Elite Homes of Louisville

Thank you Louisville! For making Elite Homes the largest local Home Builder in 2011 based on Dollar Volume according to Business First of Louisville.

2012-02-24T07:43:00.000-08:00

Your Invited to the Grand Opening at Shakes Run!

2012-02-17T06:50:00.001-08:00

Consumer Confidence is at an eight-month high

2012-02-02T09:26:00.000-08:00

By Andrew Scoggin, HousingWire, 12/27/2011

Consumer confidence jumped nearly 10 points to a December reading of 64.5, according to the The Conference Board survey. The monthly index rose from 55.2 in November, marking the second month of increases after six months of declines. The December consumer confidence reading is back at levels last seen in April when the index sat at 66, though considerably lower than the 100 score benchmarked in 1985. Lynn Franco, director of the board's consumer research, said in a release that it's too soon to tell whether the index increase shows a shift in attitude or is just a rebound.

Consumers' assessment of current conditions, short-term outlook and the job market all improved in December. About 16.6% of respondents said the current market is good, up from 13.9% in November. Those who said conditions are bad declined to 33.9% from 38%. More consumers expected business conditions to improve over the next six months as well, increasing to 16.7% from 13.9%. That's compared to a decrease to 13.4% from 16.1% in those predicting economic decline. Positive job outlook rose to 13.3% from 12.4%, while respondents in the negative declined to 20.2% from 23.8%.

The consumer confidence index is a random sample completed for the board by market research firm Nielsen. The cutoff date for survey results was Dec. 14.

Elite Homes - Winner of 3 Sales and Marketing Council Awards

2012-01-26T06:44:00.001-08:00

Elite Homes is celebrating 36 years in business!

2012-01-12T11:20:00.000-08:00

Your Invited to the Grand Opening!

2012-01-06T13:25:00.000-08:00

Chained to your current house?

2011-12-15T08:22:00.000-08:00

Grand Opening of The Villas of Rock Springs

2011-12-08T08:21:00.000-08:00

Happy Thanksgiving from Elite Homes

2011-11-23T08:19:00.000-08:00

Renting is a BAD Investment!

2011-10-27T08:18:00.000-07:00

Elite Homes is more than a Home Builder

2011-10-14T08:16:00.000-07:00

Don't worry about the bridge closure

2011-10-07T08:14:00.000-07:00

Coming Soon: A New Jamestown Model Home at The Reserve at L'Esprit

2011-09-29T08:12:00.000-07:00

Save thousands $$$

2011-09-12T08:12:00.000-07:00

Elite Homes named to the Remodeling 550

2011-09-01T08:07:00.000-07:00

Elite Homes takes over development of Villas of Rock Springs

2011-08-30T13:10:00.000-07:00

The home of the future

2011-08-25T14:18:00.000-07:00

Great opportunity to purchase a one of a kind model home.

2011-08-18T11:14:00.000-07:00

NOW is the time...

2011-08-11T09:12:00.000-07:00

Coming soon to The Reserve at L'Esprit!

2011-08-08T06:44:00.000-07:00

The Villas of Rock Springs is NOW UNDER CONSTRUCTION!

2011-07-28T11:14:00.000-07:00

Are you looking for FRESH?

2011-07-07T09:42:00.000-07:00

2011-06-29T09:23:00.000-07:00

Luxury you deserve...at a price you can afford!

2011-06-22T10:42:00.000-07:00

Remember when...

2011-06-15T11:27:00.000-07:00

Location Matters.

2011-06-08T08:01:00.000-07:00

Have you seen the headlines?

2011-06-03T05:49:00.000-07:00

Go with a winning builder!

2011-05-26T08:31:00.000-07:00

Go with a winning builder to build your DREAM home!

2011-05-18T11:27:00.000-07:00

What are you waiting for?

2011-05-12T05:52:00.000-07:00

Choose a builder with a proven track record of success!

2011-05-12T05:43:00.000-07:00

Country Living close to the city!

2011-05-12T05:30:00.000-07:00

Leisure Living priced from $250's

2011-03-31T06:33:00.000-07:00

SPRING HOUSE COVE

Spring House Cove is ideal for people who want the benefits of living in a single-family home and the carefree lifestyle of condominium living.

Brick Homes

Full Basements

Two Car Garages

Covered Porches

For more information on Elite Homes visit:
http://www.EliteBuiltHomes.com

Celebrating 35 years of business!

2011-03-24T13:30:00.000-07:00

2011 America's Best Builders

2011-03-16T15:17:00.000-07:00

Meet the Elite Homes Team

2011-02-23T10:09:00.000-08:00

Meet The Elite Homes Team

http://www.elitebuilthomes.com/meet_the_team.html

Here is your chance to get up close and personal with the Elite Homes staff.

Elite Homes was named 68th largest full-service remodeler by Remodeling Magazine

2011-02-15T07:02:00.000-08:00

Elite Homes Winner of Two Presidents Awards from the Sales & Marketing Council

2011-02-07T09:52:00.000-08:00

Elite Homes Energy Star Partner

2011-02-01T06:38:00.000-08:00

We are proud to offer 100% of our new homes with the ENERGY STAR® label. ENERGY STAR qualified new homes are substantially more energy efficient than homes built to the minimum code requirements. Our ENERGY STAR qualified new homes are independently verified by a third-party Home Energy Rater to ensure they meet ENERGY STAR energy efficiency guidelines. These homes are better for the environment and better for you.

Benefits of owning one of our ENERGY STAR qualified new homes include:
A Label Backed by the Government
All ENERGY STAR qualified new homes are certified to meet EPA's strict guidelines for energy efficiency. This exemplary performance is verified by an independent third party.

Lower Utility Costs
Compared with standard homes, ENERGY STAR qualified new homes use substantially less energy for heating, cooling, and hot water heating. Homeowners can expect to save about $200–$400 annually on their utility bills.

More Comfortable/Quieter Homes
The energy-efficient features of ENERGY STAR qualified new homes keep out excessive heat, cold, and noise, and ensure consistent temperatures between and across rooms-making these homes more comfortable to live in.

Helping to Create a Better Future
By purchasing an ENERGY STAR qualified new home, you are joining millions of consumers who have changed to ENERGY STAR, helping our nation reduce our energy needs and building a cleaner environment for the future.

