July 20, 2010
Louisville Realtors sales up 26 percent in June in last boost from tax credit
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
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
July 1, 2010
Best Cities 2010: 10 Best Cities for Education
#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.
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/
June 29, 2010
June 7, 2010
New home tax credit extended, Kentucky residents get another year
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.
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:
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