Lexington Kentucky Foreclosures Filed at Record High
Posted by: Malok in Fayette County, Georgetown KY Real Estate, Jessamine County, Lexington KY Real Estate, Nicholasville KY Real Estate, Scott County, Versailles KY Real Estate, Woodford County
Lexington Kentucky Foreclosures are being filed at a record high of 212 new foreclosures this past quarter. This is the highest amount in the past 3 years.
Nearly all of the cases were in Fayette County (204 were for Lexington). The next closest was Scott County at 4 filings.
These numbers are approximately 1 foreclosure filing for every 919 households in the 6 county area:
Bourbon County
Clark County
Fayette County
Jessamine County
Scott County
Woodford County
These recent filings put Lexington Kentucky in the dubious honor of being in the top 100 foreclosure rankings for the United State’s largest metropolitan areas. This is a point of concern for many persons, as Lexington doesn’t have sufficient population to warrant such tainted recognition.
Here’s how some nearby other communities rated:
Dayton Ohio – 17th – 1 filing per 314 households
Columbus Ohio – 23rd – 1 filing per 104 households
Indianapolis Indiana – 24th – 1 filing per 109 households
Cincinnati Ohio – 30th – 1 filing per 145 households
Louisville Kentucky – 66th – 1 filing per 314 households
Knoxville Tennessee – 72nd – 1 filing per 426 households
Hopefully the mortgage industry can help clean up its own situation where they allowed persons with marginal credit worthiness to qualify for homes with loan terms that they wouldn’t be able to afford unless the housing industry remained strong. Things like 1 year balloon ARMs, stated incomes, and the like created an artificial market that worked fine, unless the real estate and homes appreciations started to slow or even decline, and then it caused the persons that were relying on building equity in a property by using its appreciation – to end up getting into a negative equity position on a property.
