Kentucky Foreclosure Activity Declines in October

Statewide filings down 10 percent from September

 

Kentucky foreclosure filings declined 10 percent from the previous month to 1,164 properties with foreclosure filings for October, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is still 120 percent above the state foreclosure level reported one year ago, however.

 

“Although Kentucky foreclosures decreased in October, the numbers have more than doubled since this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline for the month was in bank-owned properties, which fell 33 percent for the month. The large yearly increase is evidenced in the number of auction notices and bank-owned properties throughout the state, up 218 percent and 174 percent respectively over the past year.”

 

Kentucky ranked 34th in the country in total foreclosure filings for the month. With one in every 1,638 housing units receiving a foreclosure filing, its foreclosure rate ranked 39th among the 50 states.

 

Bullitt County posts state’s top foreclosure rate in October

With one in every 461 housing units receiving a foreclosure filing — 3.6 times the state average — Bullitt County posted the highest county foreclosure rate in the state for October. Pendleton County ranked second highest, reporting one in every 498 housing units receiving a foreclosure filing — 3.3 the state average. Jefferson County had the third highest rate, with one in every 527 housing units receiving a foreclosure filing — 3.1 times the state average. Fourth highest foreclosure rate was in Shelby County, where one in every 536 housing units received a foreclosure filing during the month — 3.1 times the state average. Fifth highest rate was reported in Oldham County, where one in every 616 housing units received a foreclosure filing during the month — 2.7 times the state average.

 

Jefferson County dominates state in foreclosure total for October

Jefferson County led all counties, totaling 623 properties with foreclosure filings for October. Kenton County was second highest, documenting 114 properties with foreclosure filings. Reporting 74 properties with foreclosure filings for the month, Fayette County was third highest. Bullitt County came in fourth, reporting 64 properties with foreclosure filings, while the fifth highest total was in Christian County, where 34 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure total in October

Kentucky accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

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 – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Kentucky

0

434

0

382

348

1,164

1,638

0.24

n/a

 

 

 

 

 

 

 

 

 

 

Bullitt

0

58

0

0

6

64

461

0.84

3.55

Pendleton

0

11

0

0

1

12

498

0.77

3.29

Jefferson

0

251

0

208

164

623

527

0.73

3.11

Shelby

0

28

0

0

2

30

536

0.72

3.06

Oldham

0

31

0

0

2

33

616

0.62

2.66

 

 

Kentucky Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Kentucky

0

434

0

382

348

1,164

1,638

-9.84

120.45

 

 

 

 

 

 

 

 

 

 

Jefferson

0

251

0

208

164

623

527

-12.87

127.37

Kenton

0

0

0

57

57

114

617

-4.20

208.11

Fayette

0

0

0

62

12

74

1,784

-22.11

27.59

Bullitt

0

58

0

0

6

64

461

611.11

2,033.33

Christian

0

6

0

22

6

34

851

78.95

385.71

 

 

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