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Kentucky REALTOR® News

Kentucky's jobless rate drops to 5 percent in September 2015
October 16, 2015

Kentucky’s preliminary September 2015 unemployment rate fell to 5 percent from a seasonally adjusted 5.2 percent in August 2015, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet. Kentucky’s jobless rate had not been that low in more than 14 years. The state rate in September 2015 was 0.8 percent below the 5.8 percent rate recorded in September 2014.

The U.S. seasonally adjusted jobless rate remained at 5.1 percent from August 2015 to September 2015, according to the U.S. Department of Labor. Read More

House passes bipartisan TRID grace period bill
October 12, 2015

Defying the threat of a White House veto, the House on Wednesday afternoon passed bipartisan legislation to help homebuyers avoid delays and disruptions when closing on their new homes by a bipartisan vote of 303-121.

The bill, the Homebuyers Assistance Act, provides a four-month grace period for businesses that are working in good faith to comply with a new 1,888-page rule from the Consumer Financial Protection Bureau that went into effect Oct. 4. Read More

FAA proposes $1.9 million fine against company for 'reckless' drone operations
October 8, 2015

Federal regulators sent a shot across the bow of civilian drone operators Tuesday, proposing a record $1.9 million fine for a company that markets “bird’s-eye views” of some of the country’s most congested airspace and heavily populated cities.

“Flying unmanned aircraft in violation of the Federal Aviation Regulations is illegal and can be dangerous,” said Michael Huerta, head of the Federal Aviation Administration. “We have the safest airspace in the world, and everyone who uses it must understand and observe our comprehensive set of rules and regulations.” Read More

Ratings added to realtor.com in beta, Realtor profiles revamped
October 7, 2015

What was once “Find A Realtor” is being rolled out nationally, starting with two cities in testing to work out any bugs. Realtor profiles have been revamped, ratings and reviews have been added, and “Find a Realtor” search has been updated.

Under new ownership, realtor.com is taking another whack at the ratings and reviews of Realtors (NAR members), having taken their lumps and learned some tough lessons that we think have helped them create a product that removes subjectivity from data by offering ratings from verified transactions only which comprise the stars system seen next to Realtors’ names. Read More

Jobless rates down in 112 Kentucky counties in August 2015
September 29, 2015

Unemployment rates fell in 112 Kentucky counties between August 2014 and August 2015, rose in six counties and remained the same in two counties (Lawrence and Lee), 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 3.3 percent. It was followed by Fayette and Owen counties, 3.5 percent each; Oldham and Spencer counties, 3.6 percent each; Boone, Scott and Shelby counties, 3.7 percent each; and Campbell, Jessamine, Madison and Monroe counties, 3.9 percent each.

Magoffin County recorded the state’s highest unemployment rate at 14.1 percent. It was followed by Russell County, 11.2 percent; Owsley County, 11.1 percent; Harlan County, 10.9 percent; Leslie County, 10.2 percent; Letcher County, 10.1 percent; Carter County, 9.5 percent; Knott County, 9.2 percent; Clay County, 9.1 percent; and Wolfe County, 9 percent. Read More

$240 million needed to maintain and upgrade Kentucky's state parks
September 29, 2015

Kentucky State Park officials say as much as $240 million is needed to maintain and upgrade aging state park facilities in the next 6-year budget cycle in 2016.

Kentucky State Parks Commissioner Elaine Walker painted the bleak picture for members of the Interim Committee of Tourism and Development on Monday at Rough River Dam State Resort Park.

“Our infrastructure continues to deteriorate,” Walker said. “We have power outages, loss of phone and internet service, outdated and crumbling water and sewer lines. They all represent long term budget challenges.”

And, without mentioning any names, KAR was referenced in the report by Ms. Walker. Read More


Kentucky's jobless rate at 5.2 percent in July 2015
August 24, 2015

Kentucky’s preliminary July unemployment rate rose slightly to a seasonally adjusted 5.2 percent from a revised 5.1 percent in June 2015, and remained below the national rate, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet.

The state rate in July 2015 was 1 percentage point below the 6.2 percent rate recorded in July 2014.

The U.S. seasonally adjusted jobless rate remained at 5.3 percent from June 2015 to July 2015, 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 July 2015, Kentucky’s civilian labor force was 1,959,681, a decline of 20,080 individuals compared to the previous month. Employment was down by 21,382, and the number of unemployed increased by 1,302. Read More

Louisville zip code among the 'hottest' in the country
August 20, 2015

Louisville ZIP code 40205, which includes all or parts of such upscale neighborhoods as Seneca Gardens and the Highlands, has been cited as one of America’s “hottest ZIP codes.”

The recognition comes from Realtor.com’s economic data team, which, for the first time, has released an analysis of the country’s “hottest ZIP codes midyear” and has put the local 40205 area in the 25th position.

The ranking is based on how quickly properties are selling and how frequently homes for sale are viewed on listings in each ZIP code.

“Listings in 40205 have received almost three times the views as the average listing in the U.S., and two to four times the views as the average listing in Louisville,” Realtor.com said in a release. “At the same time, inventory in the ZIP (code) has a median age of 38 days, which is 23 days lower than the market median and 35 days faster than the national median.” Read More

Louisville among first cities chosen for $42 million Bloomberg data initiative
August 18, 2015

Louisville has been chosen as one of the first cities to take part in a $42 million Bloomberg Philanthropies initiative designed to help enhance data usage.

Eight cities will receive expert support and "peer-to-peer learning opportunities" through the organization's What Works Cities, according to a news release.

The program will help 100 mid-sized American cities improve their use of data to make government more effective, the release said.

The charitable Bloomberg Philanthropies was created by former New York City Mayor Michael Bloomberg.

The new program has generated widespread interest since launching in April, and 112 cities in 40 states applied within the first six weeks. Read More


Kentucky mortgage recording lawsuit favors banks after appeal
July 21, 2015

U.S. mortgage lenders did not violate Kentucky state law by failing to record the transfer of mortgage loans in county land records, a federal appeals court ruled in the latest win for major banks sued over their mortgage recording practices.

In a decision on Thursday, a three-judge panel found that a U.S. district court erred last year in finding that homeowners could pursue claims against lenders for transferring mortgage loans without documenting the transactions with Kentucky's county clerks. The homeowners are represented by law firms Miller Griffin & Marks and Atkinson Simms & Kermode. Read More