Foreclosure Down in Kentucky

November 20th, 2008

The rate of foreclosure filings in Kentucky has declined by one-third in the month of October as compared to the figure in September. There has been a decline of about 33.5 percent in this state. This has led to an improvement in its rank which now stands at 43rd. It was the 38th rank holder in the month of September. It has also been noticed that the number of foreclosure filings in October 2008 has declined by 35 percent when compared to the figure a year back. This is in fact great news for the real estate of Kentucky. Things have improved, so far foreclosure is concerned in this state.

Kentucky has been able to fare far better in comparison to the nation which has seen a 24.5 percent growth in its number of foreclosure filings in the month of October in comparison to the same month a year back and also a 5.1 percent growth from what it was in the month of September, 2008. According to a data, 279,561 properties went into a state of foreclosure across the nation in the month of October. One out of every 452 homes was in foreclosure nationwide. In Kentucky, there were 528 new filings in the previous month whereby one out of every 3,576 homes was in some state of foreclosure.

According to a real estate expert, James J. Saccacio, “October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year,” Nevada has been facing the highest number of foreclosure filings throughout the nation for over a year. It has again become the premier in its number of foreclosure filings in October. It has been found that there have been a total of 14,483 new filings in Nevada. One out of every 149 homes there are in some state of foreclosure.

The second rank holder of the highest rate of foreclosure was Arizona. It was followed by California, Georgia, Colorado, New Jersey, Florida, Texas, Michigan, and Ohio. The place which had the lowest rate of foreclosure is Vermont. It has been noticed that Vermont had a total number of 13 foreclosure filings in the month of October. One out of every 23,812 homes was in some state of foreclosure in Vermont. The homeowners require help to fight with this tough situation in the real estate. The slowing down of the rate of foreclosure in Kentucky has brought a ray of hope to the people there.