The Lexington Kentucky newspaper, Lexington Herald-Leader, had an article yesterday that discussed foreclosure rates nationally compared to Kentucky real estate foreclosures.
According to the article, foreclosure rates nationally increased by 30%, which brings the total to more than double what they were a year ago. On the other end of the spectrum, Kentucky real estate foreclosures only increased by 3.5% putting Kentucky below the national average, and 36th overall for the 3rd quarter 2007, and is actually a decrease of 0.2% from the previous year’s 3rd quarter in 2006.
Despite the somewhat weak national real estate market, Kentucky continues to weather the storm so to speak with little effect here on a local level.
Nationally, in the 3rd quarter 2007, there have been over 635,000 foreclosure filings – which accounts for 1 in every 196 households.
In Kentucky, RealtyTrac has recorded only 2,306 foreclosure filings – which accounts for only 1 in every 809 households.
Looking closer at the total number of affected properties by the Kentucky real estate foreclosure filings, the total was 1,879, which is down 4.2% from the previous year’s 3rd quarter in 2006.
Hopefully, we can continue this trend. Its still however a great time to buy real estate in Louisville Kentucky particularly if you are upsizing – as the national perception of a soft real estate market has many real estate investors being cautious, and missing opportunities that are coming on the market. Add in the inventory that is currently on the market, and you have the makings of some real opportunities that may be available to the right buyer.
Kentucky Real Estate Foreclosures
According to the article, foreclosure rates nationally increased by 30%, which brings the total to more than double what they were a year ago. On the other end of the spectrum, Kentucky real estate foreclosures only increased by 3.5% putting Kentucky below the national average, and 36th overall for the 3rd quarter 2007, and is actually a decrease of 0.2% from the previous year’s 3rd quarter in 2006.
Despite the somewhat weak national real estate market, Kentucky continues to weather the storm so to speak with little effect here on a local level.
Nationally, in the 3rd quarter 2007, there have been over 635,000 foreclosure filings – which accounts for 1 in every 196 households.
In Kentucky, RealtyTrac has recorded only 2,306 foreclosure filings – which accounts for only 1 in every 809 households.
Looking closer at the total number of affected properties by the Kentucky real estate foreclosure filings, the total was 1,879, which is down 4.2% from the previous year’s 3rd quarter in 2006.
Hopefully, we can continue this trend. Its still however a great time to buy real estate in Louisville Kentucky particularly if you are upsizing – as the national perception of a soft real estate market has many real estate investors being cautious, and missing opportunities that are coming on the market. Add in the inventory that is currently on the market, and you have the makings of some real opportunities that may be available to the right buyer.