Foreclosures Fall In Kentucky

October 19th, 2007

CEO of RealtyTrac, James J. Saccacio said the national decline from a 32-month high in August was “a fairly broad-based retreat” with 39 states reporting fewer foreclosure filings than in August.

“Nevertheless, it’s important to note that September’s total was still the second highest monthly total we’ve seen since we began issuing our report in January of 2005″ Saccacio also said.

In a written statement he said that statistics provided by September’s numbers are too early to say whether there would be a lull for a month or whether they could signify that discount foreclosure properties are being snatched up as more buyers and investors are getting back into the market.

There was a national beginning of the wave of foreclosures which has been blamed on a variety of factors including the so-called subprime loans which was made to buyers with poor credit and adjustable rate loans with “teaser” interest rates that eventually reset to a much higher rate which was around 50 to 100 percent. So when the homebuyer fall behind in mortgage payments, the lender can go to court and have the property sold of at an auction.

Kentucky is another state where mortgage foreclosures dropped 17.6 percent and 8.4 percent nationally in September compare with August according to the RealtyTrac report. Kentucky had 751 new foreclosures in September, or one for every 2,484 households, RealtyTrac said. The national average was one foreclosure for every 557 households. Kentucky was ranked 36th among the 50 states, down from 34th in August.

RealtyTrac is a California based firm that compiles foreclosure data nationwide, said Kentucky’s total foreclosures in September were down 15.8 percent from September 2006, when the national foreclosure rush was just beginning.

The national foreclosures for September were up 99.2 percent from September 2006, the firm said.

For nine months in a row, Nevada had the highest foreclosure rate among the states — one for every 585 households – although there was a drop to an 11.2 percent drop from August in new filings.

Nevada was followed by Florida, California, Michigan and Arizona, RealtyTrac said.

There are six California metros and two from Florida, plus Detroit at No. 5 and Las Vegas at No. 9.in the top 10 in foreclosure filings for metropolitan areas.