Info and Tips about Ky Master Commissioner Sales

Foreclosure sales ranked 44 states and DC — other states don’t have enough data for valid analysis, according to Realtytrac — for the gap between pricing for homes sold somewhere in the foreclosure process vs. those that were not anywhere in foreclosure. As for fat foreclsoure discounts — Ohio led the nation at 39.5%, followed by Kentucky at 35.2% and Illinois at 35.1%. The average sales price of properties nationwide that sold while in some stage of foreclosure in the first quarter was 26 percent below the average sales price of properties not in the foreclosure process.

Foreclosure rates across the country

A look at state foreclosure rates from Jan.-June

(AP) – Jul 15, 2010

Here is a list of foreclosure rates, by state, from January through June. The ratio shows, for example, that one out of every 17 households in Nevada received a foreclosure notice during this period.

Rate State Ratio of foreclosures to Total properties

rank households in state with filings

1 Nevada 1:17 64,429

2 Arizona 1:30 91,484

3 Florida 1:32 277,073

4 California 1:39 340,740

5 Utah 1:52 18,058

6 Georgia 1:56 71,949

7 Michigan 1:58 78,509

8 Idaho 1:59 10,799

9 Illinois 1:62 85,223

10 Colorado 1:71 30,177

11 Oregon 1:76 21,538

12 Hawaii 1:79 6,482

13 Maryland 1:82 28,293

14 Ohio 1:85 59,927

15 New Jersey 1:96 36,542

16 Connecticut 1:108 13,315

17 Indiana 1:110 25,524

18 Virginia 1:110 30,063

19 Wisconsin 1:113 22,640

20 South Carolina 1:117 17,616

21 Arkansas 1:117 11,093

22 Massachussetts 1:119 22,933

23 Tennessee 1:119 23,100

24 New Hampshire 1:132 4,528

25 Washington 1:133 20,960

26 Minnesota 1:136 17,109

27 New Mexico 1:138 6,338

28 Texas 1:148 64,883

29 Rhode Island 1:152 2,979

30 Missouri 1:155 17,242

31 Oklahoma 1:158 10,343

32 Delaware 1:165 2,386

33 Alaska 1:185 1,529

34 Kansas 1:186 6,602

35 Alabama 1:189 11,419

36 Pennsylvania 1:199 27,684

37 North Carolina 1:209 20,097

38 Louisiana 1:231 8,137

39 Kentucky 1:289 6,653

40 Montana 1:291 1,507

41 New York 1:326 24,506

42 Maine 1:356 1,965

43 Iowa 1:409 3,248

44 Nebraska 1:460 1,708

45 Mississippi 1:565 2,243

46 South Dakota 1:628 576

47 Wyoming 1:686 359

48 North Dakota 1:1,127 278

49 West Virginia 1:1,656 549

50 Vermont 1:4,008 78

District of Columbia 1:234 1,221

SOURCE: RealtyTrac

Read all of it here.

Banks selling more homes than builders

From  In looking at the annualized share of all home sales captured by different types of transactions, there are a few interesting turning points that stand out.  Back in 2005, your garden variety resale transaction accounted for more than 80% of all home sales.  By November of 2006 that had slipped slightly to 78% while New Homes accounted for nearly 20% of all transactions (a peak share).   Just over 2 years later in January of 2009, the new home share had slumped to 14%, and starting in that month there were more REO sales in the preceding 12 month period than new homes sold.  So for the last year and a half, banks have sold more houses than home builders have.

View the trend.

Foreclosure rate up in Jefferson County

A new national report suggests foreclosure filings could reach one million this year and the numbers continue to climb across Kentucky.

RealtyTrac Incorporated follows foreclosures and firm officials say such an increase would be “worse than ever recorded.”

According to RealtyTrac research, lenders took over an estimated 528,000 homes in the first six months of 2010.

Jefferson County Kentucky’s Master Commissioner Edith Halbleib said the county has experienced a 7.5 percent increase in 2010 compared to the same time period in 2009:

January – June 2009 Foreclosure Filings:

January – June 2010 Foreclosure Filings:

Halblieb says government programs have made it possible for some Jefferson County families to avoid their foreclosure proceedings actually reaching a judge. Still, across the state, not everyone has been as fortunate.

Read all of the article.

Foreclosed property selling for an average discount of 39.2%

From Business First:  Kentucky real estate investors looking for a bargain are in the right state, according to a report released this week by foreclosure tracker RealtyTrac.

The company found that during the first quarter of 2010, foreclosed properties in Kentucky were among the most discounted in sale price.

And, while sales of foreclosed properties fell nationally, Kentucky’s rate of foreclosure sales rose.

RealtyTrac reported 1,028 sales of foreclosed properties during the first quarter, a 19 percent increase from a year earlier and a 6.2 percent increase from the fourth quarter 2010.

Across the United States, there were a total of 232,959 U.S. properties in some stage of foreclosure — default, scheduled for auction or bank-owned — sold to third parties during the first quarter. That was down 33 percent from a year earlier and down 14 percent from the fourth quarter 2009.

According to the report, sales of foreclosed properties in Kentucky equated to about 19 percent of all real estate sales during the first quarter, compared with the U.S. average of 31 percent.

The average sales price of foreclosed properties in Kentucky was $94,651, an average discount of 39.2 percent.

In terms of average discount on foreclosure sales, Kentucky ranked behind only Ohio (39.5 percent) during the first quarter, RealtyTrac reported. The U.S. average was 26.7 percent.

