Kentucky Foreclosures

Kentucky is famous for lots of things, Daniel Boone, sipping whiskey, horses and the Kentucky Derby and with the economy today, the state is famous for another thing. The low numbers when it comes to the overall foreclosure rates. In the month of December when most other states in the union were showing increases in the foreclosure rates. Kentucky managed to stay stagnant and keep the rate low. The December numbers for Kentucky were only 0.047 percent and the ended up with a total foreclosures on the books that month of 882. While at almost any other time in history that number would be large. If you look at the same period of time at neighboring Illinois with 0.239 percent and 12,420 new foreclosures on the book, it puts things in perspective a little better. While most of the blue grass state of Kentucky is rural and full of smaller towns and beauty, the majority of the Kentucky foreclosures were actually centered in and about the larger cities meaning that the rural areas faired quite well. The larger towns were hit with unemployment and as a direct result of people living paycheck to paycheck, the foreclosure rate rose as the jobs started to disappear. This is a scenario that is echoed across the country from state to state and among nearly every city across America almost without exception. While there are isolated instances of the property in the state being rural or acreage tracts, by and large the foreclosures are centered in the new construction areas near the larger cities like Louisville when a slumping industry took its largest toll. Kentucky has not been terribly hard hit and the experts say that this state will make out much better during this event than a lot of the other states because it does not rely so heavily on industry.