WKMS: Kentucky Housing Market Down 70% in Six Years (2011-12-30)

WKMS: Kentucky Housing Market Down 70% in Six Years (2011-12-30).

http://www.mylouisvillekentuckymortgage.com/2011/12/kentucky-housing-market-down-70-in-six.html

Kentucky Housing Market Down 70% in Six Years

FRANKFORT, KY (wkms) – The construction of new homes in Kentucky is down about 70% from 2005. The President of the state homebuilders association doesn’t see a recovery taking shape anytime soon. Mike Kegley is with Bold Homes Incorporated. He says the lingering housing slump now covers every part of the commonwealth.

“The downturn probably hit the urban areas quicker, the last couple of years it’s spread to all the rural areas as well. I think everybody is in survival mode and really not seeing any signs of sales picking up at all,” he says.

Kegley says there’ve been layoffs in the industry and some builders have coped with the situation by doing home remodeling and other smaller projects. He says the market won’t improve until people have more confidence in the economy and in the willingness of both political parties to work together to solve the nation’s problems.
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