Dramatic increase in July foreclosure rate

By Jon Chrisos - bio | email

LOUISVILLE, KY (WAVE) - July home foreclosure numbers are out, and they aren't looking very good. Lenders foreclosed on a dramatically higher number of homes in July than in June.

We talked with a Kentuckiana economist today who says we're seeing a surging number of foreclosures because of 2 reasons: a summer slowdown in the economic recovery and the expiration of the homebuyers' tax credit. IUS economist Uric Dufrene explains the unemployment rate and the foreclosure rate chase each other in a vicious circle.

From a condo in a complex in the Highlands to a home in downtown Louisville, foreclosures continue to close the doors on homeowners in Kentucky. RealtyTrac reports of the 1,517 foreclosed homes last month in Kentucky, 820 were in Jefferson County. Nationwide, lenders foreclosed on 92,858 homes in July, 9% more than in June.

As bad as that sounds, the Louisville Association of Realtors says here at home we're actually bucking the national trend. President John Fishbach told us, "We are stable relative to the national number."

You can see more of the data from RealtyTrac by clicking here: http://www.realtytrac.com/trendcenter/

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