KENTUCKY FORECLOSURE ACTIVITY UP 42 PERCENT IN 2008

More than 7,200 Properties Receive Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 7,244 Kentucky properties in 2008, an increase of 42 percent from 2007 and a 45 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Bluegrass State reported 882 properties with foreclosure filings in December, up 107 percent from the previous month and a 113 percent increase over December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Despite lackluster home sales and a climbing unemployment rate, foreclosure activity in Kentucky showed only a modest increase in 2008,” said James J. Saccacio, chief executive officer of Realtytrac. “The state’s home values actually experienced a slight increase during most of the year, providing distressed homeowners some comfort in seeking financial alternatives besides entering the foreclosure process.”

 

Kentucky ranked 32nd in the country in total foreclosures for the year. With one in every 261 housing units receiving a foreclosure filing, its foreclosure rate ranked 42nd among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity in 2008

Five Kentucky counties accounted for 88 percent of all foreclosure activity in the state for 2008. Jefferson County led the way, reporting 3,807 properties with foreclosure filings for the year. Kenton County came in second highest, reporting 1,055 properties with foreclosure filings. Fayette County registered the third highest total, reporting 902 properties with foreclosure filings. Hardin County was fourth, reporting 334 properties with foreclosure filings. Campbell County came in fifth, documenting 253 properties with foreclosure filings.

 

Kenton County posts state’s top foreclosure rate for 2008

With 1.52 percent of its housing units receiving at least one foreclosure filing during the year, Kenton County posted the top foreclosure rate in the state for 2008. Jefferson County had the second highest rate, with 1.17 percent of its housing units receiving at least one foreclosure filing. Third highest rate was in Pendleton County, where 0.91 percent of the housing stock received at least one foreclosure filing in 2008.

 

State a minor contributor to nation’s foreclosure total for 2008

Kentucky accounted for less than 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 Foreclosure Market Data by County – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Kentucky

7,244

0.38

41.90

 

 

 

 

 

69

Adair

3

0.04

n/a

73

Allen

3

0.04

-40.00

18

Anderson

11

0.12

1000.00

12

Ballard

8

0.20

0.00

82

Barren

5

0.03

66.67

89

Bath

1

0.02

0.00

51

Bell

8

0.06

n/a

13

Boone

86

0.20

145.71

23

Bourbon

8

0.09

300.00

57

Boyd

11

0.05

120.00

30

Boyle

10

0.08

66.67

14

Bracken

7

0.18

n/a

105

Breathitt

0

0.00

-100.00

41

Breckinridge

7

0.07

600.00

32

Bullitt

22

0.08

120.00

92

Butler

1

0.02

n/a

94

Caldwell

1

0.02

n/a

7

Calloway

71

0.42

115.15

6

Campbell

253

0.65

-6.64

105

Carlisle

0

0.00

n/a

25

Carroll

4

0.09

300.00

84

Carter

3

0.02

0.00

100

Casey

1

0.01

0.00

17

Christian

39

0.14

-69.05

34

Clark

12

0.08

200.00

102

Clay

1

0.01

-66.67

105

Clinton

0

0.00

n/a

85

Crittenden

1

0.02

0.00

83

Cumberland

1

0.03

n/a

80

Daviess

13

0.03

44.44

95

Edmonson

1

0.02

n/a

105

Elliott

0

0.00

n/a

22

Estill

7

0.10

600.00

5

Fayette

902

0.69

105.00

45

Fleming

4

0.06

300.00

78

Floyd

6

0.03

20.00

29

Franklin

19

0.08

533.33

15

Fulton

6

0.16

200.00

27

Gallatin

3

0.08

0.00

11

Garrard

14

0.21

250.00

9

Grant

23

0.22

109.09

59

Graves

8

0.05

100.00

67

Grayson

5

0.04

400.00

90

Green

1

0.02

n/a

42

Greenup

11

0.07

120.00

52

Hancock

2

0.05

n/a

4

Hardin

334

0.78

1013.33

101

Harlan

2

0.01

100.00

47

Harrison

5

0.06

150.00

72

Hart

3

0.04

n/a

62

Henderson

9

0.04

200.00

36

Henry

5

0.07

25.00

105

Hickman

0

0.00

n/a

71

Hopkins

8

0.04

166.67

76

Jackson

2

0.03

-33.33

2

Jefferson

3,807

1.17

27.32

20

Jessamine

19

0.10

90.00

103

Johnson

1

0.01

0.00

1

Kenton

1,055

1.52

15.68

105

Knott

0

0.00

-100.00

98

Knox

2

0.01

n/a

60

Larue

3

0.05

200.00

39

Laurel

16

0.07

60.00

99

Lawrence

1

0.01

n/a

105

Lee

0

0.00

n/a

105

Leslie

0

0.00

n/a

104

Letcher

1

0.01

0.00

96

Lewis

1

0.02

n/a

54

Lincoln

6

0.05

200.00

49

Livingston

3

0.06

n/a

93

Logan

2

0.02

-33.33

61

Lyon

2

0.05

100.00

35

Madison

24

0.07

300.00

105

Magoffin

0

0.00

n/a

65

Marion

3

0.04

n/a

88

Marshall

3

0.02

-40.00

105

Martin

0

0.00

n/a

24

Mason

7

0.09

n/a

26

Mccracken

27

0.09

125.00

105

Mccreary

0

0.00

n/a

105

Mclean

0

0.00

n/a

44

Meade

7

0.06

250.00

55

Menifee

2

0.05

n/a

56

Mercer

5

0.05

150.00

105

Metcalfe

0

0.00

n/a

91

Monroe

1

0.02

n/a

21

Montgomery

11

0.10

120.00

105

Morgan

0

0.00

n/a

86

Muhlenberg

3

0.02

50.00

47

Nelson

11

0.06

266.67

75

Nicholas

1

0.03

0.00

40

Ohio

7

0.07

600.00

19

Oldham

21

0.11

250.00

37

Owen

4

0.07

n/a

64

Owsley

1

0.04

n/a

3

Pendleton

54

0.91

350.00

97

Perry

2

0.02

100.00

79

Pike

10

0.03

42.86

38

Powell

4

0.07

33.33

63

Pulaski

12

0.04

71.43

105

Robertson

0

0.00

n/a

105

Rockcastle

0

0.00

n/a

53

Rowan

5

0.05

400.00

74

Russell

3

0.03

n/a

16

Scott

25

0.15

257.14

68

Shelby

6

0.04

500.00

66

Simpson

3

0.04

200.00

8

Spencer

15

0.24

400.00

58

Taylor

5

0.05

0.00

70

Todd

2

0.04

n/a

81

Trigg

2

0.03

-71.43

28

Trimble

3

0.08

0.00

46

Union

4

0.06

n/a

76

Warren

14

0.03

133.33

43

Washington

3

0.06

50.00

87

Wayne

2

0.02

100.00

33

Webster

5

0.08

n/a

31

Whitley

13

0.08

225.00

50

Wolfe

2

0.06

n/a

10

Woodford

22

0.21

2100.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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