Foreclosures Still On the Rise
Despite a little bit of light at the end of the tunnel (we just can’t tell how far away that light really is), foreclosure rates are still rising in Kentucky. 2Q saw a rise in Kentucky on the foreclosure rate to 3.04%, up from 2.83% during 1Q, according to the Mortgage Bankers Association. This equates to about 13,100 homes in foreclosure, including about 3,800 new cases.
Kentucky still fares better than Ohio, where the rate of foreclosure is about 4.51%, and the national rate, which is about 4.3%. Overall, the foreclosure rate is still higher than last year. While these number do not come close to the amount of homes that went into foreclosure during the 1930′s, it is still a problem of unprecedented numbers.
This of course, translates into a market of possible foreclosure properties for the investor of unprecedented numbers as well. To learn more on the Mortgage Bankers Association report, click here.
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