The State of Foreclosures in Kentucky 2014

Despite Kentucky being among the states with the largest number of counties, it has recorded a higher rate of foreclosure when compared to the previous year 2012. The reports also recorded that the rate increased from 0.08 to 0.1 percent making a significant increase. This has been a major concern for many homeowners across Kentucky given this was the highest ever-recorded rate within the state.

When compared to the previous years when the rates were lower, the year 2013 was a shock for the players of real estate. In a survey that was conducted by the federal government at the end of last year, Kentucky was recorded to be among the States with many foreclosures when compared to other States in America. For example, the report stated that 2 in every 65 houses within the State were facing foreclosure by the end of year 2013. In this statistic, Elizabethtown, Owensboro, Richmond, Louisville, and Growling Green cities recorded the rates of foreclosures when compared to other cities within Kentucky,

An increase in Foreclosures

Whereas most of the foreclosures were low in the beginning of the year, the statistics rose by double figure in the second half of the year leading to this increase. In addition, the number of recording new cases that relates to foreclosures also increased significantly by 18 percent when compared 8.5 percent in the previous year.

The foreclosure activity had also increased by 10 percent in the entire year thus forcing the rate to increase by the end of the year. Based on this study, the foreclosure activities also went by 4.5 percent in Elizabethtown, 5.5 percent in Owensboro, 4.8 percent in Richmond, 3.4 percent in Louisville, and a massive 7.8 percent in Growling Green. This ultimately contributed to this increased that was recorded at the end of the year. In addition to the above, the scheduled auctions also recorded an increase by 18 percent whereas bank repossessions shot to 22 percent from 10 percent in the year 2012.

With over 39,000 registered properties across Kentucky, the state received many foreclosure filings that was still very high when compared to other populous States such as California and New York. This led to the increase in rate that was recorded at the end of the year, 2013. The fillings of the cases that relates to foreclosures also increased significantly for many homeowners within the state. Many experts have also warned that the condition may even worsen if a legislation is not legislated to curb the rise across the state of Kentucky at the same time protecting the real estate sector.

This has even worsen by increased filling of cases that has been recorded in the first half of the year. Many the courts have been trying to clear the backload of cases across Kentucky; this has not been easy until a new legislation is implemented in place to help the players. With this, the rates are likely to drop to a single digit at the end of the year 2014. This would be an achievement given that the rate of foreclosure is one unaccepted within the state when compared to the previous years.

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