Features of our ENERGY STAR qualified new homes include:
Effective Insulation
High-Performance Windows
Tight Construction and Tight Ducts
Energy-Efficient Heating and Cooling Equipment
For more information on our ENERGY STAR qualified new homes, contact
Elite Homes at (502) 245-6159
Learn more about ENERGY STAR qualified new homes at http://www.energystar.gov/

WANTED: People who need accessible living

2011-01-25T09:21:00.000-08:00

Elite Homes Behind The Scenes

2011-01-18T09:05:00.000-08:00

You saw ABC's version of the Extreme build for the Lampe family, now see the "Behind The Scenes" video story of how the build was really done.

Builder Magazine Announces 2011 America's Best Builder

2011-01-10T07:10:00.000-08:00

Builder Magazine has announced 2011 America's Best Builders. Elite Homes has been named in the 26-100 closing category. A very big honor, that we are happy to have.

Thank you Hanley Wood for this award.

For the full article please visit:
http://hanleywood.com/default.aspx?page=prbmabb2011

Extreme Makeover: Home Edition in Louisville this Sunday on ABC!

2011-01-04T10:56:00.000-08:00

This Sunday at 8/7c on ABC Extreme Makeover will tell the story of the Lampe Family and how Elite Homes and the community of Louisville, Kentucky came together to build a new home in just one week.

ONCE IN A LIFETIME EXTREME FUND RAISER

2010-10-27T08:45:00.001-07:00

Elite Homes, Inc. offers exclusive tour of Extreme Makeover: Home Edition home in Fairdale

It's a once-in-a-lifetime chance for 12 special people to see the Elite Homes, Inc. Extreme Makeover: Home Edition home BEFORE the show is aired in 2011.

The twelve people can tour the entire home currently being built for the Lampe family of Fairdale, Kentucky, this Friday, October 29, before the Lampe's move back into the home, making further private tours impossible.

"We're helping raise the necessary funds the Lampe family needs to pay off the mortgage on their former house," explains Joe Pusateri, Elite Homes, Inc. President Joe Pusateri. "There are costs associated with being chosen an Extreme Makeover: Home Edition family, and we want to ensure the Lampe's new home doesn't become a financial burden. We aim to help the Lampe's pay off their mortgage, meet their medical expenses so they can continue their work in the community."

Tickets for the tour cost $ 1,000 each, with all of the proceeds going directly to the Lampe family.
To sign up visit www.EliteExtremeDream2010.com

Elite Homes - Extreme Makeover: Home Edition

2010-10-18T10:21:00.000-07:00

Elite Homes on Louisville's Best New Homes featuring Extreme Makeover: Home Edition

2010-10-18T09:51:00.000-07:00

WE’LL “STUFF THAT BUS!”TM BEFORE WE MOVE THAT EXTREME MAKEOVER: HOME EDITION BUS!

2010-10-15T06:31:00.000-07:00

Elite Homes, Inc. builds partnership to collect 20 tons of food for area children and families

Louisville, KY., October 13, 2010 –

Elite Homes, Inc., announces “Stuff That Bus!” a high-profile food drive in partnership with Metro United Way, Dare To Care, TARC, and the Jefferson County Public Schools (JCPS). Other project partners include: Gordon Food Service (GFS) and Mattingly Foods. The “Stuff That Bus!” food drive starts this Saturday, October 16, at the Extreme Makeover: Home Edition Pep Rally to be held at Highview Baptist Church, 15201 Shelbyville Road in Louisville, from 10:00 am until Noon. The public is encouraged to attend (and bring cans of food!). The TARC bus to be filled will be on display at the Pep Rally. “We aim to tap the overwhelming community support we anticipate for the upcoming Extreme Makeover: Home Edition build and turn it into food for our area’s folks who are in need. We will stuff a TARC bus full of non-perishable food in the next three weeks!” said Joseph “Joey” Pusateri, Permitting and Closing Specialist at Louisville’s Elite Homes, Inc. Pusateri is the son of Joe Pusateri, president and founder of Elite Homes.

“Our collected food will benefit Dare to Care Food Bank and its programs, especially Kids Cafe, that support children and their families. We know everyone who attends the Extreme Makover: Home Edition Pep Rally on Saturday the 16th, or who comes out to visit the awesome home being built in a week won’t mind bringing at least one can of food to help others. We’re sure many will bring as many cans of food as they can carry. Then we can start to ‘Stuff That Bus!’” Pusateri said.

Area collection points include: all Jefferson County Public Schools and Louisville area GFS Marketplace Store locations. Members of the public who want to travel to view the construction at Elite Homes’ Extreme Makeover: Home Edition construction site are encouraged to bring at least one can of food per person to the transportation site, where they will travel by TARC bus to the build. The location of the transportation site will be disclosed after the lucky family is contacted by Ty Pennington and the Extreme Makeover: Home Edition design team.
The “Stuff That Bus!” food drive’s goal of 20 tons of food certainly captures the extremely large spirit of Extreme Makeover: Home Edition. Elite Homes’ partners in the food drive are excited about participating in “Stuff That Bus!”

Brett Michel, General Manager of Gordon Food Service is pleased to help again, saying “This is the second time GFS has been involved. It was such a great experience in 2007! While we’re not swinging hammers to help Elite Homes build the Extreme Makeover: Home Edition house, we’re doing what we do best - Gordon Food Service offers such a wide variety of nutritious food, we’re happy to help provide our food to area children who are in need.” Jackie Pineo, GFS Assistant Manager agreed, saying “GFS Marketplace® is pleased to be part of a great community service project like ‘Stuff That Bus!’ We believe in serving our community and are proud to support a great organization like Dare to Care.” “TARC is honored to provide a bus during the Extreme Makeover Home Edition build in Louisville and we urge everyone to help stuff it with food for the Dare to Care program. Let’s make this another big community success,” said J. Barry Barker, executive director of TARC and this year’s voluntary chairman of the Metro United Way campaign.

Stephen Hall of Mattingly Foods agreed, saying “We look forward to working on the ‘Stuff That Bus!’ project and we are excited Elite Homes thought of us as the right partner to accomplish something so worthwhile.”
Brian Riendeau, Executive Director of Dare to Care explains the significance of the partnership
this way: “Kentuckiana faces a crisis where nearly 200,000 people needed food assistance in the past year, a 67% increase in four years. We have been able to address this crisis because our community has united and provided Dare to Care the support we need. Elite Homes spearheading ‘Stuff That Bus!’ is another example of Kentuckiana’s unique generosity.”

