Kentucky foreclosures increased 46.1% from the month of April to May 2008. Thats a big increase - but Kentucky still remains fairly well insulated and fairing well in the softening real estate market overall, especially as you begin comparing it to the rest of the United States. Kentucky ranks 38th for foreclosures, placing it well near the bottom.
To delve more into the numbers, Kentucky had 745 filings during that time frame which accounts for 1 out of 2534 homes in KY. And if you compare those numbers to a different time frame, like the year previously for May 2007, the rate of foreclosures was only an increase of 2.2%.
Kentucky ranked well, particularly if you examine some of its nearby neighbors. Ohio ranked #9. Illinois ranked #11. With Indiana right behind them at #12. Tennessee was #14. Virginia was #15.
The only immediate neighbor doing better was actually West Virginia, who ranked #49.
So, while the numbers can be a big shocker to see headlines of a 46.1% increase in foreclosures. Its really somewhat relative to the overall picture. Kentucky is a relatively stable real estate market overall. And it is certainly fairing better than most of the rest of the country.
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