Bank and HUD Foreclosures for Sale Continue to Increase in Kentucky
Category: Big Deals
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Posted on: 03/03/2011
Posted by: jamesfoxx
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The number of bank foreclosures and HUD foreclosures for sale is still rising in Kentucky. Although the state is ranked near the bottom of the nationwide list of areas with the highest foreclosure rates, analysts are expecting distressed property numbers to continue to climb in the coming months.
Louisville foreclosures and statewide distressed property numbers have been climbing steadily in the past five years, although the number has never gotten to the same catastrophic level as states like Nevada, California and Florida have found themselves in. However, some local areas have posted huge jumps in foreclosure rates from the start of the housing market crisis up to last year.
The number of foreclosed homes in Kentucky averaged between 11,000 and 12,000 during the February-August 2010 period. By December of last year, one household per 1,934 housing units in the state was under some form of foreclosure. The region was ranked 42nd among U.S. states in terms of foreclosure rates in 2010. It also had a lower ranking than all of its neighbor states, except for West Virginia, which was ranked 49th last year.
Meanwhile, Shelby County, one of the state's key local markets, has been recording rising bank foreclosed properties and HUD foreclosures for sale numbers in the past five years. Foreclosure rate in the county has jumped by 117%, starting from a total of 105 to reach 228 within that period. Last year, there were 228 foreclosed properties in Shelby, a 2.3% increase from the total posted in 2009.
Local housing industry analysts have stated that the number of foreclosed properties for sale will likely increase again this year or, at best, will remain flat from 2010 figures. They stated that an increasing number of delinquency and distressed property cases are being recorded in the county and most will likely end up as foreclosures. They also stated that foreclosure mitigation efforts from the federal government have not been as effective as initially hoped.
Just like in majority of other U.S. areas, Shelby County analysts stated that employment levels will play a big role in cutting down the number of bank and HUD foreclosures for sale in Shelby. They stated that the more jobs there are, the more home buyers there will be.
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