JCPS Superintendent Sheldon Berman explains the school system’s participation, saying, “Social responsibility is a big part of the work we emphasize among JCPS students and employees. Participating in ‘Stuff That Bus!’ is an excellent way for our students and employees to demonstrate their sense of caring for our community.”
Metro United Way’s Kelly Garvey said “We are excited to partner with Elite Homes and Dare to Care Food Bank during the Extreme Makeover: Home Edition build to help connect people to volunteer to ensure children in our communities are well fed in order to succeed in school.”

Because hunger is a real problem in Metro Louisville (and across the nation)
Why has “Stuff That Bus!” focused on Dare to Care Kid’s Cafe? Because if children aren’t healthy, with access to good nutritional meals, they have no chance of success in the classroom or in life. One in five Kentuckiana children are at risk of going to bed without the food they need to live a heathy life. Over 70,000 children locally received food assistance from Dare to Care Food Bank in the past year. Intellectual and emotional development are threatened by this unacceptable level of food insecurity among our youth.

About Elite Homes, Inc.
Elite Homes, Inc., founded in 1976, is a prominent home building company in the
Louisville, Kentucky area, designing and building or remodeling 40 - 75 custom homes a year
ranging in price from $250,000 to over $1,000,000.

About Metro United Way
Metro United Way’s mission is to improve lives by mobilizing the caring power of our community.
For over 90 years, Metro United Way has worked diligently to create the most vital, caring community in the nation, while at the same time respecting the diversity that makes our community
unique. When you invest in your community through Metro United Way, you help to advance the common good by focusing on education, income and health. These are the building blocks for a good life-a quality education that leads to a stable job, enough income to support a family through retirement, and good health. With our agencies and partners, we help provide vital services to individuals and families and connect people to needed services through 2-1-1. We also prepare our youngest children to enter school ready to succeed with programs like Success By 6 and the Gheens Bridges to Tomorrow Initiative, which simultaneously coaches students’ parents in the principles of fiscal responsibility. Metro United Way serves a seven-county area that includes Jefferson, Oldham, Shelby and Bullitt counties in Kentucky, and Floyd, Harrison and Clark counties in Indiana.

About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati,
Ohio. The Company has $116 billion in assets, operates 16 affiliates with 1,306 full-service Banking Centers, including 99 Bank Mart locations open seven days a week inside select grocery stores and 2,355 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2009, has $180 billion in assets under care, of which it managed $24 billion for individuals, corporations and not-for-profit organizations.
Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ National Global Select Market under the symbol “FITB.”

About ABC-TVs Extreme Makeover: Home Edition
The Emmy award winning reality program Extreme Makeover: Home Edition, now in its 8th season, is produced by Endemol USA, a division of Endemol Holding. It’s executive-produced by Brady Connell and George Verschoor. David Goldberg is Chairman, Endemol North America. The show airs Sundays from 8:00-9:00 p.m., ET on ABC.

Making dreams come true once again!

2010-10-14T12:57:00.000-07:00

Extreme Makeover: Home Edition is coming back to Louisville. And local construction companies are coming together for the project of building a home from the ground up for a local family. Elite Built Homes and brothers Joe and Rocky Pusateri lead the effort for a second time. In 2007, Extreme Makeover: Home Edition came to Louisville and gave a new home to Patrick Henry Hughes.

Now, they are looking for volunteers and craftsman willing to donate time and materials for a project to begin on October 23rd. A pep rally and volunteer meeting is set for Saturday, October 16th from 10 a.m. to noon at the Highview Baptist Church at 12123 Shelbyville Road.

If someone wants to know how they can help the builders, the family or just show their support for the project, they are invited them to come out. Anyone interested should go to www.EliteBuiltHomes.com for information.

Metro mayor candidates Greg Fischer and Hal Heiner plan to attend the pep rally and will be introduced to the crowd.

They also have a community service project in conjunction with the build called, "Stuff the Bus". Elite Built Homes are partnering with the Metro United Way and Dare to Care to fill a TARC bus at the rally with food. There will be a food drive in all the JCPS schools to collect food for the Kids Café after the build.

Help needed:

84 - Framing Carpenters (October 23 - October 26)

30 - Metal Roof Installers (October 24 - October 26)

15 - Trim Carpenters (October 25 - October 26)

Design & elements still needed:

Area Rugs, original art, Auto Body Shops, Coffee Table, Hardcover and Soft Cover, Carpenters/Cabinet/Furniture Makers,

Closet Organizing Company, Container Gardens, TV's, DVD players, etc., Embroiderers, Illustrators, Painters, Venetian Plasterers, Wallpaper Hangers and many more!

Story from Fox 41 News Louisville
http://www.fox41.com/Global/story.asp?S=13314294

Extreme Makeover planning sessions have started in Louisville

2010-10-13T06:10:00.000-07:00

We have less than 2 weeks before the identity of the recipient family and location of the build will be revealed.

We have trade meetings scheduled all day on Tuesday October 12 and Wednesday October 13 from 8am to 6pm with all of our subcontractors and suppliers.

There is a community pep rally on Saturday October 16th @ Highview Baptist (Shelbyville Road) from 10am to noon. The pace is picking up. The excitement is building. We hope to have a full house at the pep rally as we enter the final week of preparation.

We still need a lot of framers to help us on the build.

Extreme Makeover: Home Edition is coming!

2010-10-05T08:47:00.000-07:00

Our company is very excited to be working with the Extreme Makeover team again to help a deserving family in our community. What is so remarkable and gratifying, has been the response of all the companies as we have reached out for their help. Despite the difficult economic conditions, with very few exceptions, our requests for help have been met with a resounding "YES".

To help the family with expenses, we have a limited edition black t-shirt, available at all 5th 3rd branches, for anyone making a donation of $20 or more. Our website will be updated daily as more information becomes available and events are scheduled. We also will use it to publicize where we need additional help for the upcoming build.

Thanks Louisville for your help and support.

Welcome Home

2010-09-03T09:53:00.001-07:00

The Overlook at Beech Spring Farm welcomes The Fenley Family!

