Kentucky Foreclosure Activity Continues Upward Climb in 2009

Statewide filings up 34 percent from 2008; Up 28 percent from November

 

Kentucky foreclosures were up in 2009, with 9,682 properties with foreclosure filings, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total represents a 34 percent increase from the total reported for 2008, and is 90 percent higher than the level reported for all of 2007.

 

Kentucky foreclosures continued to rise modestly in 2009 and in the month of December,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate grew more than 3 percent over the year and is currently above the national average. However, home sales have been picking up and foreclosures here are lower than most states.”

 

Kentucky ranked 33rd in total foreclosures reported for 2009 when compared to the 50 states. With one in every 197 housing units receiving a foreclosure filing, Kentucky’s foreclosure rate ranked 40th in the nation for the year.

 

Reporting 1,287 properties with foreclosure filings for December, Kentucky had a 28 percent increase from the previous month, and was 46 percent above December 2008. The state’s foreclosure rate — one in every 1,481 housing units received a foreclosure filing — ranked 39th in the nation for the month.

 

Jefferson County posts state’s highest foreclosure rate for 2009

Jefferson County posted the highest county foreclosure rate in Kentucky for the year, with one in every 64 housing units receiving a foreclosure filing in 2009. Kenton County had the second highest foreclosure rate, with one in every 68 housing units receiving a foreclosure filing. Pendleton County came in third highest, with one in every 87 housing units receiving a foreclosure filing. Campbell County was fourth highest with one in every 97 housing units receiving a foreclosure filing, followed by Boone County, with one in every 118 housing units receiving a foreclosure filing.

 

Jefferson County also led state in foreclosure activity in 2009

Jefferson County also led the state in total foreclosures in 2009, reporting a total of 5,108 properties with foreclosure filings for the year. Kenton County came in second, documenting 1,034 properties with foreclosure filings. Fayette County had the third highest total in the state, reporting 785 properties with foreclosure filings for the year. Campbell County was fourth highest, reporting 401 properties with foreclosure filings, followed by Boone County in fifth place, tallying 375 properties with foreclosure filings for all of 2009.

 

State contributes less than 1 percent to nation’s foreclosure total in 2009

Kentucky accounted for less than 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Kentucky

9,682

0.51

197

33.66

89.66

 

 

 

 

 

 

Jefferson

5,108

1.56

64

34.17

70.84

Kenton

1,034

1.47

68

-1.99

13.38

Pendleton

69

1.15

87

27.78

475.00

Campbell

401

1.03

97

58.50

47.97

Boone

375

0.85

118

336.05

971.43

 

 

Kentucky Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Kentucky

9,682

0.51

197

33.66

89.66

 

 

 

 

 

 

Jefferson

5,108

1.56

64

34.17

70.84

Kenton

1,034

1.47

68

-1.99

13.38

Fayette

785

0.59

168

-12.97

78.41

Campbell

401

1.03

97

58.50

47.97

Boone

375

0.85

118

336.05

971.43

 

 

Kentucky Top Foreclosure Rates by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Kentucky

0

307

0

519

461

1,287

1,481

0.25

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

242

0

250

199

691

475

0.77

3.12

Kenton

0

0

0

100

42

142

495

0.74

2.99

Campbell

0

38

0

16

11

65

598

0.61

2.47

Christian

0

9

0

27

9

45

643

0.57

2.30

Anderson

0

0

0

9

2

11

819

0.45

1.81

 

 

Kentucky Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Kentucky

0

307

0

519

461

1,287

1,481

27.81

45.92

 

 

 

 

 

 

 

 

 

 

Jefferson

0

242

0

250

199

691

475

13.46

70.62

Fayette

0

0

0

51

105

156

846

119.72

-6.59

Kenton

0

0

0

100

42

142

495

37.86

56.04

Campbell

0

38

0

16

11

65

598

1,200.00

6,400.00

Christian

0

9

0

27

9

45

643

50.00

650.00

 

 

 

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