Sales of bank-owned properties generated an even steeper discount, according to the report. In Kentucky, bank-owned properties sold for an average discount of 45.9 percent, and the average discount on pre-foreclosed properties — those in default or lis pendens — was 26.5 percent. The U.S. average discount on pre-foreclosure sales was 14.8 percent.

Republic Bank 2Q

Republic Bancorp, Inc. is pleased to report net income of $8.4 million for the second quarter of 2010, a $1.5 million increase over the second quarter of 2009.

Non-performing loans favorably declined nearly $6 million since year end and $2.3 million from March 31, 2010 to $38 million at June 30, 2010. The Traditional Bank’s delinquency ratio improved 26 basis points from year end and 6 basis points from March 31, 2010 to 1.72% at June 30, 2010. Charge-offs within the Traditional Banking segment continued to trend higher during the first six months of 2010. As a result of the on-going volatility in the economic environment, the Company increased its Traditional Bank’s allowance for loan losses during the quarter to 1.21% of total loans, compared to 1.01% at December 31, 2009 and 1.07% at March 31, 2010.

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Barren County Foreclosure Rate

Foreclosure rates are on the rise in Barren County.

The Kentucky Housing Corporation says there were 88 foreclosures in the county in the first half of the year.

That’s up from 62 in the first half of 2009.

Many people are blaming the recession for the rise in foreclosures in Glasgow and Barren County.

There were 178 foreclosures in all of 2009, more than double the number in 2008.

Read the rest of the article.

Porter Bancorp 2Q

Porter Bancorp, Inc. /quotes/comstock/15*!pbib/quotes/nls/pbib (PBIB 11.34, +0.44, +4.04%) , parent company of PBI Bank, with 18 full-service banking offices in Kentucky, today reported results for the second quarter and six months ended June 30, 2010.

“Porter Bancorp’s core operations remained solid in the second quarter of 2010 with higher net interest income, net interest margin and non-interest income, and strengthened capital base compared with the second quarter of 2009 and the first quarter of 2010,” stated Maria L. Bouvette, President and CEO of Porter Bancorp. “The growth in our core business was more than offset by a substantial increase in our provision for loan losses that resulted in our second quarter loss. We charged-off $6.3 million of nonperforming loans and wrote down $3.4 million of other real estate owned (OREO) in the second quarter to account for lower valuations on the underlying real estate collateral. We took these write-downs as part of our ongoing review of non-performing loans and OREO to reflect the continued weakness in the market and corresponding weakness in selling prices for residential lots, single family homes and other real estate properties in our markets.

— Non-performing loans decreased $11.8 million, or 19.5%, during the second quarter to $48.7 million at June 30, 2010, compared with $60.5 million at March 31, 2010. The decrease was primarily attributable to non-performing loans moving through the collection, foreclosure and disposition process.

— Non-performing assets decreased $3.0 million, or 2.5%, during the second quarter to $117.2 million at June 30, 2010.

Other Info.

Unemployment Rate for June 2010

Kentucky’s unemployment rate has dropped to 10%, which is still high.  While on the surface this may seem good, the primary reason for the jobless rate decline is due to workers dropping out of the long term labor pool.  They are becoming discouraged and simply giving up on finding a job.  Which means the economy, while possibly stabilized for awhile, is not creating new jobs to cut into that 10% rate.  The recession may be overly, at least from a technical standpoint, but we are far from recovering any time soon.  I’m no economist, but if we don’t see some job creation soon, we may be facing a double dip recession.

Here’s some more info from the state:

Kentucky’s seasonally adjusted preliminary unemployment rate fell to 10 percent in June 2010, the lowest rate in 16 months, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet. The revised rate in May 2010 was 10.4 percent.

The June 2010 jobless rate is .8 percentage points lower than the 10.8 percent rate recorded in June 2009 for the state. The 10 percent rate recorded in June 2010 is the lowest unemployment rate recorded since February 2009 when the rate was 9.6 percent.

“The decrease in Kentucky’s unemployment rate in June 2010 is driven by a decline in the civilian labor force. Individuals who have faced long-term unemployment are becoming discouraged and dropping out of the labor force,” said Dr. Justine Detzel, OET chief labor market analyst.

The U.S. seasonally adjusted jobless rate decreased from 9.7 percent in May 2010 to 9.5 percent in June 2010, according to the U.S. Department of Labor.

Unemployment Rates for June 2010

Unemployment rates fell in 107 Kentucky counties between June 2009 and June 2010, according to the Kentucky Office of Employment and Training, an agency of the Kentucky Education and Workforce Development Cabinet.

Fayette and Woodford counties recorded the lowest jobless rates in the Commonwealth at 7.8 percent each. They were followed by Calloway County, 8 percent; Oldham County, 8.2 percent; Ballard and Madison counties, 8.5 percent each; McCracken County, 8.6 percent; and Franklin, Hopkins and Scott counties, 8.7 percent each.

Magoffin County recorded the state’s highest unemployment rate — 19 percent. It was followed by Jackson County, 16.4 percent; Menifee County, 16.3 percent; Metcalfe County, 15 percent; Wolfe County, 14.5 percent; Lewis County, 14 percent; Powell County, 13.9 percent; Grayson County, 13.8 percent; McCreary County, 13.7 percent; and Clay, Simpson and Trimble counties, 13.4 percent each.

Check out all of the numbers here.