Welcome Home

2010-09-02T13:29:00.000-07:00

Monticello Parke welcomes The Arnold Family!

Elite Homes on Louisville's Best New Homes featuring Monticello Parke

2010-09-01T04:56:00.000-07:00

Remodeling Magazine

2010-08-31T06:41:00.000-07:00

Elite Homes #68 on the list of the 550 nation's biggest home improvement companies by Remodeling Magazine

Full-Service Remodelers
by: Jim Cory

Full-service remodeling companies offer general contractor services in renovation projects ranging from whole-house remodels to handyman jobs such as changing out doorknobs. Many of those on this list have a long-term history in their markets, and have been able to survive the downturn in residential construction by drawing on relationships with past clients.

“We put a lot of emphasis on relationship-building,” says Jason Larson, president of Lars Construction, an $8.6 million San Diego–area company and number 16 on the full-service list. And, he says, we’re “willing to spend more time at more unusual times of the day” to persuade prospects to become customers.

Murphy Brothers Contracting, in Mamaroneck, N.Y. — number 32 on the list — has also found that these days it’s necessary to “offer [people] options,” according to director of new project development Michael Murphy. Five years ago, he says, “[remodeling contractors] were blowing people off. It was the land of milk and honey.” Now many companies have changed just about every part of their operation, except for a commitment to quality construction.

Click here for more information and to read the full article
http://www.remodeling.hw.net/remodeling/2010-remodeling-550-full-service-remodelers.aspx

Elite Homes on Louisville's Best New Homes featuring Glen Lakes

2010-07-27T07:26:00.000-07:00

Louisville Realtors sales up 26 percent in June in last boost from tax credit

2010-07-20T06:44:00.000-07:00

Members of the Greater Louisville Association of Realtors sold 1,477 houses and condos in June -- a 26 percent increase from a year ago -- as the last wave of deals under a federal housing tax credit were completed.

It marks the 12th straight month of improving sales compared to a year earlier.
The Southern Indiana Realtors Association, a smaller group, reported 308 sales last month, up from 300 a year ago.

The "true test" of how the market is holding up will be July's sales figures to be released in about a month, said Louisville Realtors President Linda Gibson Cecil.

That's because sales closed as of July 1 are not eligible for the credit -- save a few buyers who had contracts before April 30 and are taking advantage of a last-minute extension from Congress to complete their deals.

Nationally, sales of newly constructed homes plunged 33 percent in May, the Commerce Department reported.

So far that's been the only indication of how the market is performing without the tax credit. The Commerce Department records new home sales when contracts are signed, whereas Realtors groups wait until the closing.

In Louisville, sales are up 29 percent in the first half of the year compared to 2009, and the median sales price during that time was $135,000, up from $129,900.

Cecil said she expected June sales to be boosted by the tax credit, as they have been the last few months, but "I didn't expect us to be up that much."

Reporter Chris Otts can be reached at (502) 582-4589.
The original article can be found at:
http://www.courier-journal.com/article/20100719/BUSINESS/7190357/Louisville+Realtors+sales+up+26+percent+in+June+in+last+boost+from+tax+credit

Best Cities 2010: 10 Best Cities for Education

2010-07-01T13:39:00.000-07:00

#4: Louisville, KY
Nine of Louisville's schools have been awarded the Department of Education's blue ribbon distinction, revealing the top-notch quality of schools in this education-friendly city, which also boasts a 75% graduation rate.

Education rank: 4

High School graduation rate 2008: 75%

Blue Ribbon Schools, 2003-2009: 9

Blue Ribbon Schools per 100,000 people: 1.62

NEAYC-accredited preschools: 6

NAEYC schools per 100,000 people: 1.078

NAEP State proficiency reading, grade 8: 267

Pupil/Teacher Ratio: 15.8

Total Expenditures Per Student: $10,791

View the full article at
http://www.parenting.com/gallery/Mom/Best-Cities-2010-Best-Cities-for-Education/4/

Mortgages cheapest since '50's

2010-06-29T07:06:00.000-07:00

New home tax credit extended, Kentucky residents get another year

2010-06-07T12:58:00.000-07:00

By Chris Otts • cotts@courier-journal.com • June 6, 2010

Kentucky residents have until the end of the year, instead of July 25, to get a credit worth up to $5,000 off their state income taxes for buying a newly constructed home.

The credit was extended as part of the new state budget passed by the General Assembly on May 28.

The credit has been available since July 26, 2009, but it has been overshadowed by more generous federal housing tax credits that offered up to $8,000 for first-time buyers and $6,500 for repeat buyers.

Because the federal deals ended April 30, it was important to give Kentucky's credit more time, said Chuck Kavanaugh, the executive vice president of the Home Builders Association of Louisville, in a news release.

Kentucky originally had a $25million cap on the credits, but home buyers have claimed nowhere near that amount. As of June 1, $5.2million has been obligated, according to the state Department of Revenue's website.

With the extension, lawmakers reduced the cap to $15 million. Indiana has no such housing credit.

Home buyers who qualified for both the federal credit and Kentucky's credit likely took the federal credit because it was larger and because it gave them money back if they owed less than the amount of the credit. They couldn't claim both.

Supporters of Kentucky's credit say that besides boosting the housing market, it will create construction jobs.

Figures from April, the latest month available, show that the state has lost 17,000 construction jobs -- almost 20 percent -- since the recession began in December 2007, according to the Bureau of Labor Statistics.

Each new home creates the equivalent of three full-time jobs for a year, the home builders group says.

But critics of the credit have pointed out that only those making almost $90,000 a year can take full advantage of it. And they say those who have gotten the tax break probably would have bought a new house anyway.

Russ Lohan, who works in the Louisville office of Market Graphics, a research company that tracks new home construction, has called the credit "a waste of money."

Reporter Chris Otts can be reached at (502) 582-4589.

