The president of the local mortgage bankers association thinks the government takeover of Fannie Mae and Freddie Mac will help the Louisville area more than some others.
Mortgage Bankers Association of Louisville President Adam Hall says the takeover will be more beneficial for everyone in the short-term because it improves confidence in the country’s two largest mortgage providers. He says that boost will be felt the most where the housing market declined the least.
“Obviously we’ve suffered far less than other parts of the country so it’s going to take us a lot less for us to get that kick in the pants to get us over,” says Hall.
Hall says Louisville currently has about a nine-month inventory of real estate – meaning if no new properties were listed, it would take about nine months to sell everything on the market. Other metro areas have one to two year real estate inventories.