KENTUCKY FORECLOSURES INCREASE 1 PERCENT IN SEPTEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 431 Percent From a Year Ago

 

IRVINE, Calif. – Oct. 11, 2006 – Kentucky reported 892 properties entering some stage of the foreclosure process, a 1 percent gain from the 880 properties reported in August, and a 431 percent increase above the 168 properties reported for the same month last year, according to the RealtyTrac™ September 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

“Although job growth is solid across Kentucky’s service sectors, the state’s high unemployment rate persists,” said James J. Saccacio, chief executive officer of RealtyTrac. “Subprime borrowers with adjustable-rate mortgages seem to be facing extreme financial pressure and foreclosure activity has increased most rapidly within this loan category.”

 

Kentucky ranked 24th in the country in total foreclosures reported for September. The state’s foreclosure rate of one new foreclosure filing for every 1,963 households — half of the national average — ranks it 24th among the 50 states.

 

Jefferson County tops in foreclosure activity

Jefferson County had the largest share of Kentucky’s foreclosure activity in September, reporting 639 properties entering some stage of the foreclosure process. Kenton County had the second highest total, reporting 81 properties entering some stage of foreclosure. Campbell County posted the third highest total, reporting 55 properties in the foreclosure pipeline.

 

Highest foreclosure rate reported in Jefferson County

Jefferson County posted the state’s highest foreclosure rate in September, with one new foreclosure filing for every 479 households — 4.1 times the state average and 2.2 times the national average. Reporting one new foreclosure filing for every 671 households — 2.9 times the state average and 1.5 times the national average — Campbell County had the second highest foreclosure rate in the state.

 

Kentucky makes small contribution to national total

Kentucky’s foreclosure activity accounted for less than 1 percent of the 112,210 properties entering some stage of foreclosure nationwide in September. The national total represents an almost 1 percent decrease in activity from the 113,300 foreclosures reported in August. The national foreclosure rate increased to one new foreclosure filing for every 1,030 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

 

                     Kentucky Foreclosure Market by County – September 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

25,379

43,840

6,285

19,338

17,368

112,210

1,030

Kentucky

300

400

0

0

192

892

1,963

0.53

 

 

 

 

 

 

 

 

 

 

Allen

1

0

0

0

0

1

8,057

0.13

0.24

Anderson

0

0

0

0

1

1

7,752

0.13

0.25

Barren

0

0

0

0

0

0

0.00

0.00

Boone

0

3

0

0

0

3

11,117

0.09

0.18

Bourbon

0

0

0

0

0

0

0.00

0.00

Boyle

0

0

0

0

0

0

0.00

0.00

Breathitt

0

0

0

0

0

0

0.00

0.00

Bullitt

1

1

0

0

0

2

11,580

0.09

0.17

Calloway

0

0

0

0

0

0

0.00

0.00

Campbell

54

1

0

0

0

55

671

1.54

2.93

Christian

19

2

0

0

5

26

1,045

0.99

1.88

Clark

0

0

0

0

0

0

0.00

0.00

Cumberland

0

1

0

0

0

1

3,567

0.29

0.55

Daviess

0

0

0

0

0

0

0.00

0.00

Fayette

0

52

0

0

0

52

2,234

0.46

0.88

Floyd

0

2

0

0

0

2

9,276

0.11

0.21

Gallatin

0

0

0

0

0

0

0.00

0.00

Garrard

0

0

0

0

0

0

0.00

0.00

Grant

0

0

0

0

0

0

0.00

0.00

Grayson

0

0

0

0

0

0

0.00

0.00

Green

0

1

0

0

0

1

5,420

0.19

0.36

Hardin

6

1

0

0

1

8

4,709

0.22

0.42

Harrison

0

1

0

0

0

1

7,660

0.13

0.26

Jefferson

138

320

0

0

181

639

479

2.15

4.10

Jessamine

1

0

0

0

0

1

14,646

0.07

0.13

Kenton

73

5

0

0

3

81

785

1.31

2.50

Knott

0

1

0

0

0

1

7,579

0.14

0.26

Laurel

0

1

0

0

0

1

22,317

0.05

0.09

Lincoln

0

2

0

0

0

2

5,064

0.20

0.39

Livingston

1

0

0

0

0

1

4,772

0.22

0.41

Logan

0

0

0

0

0

0

0.00

0.00

Marshall

0

0

0

0

0

0

0.00

0.00

Martin

1

0

0

0

0

1

5,551

0.19

0.35

Mason

0

0

0

0

0

0

0.00

0.00

Meade

1

0

0

0

0

1

10,293

0.10

0.19

Mercer

0

0

0

0

0

0

0.00

0.00

Morgan

0

1

0

0

0

1

5,487

0.19

0.36

Muhlenberg

1

0

0

0

0

1

13,675

0.08

0.14

Nelson

0

0

0

0

0

0

0.00

0.00

Oldham

0

0

0

0

0

0

0.00

0.00

Pendleton

1

0

0

0

0

1

5,756

0.18

0.34

Perry

0

1

0

0

0

1

12,741

0.08

0.15

Powell

0

1

0

0

0

1

5,526

0.19

0.36

Pulaski

1

0

0

0

0

1

27,181

0.04

0.07

Scott

0

0

0

0

0

0

0.00

0.00

Shelby

1

1

0

0

0

2

6,429

0.16

0.31

Spencer

0

0

0

0

0

0

0.00

0.00

Taylor

0

1

0

0

1

2

5,090

0.20

0.39

Warren

0

1

0

0

0

1

38,350

0.03

0.05

Woodford

0

0

0

0

0

0

0.00

0.00

 

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 construction properties, with more than 1 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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