The number of homes sold by members of the Madison County Board of Realtors declined by 13 percent in the third quarter of 2008, but the average price increased 2.4 percent.
The 195 homes sold from July 1 to Sept. 30 were 29 fewer than the 224 sold in the second quarter, and 19.1 percent below the 241 sold in third-quarter 2007.
The average price of homes sold during the quarter climbed $3,894 to $164,695, bringing it to within 1.7 percent of the third-quarter 2007 average, $167,548.
Homes sold in the third quarter averaged 150 days on the market, not significantly different from the previous quarter’s average of 155 and 148 days in third quarter 2007.
Recent actions by the federal government and several mortgage lenders have help stabilize prices and restore the confidence of homebuyers, said Melanie Franklin, president of the local board which represents more than 250 Realtors.
“Getting the election behind us also has helped,” she said. “In just the past week, I’ve seen business pick up.”
A decline in foreclosures also have helped stablize prices, Franklin said.
Foreclosures down
The number of home foreclosures in Madison County declined 23 percent during the third quarter.
From July 1 to Sept. 30, Madison Circuit Court ordered 66 homes to sold at auction by master commissioner David Baird. That was 20 fewer than in the second quarter, but five more than in the year’s first quarter.
However, the 213 foreclosures in the first nine months this year is only four fewer than in all of 2007.
If fourth quarter foreclosures equal the pace of the previous three quarters, they will rise 30.9 percent to 284.
That would still be less of a jump than from the previous year.
The 217 foreclosures in 2007 was 45.6 percent more than the 149 of 2006. The 2006 figure was only 8 percent above the 138 in 2005.
This year’s third quarter decline may be attributed to non-economic factors, Baird said.
“Traditionally, the court has fewer sessions in the third quarter, which may have resulted in fewer referrals,” he said.
Baird also took a vacation in the third quarter.
Not every mortgaged home referred to the master commissioner goes on the auction block, Baird said.
In a few cases, the borrower may sell the home or make other financial arrangements. If the debtor declares bankruptcy, the case is transferred to federal bankruptcy court for disposal.
Some aid for distressed homeowners
In October, the Federal Home Loan Bank of Cincinnati granted $400,000 to assist homeowners in 52 Kentucky counties who are facing foreclosure.
Eligible homeowners may receive up to $3,500, according to a release from the Kentucky Association of Realtors.
Applications must be submitted to the Community Ventures Corp. of Lexington. For details, applicants should call 1-859-231-0054.
Bill Robinson can be reached at brobinson@richmondregister.com or at 623-1669, Ext. 267.
Local News
Foreclosures down 23 percent
Local home sales down 13 percent in 3rd quarter
- Local News
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Judge weighs constitutionality of legislative redistricting
Kentucky’s deadline for filing to run for legislative seats was in flux on Monday because a judge did not immediately rule on a lawsuit challenging the constitutionality of newly redrawn district boundaries.
Franklin County Circuit Judge Phillip Shepherd said he expects to enter a ruling in the case by mid-week.
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Couple recovering from injuries suffered in weekend house fire
A couple was hospitalized after their home was set ablaze Sunday by a spark from a cigar, according to a county fire official.
County Fire Chief Jim Cox said the city and county fire departments were called to the home at 111 Concord Road in the early afternoon. Waco Volunteer Fire Department and the Richmond Fire Department also responded.
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EKU closes dining room at Arlington Clubhouse
A Richmond country club is no longer offering dining to members, but remains available for catered events and will be open on certain holidays.
Arlington Country Club, which has been a staple of Eastern Kentucky University for the past 40 years, laid off all dining staff late last week, according to Tom Coffey of the EKU Foundation.
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Standoff at Super 8 Motel ends peacefully
A bizarre drug-fueled standoff at the Richmond Super 8 Motel ended peacefully with no one hurt, including a child who was in the room with a man that police found wielding two knives.
About 1:53 a.m. Friday, police received a call about a man who was threatening someone with a knife at the motel on North Keeneland Drive, according to Richmond Police Chief Larry Brock.
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Trial for couple accused of human trafficking delayed
The trial for a Berea couple accused of human trafficking involving their daughters has been delayed.
Despite Monday morning television reports that the trial was beginning Monday, it was postponed because the attorneys are not ready to try the case.
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Richmond man charged with child porn possession
(Editor’s note: The following story contains graphic information some readers may find offensive.)
A Richmond man has been arrested for possession of child pornography as a result of a nearly one-year investigation by local police.
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Noted author to deliver keynote address for Black History Month
Almost a year ago, Arnold Rampersad stood in the East Room of the White House as he was presented the National Humanities Medal by President Barack Obama.
On Thursday, Feb. 16, the noted author will stand in O’Donnell Hall of Eastern Kentucky University’s Student Success Building to deliver the keynote address for the university’s Black History Month observance. Rampersad’s visit is also part of Eastern’s year-long Chautauqua lecture series, and the title of his talk, “Black History: The Challenge of Living with Others,” coincides with this year’s Chautauqua theme, “Living with Others: Challenges and Promises.” -
Habitat for Humanity
Habitat for Humanity of Madison and Clark Counties, which has built 160 homes for people in need since 1992, is seeking applicants for partner families, according to Judy Flavell, executive director of the organization.
“We really need applicants right now,” Flavell said. “More people can qualify for Habitat homes than people realize.”
Eligible applicants must have lived in Madison or Clark counties for at least one year, have a stable income, be able to pay a modest monthly mortgage and be able to demonstrate that their current housing is overcrowded, physically substandard, too expensive, unsafe, or they are living in subsidized housing, according to Habitat.
For more information about eligibility, or to apply, call Habitat for Humanity at 625-9208 or visit its office at 1417 East Main Street in Richmond. Visit online at habitatmadisonclark.org. -
Occupational therapy dept. at EKU offers program for adults with memory loss
For local adults who are experiencing memory loss related to dementia or Alzheimer’s, the Department of Occupational Therapy at Eastern Kentucky University has provided “The Place to Be” for the past two decades.
The department will again sponsor the free eight-week program on Thursdays and Fridays, 10 a.m.-2 p.m., beginning Feb. 9. Participants can attend Thursday and/or Friday. Applications still are being accepted (call 893-0653) for the free service, which is offered in Room 100 of the Dizney Building on EKU’s campus. -
Bible Belt towns in state consider going ‘wet’
In this Appalachian college town where socially conservative views are bedrocks of life, some people want to do what was once unthinkable: legalize liquor sales.
Supporters say passing the measure in Tuesday’s special election in Barbourville would tap a new revenue source in a place where hundreds of jobs are evaporating as one plant shuts down and another cuts its workforce in half. But from the pulpits to the courthouse square, opponents have been pressing their case that uncorking liquor sales would irreparably harm the town of about 3,200. - More Local News Headlines
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