NEW YORK September 30, 2008, 02:39 pm ET ยท A closely watched index released Tuesday showed home prices tumbling by the sharpest annual rate ever in July, and though the monthly rate of decline is slowing, there is no turnaround in sight.
The Standard & Poor's/Case-Shiller 20-city housing index fell a record 16.3 percent in July from the year-ago month, the largest drop since its inception in 2000. The 10-city index plunged 17.5 percent, its biggest decline in its 21-year history.
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In Lexington, Kentucky, Kimberly Brown's real estate project triumphs - selling in less than one week with a major price increase as compared to the 2003 purchase price (from $270,000 to $575,000). The success story has caught the attention of news media coast-to-coast and is to be featured on premier television networks, Fine Living and HGTV.
Highlights: Kimberly, a business consultant and her husband Evan, VP of a commercial contracting company, recently completed a full restoration of a 1902 home in the historic Bell Court district in downtown Lexington. Known for the horse drawn carriages, weddings in the Bell Mansion and its listing in the National Registry of Historic Neighborhoods, Bell Court is one of Lexington's most desired places to live in the heart of the Bluegrass.
The Brown's real estate project was designed to be a part time endeavor, but soon took on a life of its own. Kimberly and Evan, busy with their careers, still found time to stick to the plan and not cut corners on design, materials or implementation. Kimberly Brown insisted that the time was right for this house to sell.
She was right; the formula was successful. In August 2008, amid the housing crisis, the Brown's real estate project became a success when it sold in a few days. The home was pre-marketed by Kimberly Brown and then listed with Turf Town Properties of Lexington, Kentucky.