The original article can be found at:

http://www.courier-journal.com/article/20100606/BUSINESS/6060352/New+home+tax+credit+extended++Kentucky+residents+get+another+year

Elite Homes on Louisville's Best New Homes Featuring Shakes Run

2010-06-03T05:06:00.000-07:00

Elite Homes on Louisville's Best New Homes featuring Monticello Parke

2010-05-18T05:07:00.000-07:00

Elite Homes on Louisville's Best New Homes featuring The Bridges of Razor Creek

2010-04-27T06:25:00.000-07:00

Elite Homes on Louisville's Best New Homes featuring Glen Lakes

2010-03-29T12:24:00.000-07:00

Elite Homes on Louisville's Best New Homes featuring Spring House Cove

2010-03-23T06:09:00.000-07:00

Bargaining Chips

2010-03-18T15:03:00.000-07:00

A Louisville builder shares tips on the art of negotiation.
By:
John Caulfield

WORDS TO THE WISE. Elite Homes' Joe Pusateri has found a second career advising builders how to negotiate with customers, trade partners and lenders

Credit: Elite Homes
Joe Pusateri, president of Elite Homes in Louisville, Ky., knows something about negotiating. In 2006, he helped arbitrate a five-year contract between his city’s orchestra and its musicians union, which kept the orchestra from going bankrupt.

Pusateri now spends some of his time sharing his negotiating skills with other builders. At the recent International Builders’ Show in Las Vegas, he addressed an audience desperately seeking ideas that might get their lenders to loosen their financing leash for construction, development, and acquisition; and might help turn tire-kicking shoppers into home buyers.

What builders must appreciate, Pusateri said, is that negotiating and bargaining are now “normal” elements of any transaction, whether builders are dealing with banks, subcontractors, or customers. The trick is to address each negotiation unemotionally—“when I get mad, I get stupid,” he admitted—and to keep any deal’s consummation from hinging on one intractable negotiating point.

Pusateri breaks down negotiation into three stages, 10 principles, 10 basic rules, and 19 tactics. At each point, the key to negotiation, he explained, is to understand what the other side wants, avoid making quick decisions, leave yourself some wiggle room, and deal from a position of strength, which Pusateri thinks builders can gain even in the direst of circumstances.

“Banks don’t want your property back, no matter what they tell you,” exclaimed Pusateri, who sits on the board of King Southern Bank in Louisville. He also noted that banks are under “huge pressure” not to retrieve land “because they are going to take a hit” in lost loan reserves.

But builders shouldn’t just sit back and wait for banks to act. “We have seven development loans in Louisville, and I have their renewal dates circled on my calendar so that I’m proactively approaching the bank 60 days before that date to set the climate and manage its expectations,” he told Builder in a subsequent interview. In those meetings, Pusateri typically comes armed with graphs and charts that make his case and give his lender a clearer picture of how Elite is faring against the rest of the market.

Pusateri had just put his theories to the test when he successfully negotiated a $690,000 loan for a new subdivision by convincing the bank that its investment “would give them better collateral” with finished lots. And because Elite already had buyers for the homes it would build on this land, the loan was more palatable to the bank because Pusateri could pay it down quickly.

The original article can be found at:

http://www.builderonline.com/sales/bargaining-chips.aspx?printerfriendly=true

Forbes.com- America's Best Housing Markets

2010-03-16T06:11:00.000-07:00

Francesca Levy, 02.19.10, 04:50 PM EST

Low foreclosures, rising home prices and affordability make these parts of the country good bets for home buyers.

Families in the market for a house are shopping at the right time: Nationally, homes are near the most affordable they've been in 18 years. In the fourth quarter of 2009 housing was 62.4% more affordable than the same time a year earlier, according to the Housing Opportunity Index, published quarterly by the National Association of Home Builders and Wells Fargo.

The best place to buy right now: Pittsburgh. For a housing market to be attractive it should have appreciating prices that show homeowners are making wise investments; an affordability rating that gives middle-class families with good credit entry into the market; and a relatively low number of foreclosures, which keeps prices stable and indicates there isn't an excess of inventory.

In Depth: America's Best Housing Markets
Pittsburgh has all three. In the metro area, 85% of homes are affordable to those making the median family income of $62,500. At the same time, foreclosures are low: Only one home is in foreclosure for every 120 housing units--the second-best record of all the cities we ranked; and home prices are expected to increase 2.67% by the end of the year.

Yes, the city has suffered greatly since the decline of its manufacturing-dependent economy. But that slump helped its real estate market dodge the rapid run-up in prices that doomed so many markets after the housing boom.

"Manufacturing cities like Pittsburgh have suffered so much for the last two, three, four years that there’s still a population base in that region, and now those areas are sort of attractive," says James P. Gaines, research economist at the Real Estate Center at Texas A&M University. "Home prices are so low, some service-level jobs can be created, so it's not surprising perhaps that there's been a revitalization of some of those communities."

Behind the Numbers
To find the country's best housing markets, we used the Housing Opportunity Index, a metric created by the National Association of Home Builders and Wells Fargo ( WFC - news - people ) that determines affordability by measuring median home prices against median incomes. Using the 40 largest housing Metropolitan Statistical Areas that the HOI ranks, we then factored in Moody's ( MCO - news - people )Economy.com's one-year forecast for the S&P/Case-Shiller Home Price Index, a measure of sales prices in major markets, to find out where home prices were expected to rise. Finally we included the 2009 Foreclosure report from RealtyTrac, ranking cities by their percentage of foreclosures. We averaged the rankings for all these measures to arrive at an overall score.

The reason for taking all these factors into account is that alone each doesn't say much about a housing market's health. An area could be affordable because prices were dragged down by a glut of foreclosures. Similarly, a low foreclosure rate doesn't guarantee that home-buying is a good investment, as values could be flat or falling. Even looking at home-price forecasts in a vacuum won't tell you everything about a market, since some areas have dramatic price increases ahead due to severe drops back when the bubble burst.

Like Pittsburgh, Columbus, Ohio, might not jump to mind as one of the country's best cities for housing, but job-rich suburbs surround the city and 87% of middle-income families can afford a home. That combination creates significant pull for homebuyers.

Also looking strong is Louisville, Ky., a city whose low foreclosure rate--only 1.15% of homes are in foreclosure, half the national average--illuminates it as one of the cities least affected by this aspect of the dramatic housing market collapse of the past three years. Louisville had less of a market boom than coastal cities and vacation destinations, so it didn't have as far to fall.

