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While the number of U.S. households facing the foreclosure process more than doubled in the second quarter compared to a year ago, the Louisville area and Kentucky in general fared much better, according to a report yesterday.
Nationwide, 739,714 homes received at least one foreclosure-related notice (default notices, auction sale notices and bank repossessions) during the quarter, or one in every 171 U.S. households, said RealtyTrac, an Irvine, Calif., firm that tallies foreclosure data. That's up 121 percent from the second quarter of 2007.
Among the 100 largest metropolitan areas, Louisville was one of five that saw its foreclosure rate decline in the April-through-June period, compared with a year earlier. RealtyTrac said the metro area had 1,032 foreclosure filings in the quarter, off 21 percent from last year, to a 1-in-523 rate. Foreclosure activity this year totaled 2,072.
"This report clearly shows the efforts on the part of Mayor (Jerry) Abramson, industry and nonprofit groups to reach out to at-risk homeowners are working, to drive down the number of people who will suffer from a foreclosure," Adam Hall, president of the Mortgage Bankers Association of Louisville, said in a statement. "While the numbers are still high, the pro-active efforts are obviously helping the homeowners in our community from suffering like the rest of the nation."
Other cities in the region did not fare so well: Indianapolis foreclosures climbed 31 percent, while Cincinnati's rose 16 percent. Some cities saw their rates increase by triple digits: San Jose, Calif., up 343 percent; Phoenix, up 303 percent; and Las Vegas, up 143 percent.
Statewide, Kentucky ranked 42nd with a 1-in-1,030 foreclosure rate. RealtyTrac found 1,834 foreclosures throughout the state during the quarter, little changed from last year.
Indiana ranked 11th with 13,890 foreclosures, up 59.4 percent from the 2007 period, giving it a 1-in-198 rate.
The original article can be found at:
http://www.courier-journal.com/apps/pbcs.dll/article?AID=2008807260437
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