Kentucky Foreclosures Head Downward in August

Kentucky foreclosure activity fell in August, down to 1,101 properties with foreclosure filings for the month, an 11 percent decrease from the previous month and 12 percent below the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“After several months on the rise, Kentucky foreclosures finally started to decline in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in bank-owned properties, which fell 17 percent during the month. While the state’s unemployment rate is still well above the national average, home sales have been improving this year. This is likely giving distressed homeowners more options.”

 

Kentucky ranked 34th in the country in total foreclosures reported for the month. With one in every 1,731 housing units receiving a foreclosure filing, its foreclosure rate ranked 40th among the 50 states.

 

Jefferson County posts state’s top foreclosure rate in August

Jefferson County posted the highest county foreclosure rate in the state for August, with one in every 560 housing units receiving a foreclosure filing — 3.1 times the state average. Campbell County had the second highest foreclosure rate, with one in every 638 housing units receiving a foreclosure filing during the month — 2.7 times the state average. Pendleton County posted the third highest foreclosure rate, where one in every 664 housing units received a foreclosure filing — 2.6 times the state average.

 

Five counties accounted for 83 percent of state’s foreclosure activity for August

Jefferson County led the way, tallying 586 properties with foreclosure filings for the month. Fayette County reported the second highest foreclosure total, documenting 110 properties with foreclosure filings. Reporting 91 properties with foreclosure filings for the month, Kenton County posted the third highest total in the state. Boone County was fourth highest, reporting 63 properties with foreclosure filings, while the fifth highest total was in Campbell County, where 61 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in August

Kentucky accounted for less than one percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Kentucky

1

347

0

469

284

1,101

1,731

0.21

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

276

0

201

109

586

560

0.64

3.09

Campbell

0

43

0

17

1

61

638

0.56

2.71

Pendleton

0

9

0

0

0

9

664

0.54

2.61

Boone

0

0

0

60

3

63

701

0.51

2.47

Scott

0

0

0

24

0

24

704

0.51

2.46

 

 

Kentucky Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Kentucky

1

347

0

469

284

1,101

1,731

-10.78

-11.92

 

 

 

 

 

 

 

 

 

 

Jefferson

0

276

0

201

109

586

560

-24.58

-31.06

Fayette

1

0

0

48

61

110

1,200

19.57

-44.72

Kenton

0

0

0

46

45

91

773

-20.18

46.77

Boone

0

0

0

60

3

63

701

28.57

600.00

Campbell

0

43

0

17

1

61

638

117.86

79.41

 

 

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