Lexington Kentucky Foreclosures Filed at Record High

Lexington Kentucky Foreclosures are being filed at a record high of 212 new foreclosures this past quarter.  This is the highest amount in the past 3 years.

Nearly all of the cases were in Fayette County (204 were for Lexington).  The next closest was Scott County at 4 filings.

These numbers are approximately 1 foreclosure filing for every 919 households in the 6 county area:

Bourbon County

Clark County

Fayette County

Jessamine County

Scott County

Woodford County

These recent filings put Lexington Kentucky in the dubious honor of being in the top 100 foreclosure rankings for the United State's largest metropolitan areas.  This is a point of concern for many persons, as Lexington doesn't have sufficient population to warrant such tainted recognition.

Here's how some nearby other communities rated:

Dayton Ohio - 17th - 1 filing per 314 households

Columbus Ohio - 23rd - 1 filing per 104 households

Indianapolis Indiana - 24th - 1 filing per 109 households

Cincinnati Ohio - 30th - 1 filing per 145 households

Louisville Kentucky - 66th - 1 filing per 314 households

Knoxville Tennessee - 72nd - 1 filing per 426 households

Hopefully the mortgage industry can help clean up its own situation where they allowed persons with marginal credit worthiness to qualify for homes with loan terms that they wouldn't be able to afford unless the housing industry remained strong.   Things like 1 year balloon ARMs, stated incomes, and the like created an artificial market that worked fine, unless the real estate and homes appreciations started to slow or even decline, and then it caused the persons that were relying on building equity in a property by using its appreciation - to end up getting into a negative equity position on a property.