Mar 15, 2013 12:50 PM
OWENSBORO, Ky. (AP) - The director of the Kentucky Housing Corp. says the agency is starting to see the housing market bounce back from the economic downturn that began in 2008.
According to the Messenger-Inquirer, Rick McQuady told the Green River Area Development District Board of Directors that the state housing finance agency has seen "an increased demand for low- and moderate-income home ownership" and is starting to make money again.
Before 2008, McQuady said housing investments would turn a 4 to 5 percent profit. Afterward, the delinquency and foreclosure rates rose from around 5 percent to about 20 percent.
He said the agency changed how it did business, and is now seeing an upturn in the market.
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