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Lexington’s Housing Market Remains Stable

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By : Paul Escobedo    99 or more times read
The current housing market has shown us that much of the country is still in trouble as far as home sales, home prices and home foreclosures go; however, Lexington, Kentucky has proven to us that a boring local housing market could be a very good thing.

In Lexington the recent sales of homes and the prices of homes don’t stand out and sales were only up 3% in July when compared to last year, and that 3% is below the national average. That 3% is much lower than cities like Miami, Florida where the sale of homes rose 64% in July compared with July of 2008.

In the very heart of Kentucky’s Bluegrass Region, Lexington didn’t benefit greatly from the housing boom a few years ago, but it has been hit nearly as hard as the rest of the country while the housing market came crashing down.

Over the years, the housing market in Lexington has remained relatively stable while many parts of the nation experienced increases in home values from 10 to 60% while home values increased in Lexington have held steady at about a 3% increase.

Lexington has also avoided the plague of foreclosures that are sweeping the nation. A major contributing factor to the low number of foreclosures in the area are the fact that the housing remains seasonably affordable and that keeps the typical home buyer from having to get out of the ordinary financing to acquire a home, such as the financing that is needed in areas like Las Vegas and Miami. Buyers can get financing from local banks that tend to be much more conservative.

The growing health care industry in the area, the headquarters of Lexmark and the close proximity to the largest Toyota manufacturing facility in the United States has helped with the relative stability of the area as far as the job market is concerned. The unemployment rate has risen slightly in Lexington, but it is still low when compared to other parts of the state.

Home sales in Lexington are up and the inventory of homes on the market is down. A contributing factor is the federal tax credit of up to $8,000 for first time home buyers. People in the area are feeling more confident about the outcome of the next year.
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