Kentucky Foreclosure Activity Heats Up in May

Up 36 percent from April; down 23 percent from May 2010

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,089 Kentucky properties in May, up 36 percent from April, but still 23 percent below the level reported for May 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 1,777 Kentucky housing units received a foreclosure filing in May, the nation’s 38th highest foreclosure rate. Unemployment fell below 10 percent during the month for the first time in more than two years.

 

Jefferson County posts top foreclosure rate and total for May

One in every 420 housing units in Jefferson County received a foreclosure filing in May –1.4 times the national average and 4.2 times the state average — the highest foreclosure rate of all Kentucky counties. Jefferson County also led in terms of total foreclosure activity, reporting 793 properties with foreclosure filings for the month.

 

The state’s second highest rate was reported in Kenton County, where one in every 783 housing units received a foreclosure filing during the month — 2.3 times the state average. Kenton County also had the second highest total activity, reporting 91 properties with foreclosure filings for the month.  

 

With one in every 1,158 housing units receiving a foreclosure filing during the month — 1.5 times the state average — Hardin County tallied the third highest county foreclosure rate.

 

Third highest activity level was reported in Fayette County, tallying 73 properties with foreclosure filings. Hardin County was fourth highest, reporting 39 properties with foreclosure filings. Fifth highest was Campbell County, where 21 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure crisis in May

Kentucky accounted for 1 percent of the 214,927 properties with foreclosure filings reported nationwide in May. Total U.S. activity decreased by nearly 2 percent from April, and was down 33 percent from the level reported in May 2010. One in every 605 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure processing delays continue to mask the true face of the foreclosure situation, although there were some clues in the May numbers of what lies behind that mask,” said James J. Saccacio, chief executive officer of RealtyTrac. “First, activity spiked in May for various stages of the foreclosure process in some states, a pattern that has occurred in several states over the past few months. This pattern provides evidence that lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures and as they determine that some local markets are able to absorb more foreclosure inventory.

 

“Second, while the inventory of properties in the foreclosure process has declined steadily over the past six months — thanks in large part to 16 consecutive months of year-over-year declines in new default notices — the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months,” Saccacio continued. “That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory. Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each month.”

 

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 – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Kentucky

0

410

0

471

208

1,089

1,777

0.34

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

350

0

373

70

793

420

1.44

4.23

Kenton

0

0

0

39

52

91

783

0.77

2.27

Hardin

0

34

0

0

5

39

1,158

0.52

1.53

Christian

0

6

0

0

11

17

1,721

0.35

1.03

Fayette

0

0

0

54

19

73

1,828

0.33

0.97

 

 

Kentucky Top Foreclosure Totals by County – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 11

% Chg May 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Kentucky

0

410

0

471

208

1,089

1,777

36.30

-23.09

 

 

 

 

 

 

 

 

 

 

Jefferson

0

350

0

373

70

793

420

78.60

-14.64

Kenton

0

0

0

39

52

91

783

-20.18

21.33

Fayette

0

0

0

54

19

73

1,828

73.81

1.39

Hardin

0

34

0

0

5

39

1,158

-59.79

-46.58

Campbell

0

17

0

0

4

21

1,876

162.50

133.33

 

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