Jobs Stability Equals Housing Stability
Strong industries have bolstered some of the cities on our list: The energy sector has kept jobs flowing into Texas oil town Houston, and that effect trickles into Dallas and Austin (which is also buoyed by technology jobs). A good job market means the housing outlook will stay strong. Houston home prices are expected to rise 1.2% by next year; it's one of only four of the markets we ranked where prices won't continue to slide, according to Moody's Economy.com.

Midwestern cities Indianapolis, Minneapolis and St. Louis make our list in spite of middling home-price forecasts because housing in these places is eminently affordable. Indianapolis has the highest HOI in the country, with decent housing accessible to 96% of families making the median income. In places like this the recession has weighed down home prices, but mortgage rates are still at historic lows, giving families a chance to get in on the ground floor.

Some markets are accessible to buyers because of a price slide now, yet still offer wise investment choices. In Minneapolis-St. Paul, which is ranked seventh in HOI, prices will continue to slide this year by three-quarters of a percent; but by 2012 they will have risen 2.82%.

Most real estate markets are struggling, some quite severely, so discussing the best ones is relative. But between the even-keeled housing climate of some Midwestern cities and the job opportunities in Texas, real estate in these areas is worth keeping an eye on.

The original article can be found at:
http://www.forbes.com/2010/02/19/best-housing-prices-personal-finance-real-estate-affordable-homes.html

Elite Homes on Louisville's Best New Homes featuring the Waterstone SPEC home lot #42

2010-03-09T09:06:00.000-08:00

2010-03-02T05:42:00.000-08:00

Elite Homes on Louisville's Best New Homes featuring the Elite Homes Design Center

2010-02-22T06:12:00.000-08:00

Elite Homes on Louisville's Best New Homes featuring Monticello Parke

2010-02-16T06:19:00.000-08:00

Elite Homes on Louisville's Best New Homes featuring the Shakes Run Community

2010-02-10T09:14:00.000-08:00

Senators favor extending tax credit for homebuyers

2009-10-29T10:33:00.000-07:00

WASHINGTON — Senate negotiators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit, which provides up to $8,000 to first-time homebuyers, is set to expire at the end of November.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, said a congressional aide, who spoke on condition of anonymity because he was not authorized to publicly discuss the deal.

Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash.

Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.

Popular bills like the one to extend unemployment benefits often attract amendments that would have a difficult time passing on their own.

Republicans were demanding that they be given a chance to offer amendments to restrict federal aid to the beleaguered community activist group ACORN and on requiring that people receiving unemployment insurance be processed through E-Verify, an Internet-based system that employers use to check on the immigration status of new hires.

Majority Democrats have refused to add the amendments.

High Point

2009-10-27T10:38:00.000-07:00

October, 2009

Bolstered by low prices and interest rates, national housing affordability on the NAHB/Wells Fargo Housing Opportunity Index (HOI) continued in this year's second quarter to hover near its highest level since the series began 18 years ago.

The HOI showed that 72.3 percent of all new and existing homes sold in the second quarter on 2009 were affordable to families earning the national median income of $64,000, down from the record-high 72.5 percent during the previous quarter and up from 55.0 percent during the second quarter 2008.

The original article can be found in the October 2009 issue of Builder Magazine.

Builders Urge Congress To Act On Home Buyer Tax Credit, Appraisal And Lending Issues

2009-10-14T07:06:00.000-07:00

October 7, 2009 - The National Association of Home Builders (NAHB) today called on Congress to help housing take a lead role in putting America back to work by taking quick action to extend and enhance the $8,000 first-time home buyer tax credit, resolve appraisal problems that have been slowing home sales and urge regulators to restore the full flow of credit needed by both home buyers and home builders alike.

Though existing and new home sales appear to have stabilized in recent months, NAHB Chairman Joe Robson, a home builder from Tulsa, Okla., told members of the House Small Business Committee that the industry is facing a number of housing-specific headwinds that are continuing to buffet any significant housing recovery.

“Not only are we continuing to feel the impact of foreclosures and short sales in the market, but we’re facing a severe credit crunch for acquisition, development and construction (AD&C) lending,” said Robson. “Meanwhile, the use of foreclosed and short-sale properties as comps is resulting in inappropriately low appraisals that are effectively sinking one quarter of all new-home sales right now. Add to this the fact that demand and home sales are already showing signs of slowing with the pending Nov. 30 expiration of the first-time home buyer tax credit.”

To create jobs and put the housing market and the economy on sounder footing, NAHB is urging Congress to extend the credit for an additional year and to make it available to all purchasers of a principal residence.

“We estimate that this would increase home purchases by 383,000 in the next year and help mitigate the foreclosure crisis by whittling down inventory at all levels of the housing market, setting the stage for a full recovery,” said Robson. “This stimulus alone would create nearly 350,000 jobs over the coming year, which is exactly what the economy needs right now.”

In a recent survey of more than 500 builders by NAHB, 25 percent reported they are losing sales because the appraisal is coming in below the contract sales price. The process has gone seriously wrong because some appraisers are using distressed properties – many of which have been neglected and are in poor physical condition – as comparables in assessing the value of brand new homes without accounting for major differences in condition and quality.

“Any prospective buyer would recognize the differences in the value between a well-kept home and a distressed property that is damaged or not properly maintained. The same should be true of an appraiser,” said Robson.

He said Congress can help resolve this issue by urging the Federal Housing Administration and Fannie Mae and Freddie Mac to adopt and enforce guidance that instructs appraisers on the proper procedures for the use of distressed and/or foreclosed properties as comparables.

Lawmakers can further help put the housing industry back on its feet by exerting their influence on regulators and the banking industry to restore lending for viable home building projects and to take meaningful steps to avoid unnecessary foreclosures on outstanding loans.

“This would provide relief for a major sector of the economy that has suffered because of regulatory overkill and the inability of banks to provide the necessary funding and flexibility that would otherwise keep loans performing as scheduled,” said Robson.

To further promote energy efficiency in new-home construction, Robson called on Congress to make permanent and enhance the new energy efficient home tax credit due to expire at the end of the year. Section 45L of the Internal Revenue Code provides a $2,000 tax credit to a home builder who constructs a qualified new energy-efficient home that is certified to achieve a 50 percent reduction in energy usage.

“As the only incentive in the tax code for energy efficiency in single-family home construction, this program will help to ensure that new homes built today and going forward are highly energy-efficient,” said Robson. “We strongly urge the Congress to make the 45L credit permanent and increase the credit amount to $5,000 to pay for a bigger percentage of the higher building costs that are incurred when making a home 50 percent more energy-efficient.”

