Kentucky Foreclosure Activity Falls in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Kentucky fell 2 percent during the first quarter of 2010, but was still up 76 percent from the same period last year. In all, the state reported 3,048 properties with foreclosure filings during the quarter.

 

In March the state reported 1,344 properties with foreclosure filings, a 66 percent increase from the previous month and 113 percent above the level reported in March 2009. One in every 1,429 Kentucky housing units received a foreclosure filing during the month, the 40th highest state foreclosure rate.

 

“Kentucky foreclosure activity fell slightly between the fourth quarter of 2009 and the first quarter of 2010, though filings in the Bluegrass State rose between February and March, remained more than double what was reported for March of last year, and remained elevated compared to the first quarter of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Contributing to the foreclosure problem, poverty within the state remains high at over 17 percent and one in ten residents is currently out of work.”

 

One in every 630 Kentucky housing units received a foreclosure filing during the quarter – the 41st highest state foreclosure rate in the nation.

 

Jefferson County tops state in foreclosure rate and total for the first quarter

Jefferson County had the highest county foreclosure rate in Kentucky during the first quarter, with one in every 212 housing units receiving a foreclosure filing — three times the state average. Kenton County had the second highest foreclosure rate, with one in every 226 housing units receiving a foreclosure filing — 2.8 times the state average. Christian County came in third, with one in every 256 housing units receiving a foreclosure filing — 2.5 times the state average.  Hardin County had the fourth highest foreclosure rate, with one in every 268 housing units receiving a foreclosure filing — 2.4 times the state average.

 

Jefferson County led the state in total foreclosures for the first quarter

Jefferson County also led Kentucky in total foreclosures, reporting 1,567 properties with foreclosure filings during the first quarter. Kenton County had the second highest total, reporting 313 properties with foreclosure filings. Fayette County came in third, reporting 211 properties with foreclosure filings for the quarter. Hardin County was fourth, reporting 166 properties with foreclosure filings. Boone County rounded out the top five in fifth, reporting 156 properties with foreclosure filings.

 

State a minor contributor to quarterly foreclosure total

Kentucky represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Kentucky

0

891

0

859

1,298

3,048

630

0.22

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

628

0

375

564

1,567

212

0.65

2.98

Kenton

0

0

0

136

177

313

226

0.61

2.78

Christian

0

42

0

42

30

114

256

0.54

2.46

Hardin

0

76

0

0

90

166

268

0.52

2.35

Campbell

0

74

0

18

48

140

280

0.49

2.25

 

 

Kentucky Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Kentucky

0

891

0

859

1,298

3,048

630

-1.65

75.68

 

 

 

 

 

 

 

 

 

 

Jefferson

0

628

0

375

564

1,567

212

-4.92

79.91

Kenton

0

0

0

136

177

313

226

-10.57

-9.28

Fayette

0

0

0

101

110

211

631

-11.72

45.52

Hardin

0

76

0

0

90

166

268

127.40

172.13

Boone

0

0

0

104

52

156

289

39.29

817.65

 

 

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