BluegrassForeclosure.com

Third Quarter Reports are hitting the news from various banks and the ones I’ve seen are showing that banks are staying afloat, albeit, they are showing little to no profit.  Here is one sample from Farmers Bank, based in Frankfort, Kentucky.  It is a good example showing what’s going on across the board.

Here’s an excerpt: “Other real estate owned, which represents properties acquired through foreclosure, declined $255 thousand or 1.3% to $19.7 million. The Company’s level of nonperforming assets continues to be high as it and most of the banking industry struggles to cope with one of the most severe recessions in many decades. The deterioration in the overall economy and real estate markets in particular has negatively impacted the Company’s lending portfolio. Loans to real estate developers and related businesses have shown the most signs of stress within the Company’s customer base.”