The original article can be found at:
http://www.nahb.org/news_details.aspx?newsID=9810

Glen Lakes Lot #94

2009-10-14T05:33:00.000-07:00

Location: Lot #94 Glen Lakes

Address: 501 Davenport Drive

Square Footage: 4,165 Finished 571 Unfinished

Floorplan: The Hamilton

Stunning Model Home Absolutely loaded with custom upgrades. This home will "wow" you, featured in Louisville Magazine it has been professionaly decorated and has over 4,165 square feet of beautifully appointed details situated on a large corner lot with finished walkout lower level, 3 car garage, 5 Bedrooms, 3 ½ Baths and covered screened enclosed deck. Open Daily!

Call Paul Hanlon at 502-992-4184 for more information on Glen Lakes #94 or visit our web site at Elite Homes.

Price: $499,900.00

Limited Time Offer

2009-09-01T10:11:00.000-07:00

Falling materials prices, increased competition have led to lower overall construction costs
Business First of Louisville - by Kevin Eigelbach Staff Writer

There’s an unadvertised sale going on in the construction industry.

Normally, the winning bid for a construction project doesn’t fall below the engineer’s or architect’s estimate of what the project will cost. But that’s happening regularly now, said Dan Noonan, the chief estimator for Whittenberg Construction Co., 4774 Allmond Ave.

“Jobs are coming in at 25 to 30 percent under budget,” Noonan said.

According to Noonan, some clients can save millions on projects as a result of more-competitive bidding and falling prices for some construction materials.

For instance, Whittenberg bid in July on a project to build a campus recreation center at Morehead State University — a project the university budgeted at $26 million. Whittenberg bid $18.9 million, but Cincinnati-based Dugan & Meyers Construction Co. won the contract with a bid of $17.8 million, Noonan said.

“People are just trying to keep busy and keep the doors open,” Noonan said of his fellow contractors

A recent project to renovate the University of Louisville’s Kersey Library, which was budgeted for $6 million, attracted a low bid of $3.4 million and a high bid of $3.6 million, said John Brasch, president of Brasch-Barry General Contractors Inc., 901 Lampton St.

“If someone wanted to build a new building ... probably the cheapest price they could get between now and eternity is today,” Brasch said.

Oversupply of contractors
The “sale” is happening because of two trends in construction. First, the cost of construction materials has fallen drastically, which means contractors can complete projects cheaper.

Second, there is an abundant supply of contractors who need work and are willing to work for less.Sixteen contractors bid on the University of Louisville project, which in normal times would have attracted about six, Brasch said. Early this year, his company went to a pre-bid meeting for a school construction project that attracted 25 general contractors.

“We returned the plans,” he said. “We’ve stopped bidding on public jobs for the time being.”

Preparing a bid takes a lot of time and effort, Brasch said. Most of the projects his company bids on cost from $1,000 to $5,000 just for the bid, he said, and only one bid in five, at best, are successful.

The same trend of too many contractors chasing too few jobs holds true nationally, said Kenneth Simonson, chief economist for the Associated General Contractors of America, an Arlington, Va.-based construction advocacy group.

“Where we used to see two or three bidders for a public job, now they tell me there are 20 or 30,” Simonson said. “And the winner will offer to do (the job) at cost.”

Lack of demand = cheap materials
The lack of demand for new construction also has caused the price of common building materials such as wood and steel to fall, which is another factor that makes it a good time to lock in bids on a construction project.

For example, the average price nationally for 1,000 board feet of the lumber used for framing structures was $238 on Aug. 14, compared with $282 a year earlier, according to Random Lengths, a Eugene, Ore.-based lumber-industry newsletter.

In March, the price fell as low as $195 per 1,000 board feet, which was the lowest price since February 1986, when the price was $187 per 1,000 board feet, associate editor Tim Cochran said.

The current price would look even worse, relative to historic prices, if it were adjusted for inflation, he said.

“Lumber is very inexpensive now,” said Chris Quinn, the executive vice president of the Louisville-based Kentucky Building Materials Association, 201 Townepark Circle, which represents suppliers of lumber and other building materials.

“If a person has the desire and the financial capability, now is an absolutely perfect time to build a house,” he said.Other construction materials also have dropped from a year ago. For example, copper futures were trading at $4 a pound in July 2008, which was an all-time record. But they fell to $2.50 per pound last month, Simonson said.The U.S. producer price index for materials and components for construction stood at 202.2 in June, a 2.1 percentage point drop from June 2008.

Simonson said he believes that overall, the cost of construction materials for 2009 will fall about 4 percent from what they were last year’s levels.

Normally, materials prices are lowest in the winter months, and they spike around March as customers get eager to start construction, Brasch said. But that spike didn’t happen this year until May, he said, and prices since have fallen back.

He is skeptical that the low prices will mean more construction projects, however.

“It’s like the stock market. If you study it, the time to buy is right now,” Brasch said.

“But only the really smart people do that,” he said. “The average Joe only wants to do that when the market is rocking and rolling.

“It’s the same with construction. They are doing it because they have a need, not because prices are cheap. When people are worried about what’s going to happen, they freeze things,” he said.

Situation growing dire
The sale prices for construction projects really are a limited-time offer, Simonson said, because prices could spike next year. And the recession could force many contractors out of business, which might make it less of a buyers’ market.

He has not heard of many general contractors going out of business yet, he said, but many still are finishing projects they began a year ago.

“The situation is getting increasingly dire,” he said. “There are signs of life in the single-family home-building market, but for the multiple-family and nonresidential, the downturn is continuing and even accelerating.”

From January through April, in terms of getting new contracts, business at Brasch-Barry was down about 75 percent from the same period last year, Brasch said.

The company laid off three office employees and six field employees, he said, the first layoffs in the company’s 20-year history.

Since May, however, the pace of attracting new business has picked up, he said, and the company has hired back one office employee and three of the field employees it laid off. The company now has nine office and 38 field employees, he said. This year, he expects revenue to be down about 30 percent from last year’s $44 million.

Revenue at Whittenberg also will be down this year, Noonan said, but it’s hard to say by how much. Last year, the company billed $57 million worth of work, according to the Business First list of general contractors, which was published May 1. Noonan would not comment about whether the company had laid off anyone this year.

