Kentucky Foreclosures Up in 2010

Foreclosure filings rise 31 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 12,656 Kentucky properties for 2010, up 31 percent from a year ago and 75 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 993 Kentucky properties in December 2010, a 28 percent decrease from November, and 23 percent lower than the level reported in December 2009. One in every 1,934 Kentucky housing units received a foreclosure filing during the month.

 

Kentucky foreclosures were up in 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the state’s unemployment rate did decrease during the year, it is still above the national average. Home sales here were also lower than most states. These trends will need to turn around this year to see a significant drop in foreclosures.”

Kentucky ranked 33rd in the nation in total foreclosures reported for 2010. Its foreclosure rate of one in every 152 housing units receiving a foreclosure filing during the year, ranked it 40th among the 50 states.

Jefferson County achieves top foreclosure rate honors in 2010

Jefferson County posted the highest foreclosure rate in Kentucky for 2010, with one in every 51 housing units receiving a foreclosure filing in 2010 — three times the state average. Hardin County reported the second highest foreclosure rate, with one in every 52 housing units receiving a foreclosure filing for the year — three times the state average. Kenton County came in third, with one in every 68 housing units receiving a foreclosure filing — 2.2 times the state average.

 

Jefferson County also dominates state foreclosure activity in 2010

Foreclosure activity was heaviest in Jefferson County, which reported 6,520 properties with foreclosure filings for the year. Kenton County tallied the second highest foreclosure level, reporting 1,043 properties with foreclosure filings. Third highest total was in Fayette County where 868 properties with foreclosure filings were reported. Fourth highest was Hardin County, where 865 properties with foreclosure filings were reported. Boone County filled out the top five for the year, reporting 577 properties with foreclosure filings.

 

State contributes less than 1 percent to total foreclosure activity in 2010

Kentucky accounted for less than 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 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 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Kentucky

0

4,000

0

3,252

5,404

12,656

152

0.30

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

2,771

0

1,478

2,271

6,520

51

0.88

2.98

Hardin

0

605

0

1

259

865

52

0.87

2.95

Kenton

0

0

0

466

577

1,043

68

0.66

2.23

Boone

0

0

0

324

253

577

78

0.58

1.94

Christian

0

117

0

122

128

367

80

0.56

1.91

 

 

Kentucky Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

492

1.67

23.23

Kentucky

0

4,000

0

3,252

5,404

12,656

152

30.72

74.71

 

 

 

 

 

 

 

 

 

 

Jefferson

0

2,771

0

1,478

2,271

6,520

51

27.64

71.26

Kenton

0

0

0

466

577

1,043

68

0.87

-1.14

Fayette

0

0

0

410

458

868

153

10.57

-3.77

Hardin

0

605

0

1

259

865

52

233.98

158.98

Boone

0

0

0

324

253

577

78

53.87

570.93

 

 

 

Kentucky Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Kentucky

0

291

0

375

327

993

1,934

0.26

n/a

 

 

 

 

 

 

 

 

 

 

Gallatin

0

0

0

0

26

26

140

3.58

13.83

Hardin

0

94

0

0

18

112

398

1.26

4.86

Jefferson

0

181

0

223

111

515

644

0.78

3.00

Kenton

0

0

0

37

36

73

971

0.52

1.99

Ballard

0

2

0

0

2

4

1,002

0.50

1.93

 

 

Kentucky Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Kentucky

0

291

0

375

327

993

1,934

-28.41

-22.84

 

 

 

 

 

 

 

 

 

 

Jefferson

0

181

0

223

111

515

644

-41.08

-25.47

Fayette

0

0

0

90

28

118

1,128

0.44

1.71

Hardin

0

94

0

0

18

112

398

-3.45

229.41

Kenton

0

0

0

37

36

73

971

-21.51

-48.59

Gallatin

0

0

0

0

26

26

140

2,500.00

2,500.00

 

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