Kentucky Foreclosure Activity Higher in Second Quarter

Activity level rises 26 percent from Q1

Foreclosure filings increase 53 percent mid-year; up 20 percent in June

 

Kentucky reported 3,838 properties with foreclosure filings for the second quarter of 2010, a 26 percent increase from the first quarter of the year and is nearly 35 percent above the level reported for the second quarter of 2009.

 

Kentucky foreclosures were up during the first half of this year, during the second quarter and for the month of June,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate is still above the national average and its home sales declined further than most states during the second quarter. These factors are definitely contributing to the overall rise.”

 

One in every 500 Kentucky housing units received a foreclosure filing during the quarter, giving the state the 39th highest foreclosure rate in the nation.

 

Jefferson County posts state’s top foreclosure rate for the quarter

Jefferson County posted the highest county foreclosure rate in Kentucky during the second quarter, with one in every 156 housing units receiving a foreclosure filing in the county — 3.2 times the state average. Boone County posted the second highest foreclosure rate, with one in every 186 housing units receiving a foreclosure filing — 2.7 times the state average. Hardin County reported the third highest foreclosure rate, with one in every 222 housing units receiving a foreclosure filing during the second quarter — 2.3 times the state average.

 

Jefferson County also leads state in total foreclosures for the second quarter

Jefferson County also led Kentucky in foreclosure activity, reporting 2,132 properties with foreclosure filings for the quarter, while Kenton County documented the second highest foreclosure total, reporting 279 properties with foreclosure filings. Reporting 242 properties with foreclosure filings for the quarter, Boone County came in third. Hardin County was fourth, reporting 201 properties with foreclosure filings. Fifth highest total was Fayette County where 182 properties with foreclosure filings were reported for the quarter.

 

State contributes less than 1 percent to nation’s quarterly total

Foreclosure activity in Kentucky represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Kentucky

0

1,222

0

1,218

1,398

3,838

500

0.29

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

865

0

683

584

2,132

156

0.93

3.22

Boone

0

0

0

153

89

242

186

0.77

2.69

Hardin

0

131

0

1

69

201

222

0.65

2.26

Campbell

0

105

0

17

44

166

236

0.61

2.12

Kenton

0

0

0

126

153

279

254

0.57

1.97

 

 

Kentucky Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Kentucky

0

1,222

0

1,218

1,398

3,838

500

25.92

34.95

 

 

 

 

 

 

 

 

 

 

Jefferson

0

865

0

683

584

2,132

156

36.06

38.26

Kenton

0

0

0

126

153

279

254

-10.86

8.56

Boone

0

0

0

153

89

242

186

55.13

105.08

Hardin

0

131

0

1

69

201

222

21.08

367.44

Fayette

0

0

0

86

96

182

732

-13.74

-22.22

 

 

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