Ky. foreclosures down

New foreclosure filings in Kentucky declined in November for the second time in three months, RealtyTrac reported Thursday.

The California foreclosure tracking firm said new filings were down 19.1 percent from October and 43.7 percent from November 2007.

Kentucky continued to be ranked 43rd among the states in new filings, the same ranking as in October, when filings were down 35 percent from October 2007.

The state was ranked 38th in September after a 5.7 percent uptick.

RealtyTrac said there were 427 new filings in November in Kentucky, which was equal to one for every 4,422 households in the state.

Nationally, new filings declined 7.3 percent from October, RealtyTrac said, but were up 28.3 percent from November 2007.

Last month's rate was equal to one for every 488 households nationwide.

National "foreclosure activity in November hit the lowest level we've seen since June," said James J. Saccacio, chief executive officer of RealtyTrac.

The reasons include new state laws that have slowed the foreclosure process in some states and "more aggressive" loan modification programs, Saccacio said.

"There are several indications, however, that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months," he said.

They include a "record high" 7 percent jump in delinquent loans in the third quarter that are not yet in the foreclosure process, he said.

"And more than half of the homeowners who received loan modifications to reduce monthly mortgage payments in the first half of 2008 are already delinquent," Saccacio added. "Many of these delinquencies could turn into foreclosures next year."

The state with the worst foreclosure problem in November was Nevada, which has led the nation in foreclosures for more than a year. Nevada saw 13,962 new filings — one for every 76 households in the state — in November.

Florida, Arizona, California and Michigan also were in the top five states in new filings in November.

The states following Kentucky on the list are North Dakota, Montana, South Dakota, Mississippi, Vermont, Nebraska and West Virginia.