Lex-Fayette home price declines mild compared to nation
Since U.S. home prices peaked in July 2006, they have declined 22.7 percent on a cumulative basis and are currently down to the lowest price level in over five years.
While home prices have declined in Lexington-Fayette,however, those prices have not decreased nearly as much as the national average of 12.2 percent over a year ago, as indicated by real estate data gathered by First American CoreLogic, Inc. The report shows local prices declined in February 3.84 percent from February of 2008.
At -26.7 percent, Nevada was the top ranked state for price depreciation, followed by California (-26.5 percent), Arizona (-21.1 percent), Florida (-19.7 percent) and Rhode Island
(-19.5 percent.)
Although price declines are beginning to stabilize for the very high depreciation markets, the price trends among a next tier of states that are experiencing double-digit declines are worsening. Those states include Washington, Illinois, Maryland, Oregon, Massachusetts and Virginia.
KHC offers help for first-time home buyers
The Kentucky Housing Corporation is offering up to $4,500 for down payment and closing costs for first-time home buyers who obtain a KHC home loan. The program will continue through November 30.
The First Home Advantage Program offers a 10-year loan that defers payment with a zero percent interest rate until July 1, 2010. After the initial deferment period, the loan will fully amortize over ten years at the rate of 6 percent. If the borrower pays off the loan before July 1, 2010, KHC will forgive $300 of the principal balance.
The American Recovery and Reinvestment Act of 2009, signed into law by President Barack Obama on February 17, 2009, provides first-time home buyers with an $8,000 tax credit. After purchasing their home, home buyers have the opportunity to file for the housing tax credit provided by the stimulus on their 2009 tax returns and use the tax credit for the repayment of the First Home Advantage Program loan to take full advantage of the prepayment incentive.
To qualify for this program, home buyers are required to obtain a KHC first mortgage through a KHC-approved lender, be a first-time home buyer, meet KHC income and purchase price guidelines, and have a 620 minimum credit score.
To learn more about KHC's homeownership programs, visit their Web site, www.kyhousing.org.
Hunkering down and staying put
Fewer Americans are moving these days. New data from the Census Bureau shows the number of people changing residences is at a 47-year low.
Companies responding to Atlas Van Lines' annual corporate survey said they are cutting their relocation budgets and expect that trend to continue through the remainder of 2009.
The Atlas survey found fewer employees willing to accept relocation, and for the first time in the 42-year history of the study, housing and/or mortgage concerns topped family issues as the number one reason for refusing relocation.
U.K. searching for energy solutions in design
With a focus on developing innovative, energy-related design solutions, the U.K. College of Design has entered strategic partnerships with a number of energy researchers, providers and manufacturers, to launch Design + Energy Initiatives.
College of Design faculty members Drura Parrish and Rives Rash will host an exhibition featuring projects from the first year of the new initiative at their new gallery LOT, 527 E. 3rd St., Lexington, on May 8, at 6 p.m.
Lab rat developer Transposagen receives state grant
Lexington-based Transposagen Biopharmaceuticals has received a $100,000 grant from the Kentucky Cabinet for Economic Development's SBIR-STTR Matching Funds Program. The program was created to support the commonwealth's high-tech companies.
Transposagen is a leader in the development of unique rat models that can mimic human diseases and are used for drug discovery and development research. The production of animal models is a $1.2 billion annual market.
The award from the Cabinet supplements a $295,614 grant to Transposagen from the National Institutes of Health (NIH), which performs extensive external peer reviews using experts from academia and industry to assess the scientific merit, technical merit, and commercial application of proposed technologies.
If specific goals of this most recent grant are achieved, the company could receive additional research dollars from the NIH. Transposagen, which had previously received $1 million in Kentucky matching funds for an earlier NIH award, has already created six new high-paying jobs in Kentucky and will be hiring additional employees this year.
The grant program is the first in the United States to specifically match both Phase 1 and Phase 2 federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants. To date, the program has made 64 awards to 42 high-tech companies in the state for over $14 million and has resulted in several firms relocating to Kentucky, including Transposagen, which moved from Philadelphia, Penn. (www.transposagenbio.com).
Federal Reserve Bank CEO is keynote speaker
Sandra Pianalto, president and chief executive officer of the Federal Reserve Bank of Cleveland, will deliver the keynote address at the 2009 INVESTKentucky equity conference.
As head of the Federal Reserve Bank of Cleveland, Pianalto participates in the formulation of U.S. monetary policy and oversees 1,600 employees who conduct economic research, supervise financial institutions, and provide payment services to commercial banks and the U.S. government.
The Cleveland Fed's Fourth District covers 56 counties in eastern and northern Kentucky, as well as all of Ohio and parts of Pennsylvania and West Virginia.
INVESTKentucky, an investment community event, provides a forum for executives of leading Kentucky public companies to present financial results and strategic outlooks to fund managers, analysts and other investment professionals. Sponsored by Hilliard Lyons and endorsed by the CFA Society of Louisville, the June 4 conference at Churchill Downs features 14 Kentucky-based companies from the food service, energy, health care, entertainment and banking sectors.
Attendance is open to qualified investment professionals. To obtain registration information to reserve a slot at the event, call or contact Terry McWilliams or Lou Lemos with the CFA Society of Louisville. To learn more, visit www.investky.com.
Thinking about buying a horse? Watch DVD first
HorseSmarts: Essential Advice for Today's Horse Owner is the title of a new educational video that the Kentucky Horse Council has created for new and potential horse owners. It premiered recently at the Kentucky Horse Park.
Ginny Grulke, director of the Kentucky Horse Council, said the DVD was a result of "what we did last winter, taking care of horses who hadn't been fed or fed correctly." KHC representatives discovered that "the reason why horses were suffering was a lack of knowledge."
Members of the KHC, which depends on the sale of horse design license plates for its funding, decided that "one of the best things we could do for the horse was to train the new horse owner," Grulke explained.
This DVD focuses on practical advice and preventative care. It includes lots of tips for daily care that can keep a horse healthy and save its owner money. Former jockey Chris McCarron narrates the DVD.
HorseSmarts covers such topics as choosing a horse, safety, types of tack, facilities needed, trailering and transporting a horse, and veterinary care. Filmed on location at horse farms and equine facilities throughout the state, the DVD features sound advice from a number of equine experts.
Dr. Robert Coleman, head of UK's equine science program in the College of Agriculture, explains what feed horses need and how to be sure it is of high quality. Certified farriers Bryan Osborne and Mitch Taylor demonstrate, respectively, how to clean a horse's hoofs and how to shoe a horse properly.
Cynthia Bellis-Jones of Fox Run Farm shows how to tack up, lead, and handle a horse safely. Dr. Roberta Dwyer, veterinary science professor at the Gluck Equine Research Center, discusses vaccines and preventative care. Veterinarian Jennifer Newman shows the new horse owner some simple checks to perform daily to be sure that the horse is healthy.
Marvo Entertainment Group of Princeton, Ky., produced the DVD. Sponsors for the project include Kentucky Performance Products, Neogen, Modern Woodmen, and the Community of Princeton, Ky.
- Margaret Buranen
The DVD of HorseSmarts is available for purchase online at the KHC website www.kentuckyhorse.org. The cost is $9.95 for KHC members and $15.95 for nonmembers. All 15 affiliates of KET will broadcast the DVD in May. It will soon be available for sale at a number of Kentucky retailers.