Home foreclosures down in Kentucky

Home foreclosure filings declined nearly 2 percent in Kentucky and 3 percent nationwide in June, RealtyTrac said Thursday.

As a result, Kentucky improved to 39th from 38th among the states in the California firm's monthly national rankings of the states, from highest percentage of foreclosures to lowest.

Compared with June 2007, Kentucky foreclosures were down 9.2 percent last month, RealtyTrac said, but the national total was up 53.3 percent.

With 252,363 new filings, “June was the second straight month with more than a quarter-million properties nationwide receiving foreclosure filings,” said RealtyTrac CEO James J. Saccacio.

Despite the May-to-June decline, Saccacio said, the 53.3 percent year-over-year increase “indicates we have not yet reached the top of this foreclosure cycle.”

Bank repossessions of properties with delinquent mortgages were up 171 percent nationally, compared with June 2007, and mortgage default notices were up 38 percent and auction notices were up 22 percent, he said.

RealtyTrac said one in every 501 U.S. households was in foreclosure in June.

Kentucky had 731 new filings last month, or one for every 2,583 households.

The states with the highest foreclosure rates in June were Nevada, California, Arizona, Florida and Michigan. Those with the lowest rates were Montana, Vermont, West Virginia, South Dakota and North Dakota.

Only 11 foreclosures were started in North Dakota last month, or one for every 27,982 households, RealtyTrac reported.