State Real Estate Market Outlook
Realty Market Outlook Kentucky State Profile - Spring 2006
Mortgage foreclosure rates also have been higher in Kentucky than the nation. Approximately 2.4 percent of residential mortgage loans in the state started the foreclosure process during 2005, compared to 1.6 percent for the nation. Similar to bankruptcy trends, the difference between the mortgage foreclosure rate for the state and the nation has widened since 2001.
Kentucky’s home price appreciation continued to trail the national average and housing starts slowed.
Home prices are increasing more slowly across Kentucky than for the nation. The state’s year-over-year home price growth of 5.3 percent in the fourth quarter 2005 ranked near the bottom (46th ) nationwide and continues to limit homeowners’ ability to tap the equity in their homes.
The issuance of homebuilding permits across the state continued to trend downward; single-family home permits dropped 12.2 percent during the year ending fourth quarter 2005, the largest decline since first quarter 2001.
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