Northern Kentucky Foreclosures Gallops To Records

Posted in Foreclosures, July 9th, 2008 |

The economic slump has spurred on Northern Kentucky foreclosures to galloping records. By Northern Kentucky it is generally meant the three northern most counties in Kentucky – Boone, Kenton and Campbell. It has often been called the Gateway-to-the-South. These counties each have important population centre – Florence in Boone, Covington, Erlanger and Independence in Kenton and Newport, Fort Thomas and Alexandria in Campbell. Bang on the opposite shore of River Ohio is Cincinnati in Ohio.

Weekly foreclosure auctions are being held by the commissioners of the counties of Boone, Kenton and Campbell to sell increasing number of foreclosed houses.

The auctions take place every Thursday in Boone County. The lobby of the courthouse presents a scene of mixed participants comprising of real estate agents, residents struggling for the best bargain and investors with an eye to the future.

Darlene Evangelist of Union said that the newspapers provide information about the rising tide of foreclosures and all its attendant happenings. This tempts one to join in the fray to try one’s luck.

An attorney representing various banks conducts the bidding. Two thirds of the appraised value is asked for initially. For instance a house on Apple Cider Drive was valued at $140,000 but was sold for $93,500. One investor, Frank Hermanek of Burlington commented that this house could not be quickly and easily sold for netting in a profit. He said that he had checked the house and noted that many additions and alterations would have to be made – carpets with padding, paint etc. It will cost anything from $10,000 to $15,000 to get all this done. That will hike up expenses.

The foreclosed units were priced from as low as the 80’s to $310,000 – the latter being located on Lura Woods Court in Union.

Greg McDowell, the Deputy Master Commissioner of Boone County analyzed that the state of the economy has a lot to do with this plight. The files speak for themselves. There are so many correspondences relating to job losses, health problems and other like matters that have made it impossible for people to carry on with spiked mortgages.

From 2008 Kenton County, with 1,000 foreclosed units has taken the lead in the increased number of foreclosures. Closely following on its heels are Boone County with 600 and Campbell County with 200 foreclosures. All three counties show an increase from the previous year.