Foreclosed Real Estate decreases by 10 percent in the United States

Posted by Jonathan Karlen on Friday, September 2nd, 2011 at 11:34am.

foreclosed real estate decreases by 10 percent in the united statesForeclosed real estate decreased by 10 percent across the United States for the month of November 2007.  Kentucky saw a decrease of 6.65%.

This is significant in that this is the first time there has been a double digit percent decrease in foreclosures since April 2006 – some 20 months ago.

But, we aren’t out of the woods yet so to speak.  There are predictions for a very strong foreclosure rate in the 1st quarter of 2008 – a primary cause being the seasonal influx of persons that are filing before various deadlines, as well as those that may file due to an increase of adjustable mortgage rate persons having their mortgages reset and the current home owner not being able to address the debt service of the higher payment for their property.

Still, theres no reason to look a gift horse in the mouth.  There are hopes now that perhaps things are starting to come together for home sales and real estate on a national level – and that the current soft market is starting to become a little more solid – once we get past the 1st quarter 2008 surge that is expected to occur.

Overall, the Kentucky real estate market remains relatively solid.  Kentucky was placed 35th out of the United States for foreclosure filings in November (we had 758 filings which equates to 1 per 2461 homes in the state).  For reference, the state with the lowest foreclosure rate was Vermont which had 1 per 51224 homes, and the state with the highest foreclosure rate was Nevada with 1 per 152 homes being foreclosed upon. A great tool for searching the best Louisville subdivisions can be used to view Louisville homes for sale in the greater metropolitan area.

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