The original article can be found at http://louisville.bizjournals.com/louisville/stories/2009/08/24/focus1.html?b=1251086400^1963061&page=2

Homearama 2009

2009-08-17T11:53:00.000-07:00

Purchase Price: $579,000
Homearama 2009 – Extreme Makeover: Home Edition Inspired – Extraordinary 4,595 Sq. Ft. version of the famous “Hughes Home”. This totally luxurious home is loaded full of state of the art certification, the highest rating in the industry. Classic architecture beautifully appointed in every way, amazing covered outdoor porches overlooking a quiet green space. Elegant cream colored cabinetry and granite make for timeless finishes accented by hand scraped hardwood floors, rich millwork, vaulted and trayed ceilings, art glass, full of high end appliances and audio/video equipment! Here’s one of the absolutely most amazing finished lower levels you will find featuring; a wine room, fully equipped wet bar, a billiards area, game table area, a enormous exercise room with a boxing ring, a bedroom and full bath, a walking out onto a large patio backing to a private area. There’s a 3 car garage, security system, central vacuum, professionally landscaped, and so much more… a true “showplace”! Clubhouse and pool in community.

For more information please visit our web site: http://www.elitebuilthomes.com

Elite Homes Web Site

2009-08-13T14:18:00.001-07:00

The Elite Homes Web Site displays current lot reservations for our seven communities in Louisville, Kentucky.

Bridges of Razor Creek
Glen Lakes
Monticello Parke
The Overlook at Beech Spring Farms
The Reserve at L'Esprit
Waterstone

Visit our Web Site http://www.elitebuilthomes.com for more information.

Kentucky $5,000 new home tax credit

2009-08-13T14:03:00.000-07:00

* In Effect from July 26, 2009 to July 26, 2010. The new home must close during this period.

* Purchasers of New Homes during that period will receive up to $5,000 non-refundable tax credit (non-refundable means that the credit will go against a tax liability to the state).

* The new home buyer must live in the home for at least two years or pay back the tax credit to the state.

* There is a total program cap of $25 million. The tax credit program is over when that cap is reached or July 26, 2010 whichever comes first.

* Purchasers are defined as anyone other than first time home buyers.

* The new home must be the home owner’s principal residence. A new home is defined as either detached or attached and never been occupied.

* Within seven calendar days after the purchase of a qualified principal residence, the qualified buyer shall submit via fax a completed application for the new home tax credit on forms provided by the Kentucky Department of Revenue.

* The Revenue Department will create a web site to explain the credit to the public and to keep track of the amount of the program cap dollars remaining.

For more information please visit http://revenue.ky.gov/dyq.htm

Louisville's area's home sales rise sharply in July

2009-08-13T12:15:00.000-07:00

Article written by: By Gregory A. Hall • ghall@courier-journal.com • July 28, 2009

Buoyed by the $8,000 federal tax credit for first-time homebuyers , Louisville-area home sales so far this month are up sharply over the same period a year ago.

The improvement — coming on the heels of June numbers showing an uptick over May — is an indication that as the nation's housing market shows signs of recovering, Louisville is gaining with it.

“The first-time homebuyers are making a huge, huge dent in the market,” said Jan Scholtz, president of the Greater Louisville Association of Realtors.

Sales through Monday were up 27 percent over the same period a year ago, said Lisa Stephenson, executive vice president of the Realtors association.

The 1,042 homes sold in July through Monday had already exceeded the 1,015 for the entire month last year, she noted.

Both nationally and locally, the tax credit is being cited as a significant factor in the market's improvement.

The credit is part of the federal stimulus package passed in February and applies to homes bought before Dec. 1.

Realtors say the hope is that as first-time homebuyers help the low end of the market, existing homeowners will be able to sell and move into larger quarters, stimulating sales among the higher-priced homes.

Joe Simms, owner of the Joe Simms Group RE/MAX Associates in eastern Jefferson County, said he tried Tuesday to set up appointments for a client and found four of the seven homes he planned to show had sold.

Because so many of the buyers have been purchasing starter homes, prices still are down, he said, but still, “we've been real busy. … We've had a great month, and I think most of it's due to the $8,000 tax credit.”

Earlier this month, the Louisville Realtors group, which draws chiefly from Jefferson, Bullitt and Oldham counties, reported its members sold 1,175 homes in June, the most since a year earlier and only 1.3 percent fewer than June 2008.

Southern Indiana Realtors reported selling 285 homes in June, a 13 percent increase from a year earlier.

Scholtz said she expects the local market to grow in coming months because consumers are more confident than they were when the housing and financial crises developed. “It's going to continue to gain like this,”Scholtz said. “We are going crazy selling houses to first-time homebuyers.”

Stephenson did not reveal median price figures for July, but agreed with Simms that prices are not up. With so much of the recent activity being among lower-priced homes, median prices haven't been as quick to rebound.

Nationally, sales of new homes rose by the largest amount in more than eight years last month, according to a Commerce Department report this week. Sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000, the government reported.

Low prices and historically low interest rates —– averaging 5.20 percent nationally for a 30-year fixed rate —– have also contributed to sales increases.

“The worst of the housing recession,” said David Resler, chief economist at Nomura Securities, “is now behind us.” And as with the overall economy, the “recovery” is likely to be slow and arduous, he said.

Last week, the National Association of Realtors said that sales of existing homes posted a monthly increase of 3.6 percent in June.

Also, home prices in May posted their first monthly increase nationwide since the summer of 2006, according to data released Tuesday in the Standard & Poor's/Case-Shiller home price index of 20 major cities. The index rose 0.5 percent from April, but was still 17.1 percent below May of last year.

Louisville is not part of the index, but Realtors' figures showed a median Louisville price of $137,000 in May, up 1.1 percent from a year earlier. The median slipped to $136,000 in June.
“I think people are tired of waiting and the rates are still decent,” said Louisville Realtor Sandy Gulick. “I think people have gotten off the fence. I just think that the country is feeling a little bit more comfortable … ”

Reporter Gregory A. Hall can be reached at (502) 582-4087. The Associated Press contributed to this story.

The original article can be found at:http://www.courier-journal.com/apps/pbcs.dll/article?AID=2009907280340