents rise faster than wages, while apartment construction increasingly targets tenants with six-figure incomes.

Nearly 51 percent of renters have celebrated their 40th birthday, according to the report's analysis of Census Bureau data. That amounts to 22.4 million households.

A decade ago when the housing bubble peaked in 2005, 47 percent of renters — or 16.4 million households — were older than 40. Their share was 43 percent in 1995. Read More

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