Foreclosure-related filings, including those for single family and multi family foreclosures, increased in Louisville, Kentucky, during 2010 if compared with 2009 figures. Although the increase is significant, analysts believe that the city still did better than most metro areas of the U.S. as it was able to keep the number lower than the national foreclosure average.
Louisville foreclosures jumped by 20% in 2010 compared with 2009, according to year-long housing market reports. A total of 7,540 residential foreclosure-related filings were issued in the metro area during the year. Housing industry data also revealed that foreclosed property totals in the city have been rising consistently since 2007. The good news, analysts stated, is that the level of increase is not as high as the levels recorded in metropolitan areas that experienced extreme housing booms.
Statewide, Kentucky foreclosures follow the same trend as city housing figures during 2010, with the whole state in a relatively better position during the year. For Louisville, one household out of every 73 received a filing in 2010; a ratio that is much better than the national average wherein one household out of every 45 received a filing. For 2010, Louisville was ranked 82nd among 203 metropolitan areas in the U.S. in terms of number of foreclosed property filings.
Nevada remained the region with the highest rate of foreclosure, including filings for multi family foreclosures and other types of residential properties. In 2010, one household in Nevada out of every 11 was in some form of foreclosure. For the whole U.S., foreclosure-related filings jumped by 2% compared with 2009 levels and surged 23% compared with 2008 figures.
According to housing market analysts, increase in year-over-year foreclosures might have been higher in 2010 if not for the moratorium imposed by major lenders all around the U.S. during the last three months of the year. The temporary halt in the processing and selling of foreclosed properties implemented by lenders helped lower the number of foreclosed properties for the year, but the number still reached record levels.
Local analysts are predicting that, in 2011, filings for single and multi family foreclosures will slowdown in Louisville. However, they also stated that the national housing market will require a few more years before it can return to normal levels.
For over 10 years, John Evan Miller has provided exceptional information on the foreclosure market.
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