Total foreclosure filings up 15 percent from Q2, Up 12 percent from Q3 2008.

Kentucky reported 3,279 properties with foreclosure filings in the third quarter of 2009, an increase of 15 percent from the previous quarter and 12 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac^® U.S. Foreclosure Market Report. 

Foreclosure activity in Kentucky was up more than 17 percent in September from the previous month to 1,291 properties with foreclosure filings and up 63 percent from September 2008.

“Foreclosure activity soared again in Kentucky in the third quarter of 2009 as more and more residents faced the fact that they could no longer afford their homes,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though the state’s unemployment rate recently fell to 10.9 percent, that apparent improvement in its job market is thought to be caused by laid-off workers simply giving up on their job hunts.”

One in every 581 Kentucky housing units received a foreclosure filing during the third quarter, ranking 41^st among the 50 states.

Jefferson County posts state’s top foreclosure rate in the third quarter

Jefferson County posted the highest county foreclosure rate in the state for the third quarter, with one in every 177 housing units receiving a foreclosure filing — 3.3 times the state average. Harrison County posted the second highest foreclosure rate in the state, with one in every 198 housing units receiving a foreclosure filing during the quarter — 2.9 times the state average. Kenton County posted the third highest foreclosure rate, where one in every 225 housing units received a foreclosure filing — 2.6 the state average.

Jefferson County leads state in foreclosure activity in the third quarter

Jefferson County also led the state in foreclosure activity, reporting 1,855 properties with foreclosure filings for the quarter. Kenton County had the second highest foreclosure activity, reporting 312 properties with foreclosure filings. Fayette County came in third, tallying 251 properties with foreclosure filings. Boone County posted the fourth highest foreclosure activity for the quarter, reporting 149 properties with foreclosure filings. Campbell County documented 116 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

State a minor contributor to nation’s foreclosure activity for quarter and month

Kentucky accounted for less than 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and less than 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

Kentucky Top Foreclosure Rates By County – Q3 2009

Kentucky Top Foreclosure Totals by County – Q3 2009

Kentucky Top Foreclosure Rates By County – Sept 2009

Kentucky Top Foreclosure Totals by County – Sept 2009