The Tide Is Turning: Foreclosure Rates Drop in Louisville

CoreLogic says that the number of homes going into foreclosure in Louisville has dropped in their most recent report. CoreLogic is a company that tracks and publishes a myriad of reports, many centered around real estate, finances, and consumer goods.

Foreclosure Map for Louisville KY July 2012
From the map above, you can see which portions of our city have the most foreclosures. The good news is that we’ve crested the peak and foreclosures in Louisville are on the decline.

The CoreLogic data reveals that the rate of Louisville-Jefferson County area foreclosures among outstanding mortgage loans was 2.71 percent for the month of July 2012, a decrease of 0.21 percentage points compared to July of 2011 when the rate was 2.92 percent. Foreclosure activity in Louisville-Jefferson County was lower than the national foreclosure rate which was 3.25 percent for July 2012.

The peak for foreclosures in Louisville was 3.05% in January of this year and has declined since. Louisville generally follows the national trend with a time delay of about 9-15 months.

What is also noteworthy, is that delinquency rates are also dropping. Just 5.80% percent of mortgage loans were 90 days or more delinquent in July, compared to 5.87% one year earlier. Small improvement but needed greatly.