Kentucky Foreclosure Activity Up in Third Quarter

Total foreclosure filings rise 8 percent compared to the second quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,129 Kentucky properties during the third quarter, an 8 percent increase from the previous quarter and up 26 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Kentucky reported 1,884 properties with foreclosure filings, a 64 percent increase from the previous month and 46 percent above the level reported for the same month last year. One in every 1,019 Kentucky housing units received a foreclosure filing in September, the 35th highest foreclosure rate among the 50 states.

 

“Foreclosure activity continued to climb in Kentucky in the third quarter of 2010, with more filings than in the previous quarter and as compared to third quarter 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Adding to the state’s foreclosures mess is its stagnant economy and worsening unemployment rate, which hit 10 percent in September following a significant loss in both the government and business services sectors.”

 

One in every 465 Kentucky housing units received a foreclosure filing during the quarter, the 40th highest state foreclosure rate in the nation.

 

Hardin County led state with top foreclosure rate in third quarter

Hardin County posted the highest foreclosure rate in Kentucky during the third quarter of 2010, where one in every 159 housing units received a foreclosure filing — 2.9 times the state average. Jefferson County posted the second highest foreclosure rate, where one in every 161 housing units received a foreclosure filing during the period — 2.9 times the state average. Kenton County documented the third highest foreclosure rate, where one in every 183 housing units received a foreclosure filing — 2.6 times the state average.

 

Jefferson County posts state’s top foreclosure total in third quarter

Jefferson County led the state, reporting 2,062 properties with foreclosure filings for the quarter. Kenton County was second, reporting 388 properties with foreclosure filings. Hardin County was third, tallying 281 properties with foreclosure filings. Fayette County was fourth highest, reporting 255 properties with foreclosure filings. Boone County had the fifth highest total, reporting 183 properties with foreclosure filings for the quarter.

 

State a minor contributor to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Kentucky. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Kentucky

0

1,249

0

1,224

1,656

4,129

465

0.30

n/a

 

 

 

 

 

 

 

 

 

 

Hardin

0

220

0

0

61

281

159

0.87

2.93

Jefferson

0

886

0

505

671

2,062

161

0.86

2.89

Kenton

0

0

0

265

123

388

183

0.76

2.55

Christian

0

39

0

55

50

144

203

0.68

2.29

Boone

0

0

0

120

63

183

246

0.56

1.89

 

 

Kentucky Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Kentucky

0

1,249

0

1,224

1,656

4,129

465

7.58

25.92

 

 

 

 

 

 

 

 

 

 

Jefferson

0

886

0

505

671

2,062

161

-3.28

11.16

Kenton

0

0

0

265

123

388

183

39.07

24.36

Hardin

0

220

0

0

61

281

159

39.80

205.43

Fayette

0

0

0

100

155

255

522

40.11

1.59

Boone

0

0

0

120

63

183

246

-24.38

22.82

 

 

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