Northern Kentucky Foreclosures are Rising
The economic slump has spurred the increase in Northern Kentucky foreclosures. Boone, Kenton and Campbell are the three counties in Northern Kentucky that have been hardest hit by foreclosures. Each of these counties have several major cities – Florence in Boone, Covington, Erlanger and Independence in Kenton and Newport, Fort Thomas and Alexandria in Campbell.
Weekly foreclosure auctions have been held by the commissioners of the counties of Boone, Kenton and Campbell in order to sell the increasing number of foreclosed houses.
There are auctions that take place every Thursday in Boone County. The lobby of the courthouse always presents a scene of mixed participants comprised of real estate agents, residents looking to find a great bargain and real estate investors.
Darlene Evangelist of Union stated that newspapers provide information about the rising number of and all the events that happen as a result of it. This is very tempting to try one’s luck.
An attorney that represents various banks usually presides over the bidding. The starting bid is usually at an amount that is equicalent to two-thirds of the value of the house being bid on. For instance, a house on Apple Cider Drive was valued at $140,000 but was sold for $93,500 at a foreclosure auction. One investor, Frank Hermanek of Burlington, commented that this house would not have been able to net a profit if it was easily and quickly sold. He said that he had checked the house and noted that many additions and alterations would have to be made, such as carpets with padding, paint etc. It could cost anything from $10,000 to $15,000 to make all these additions and alterations.
These 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, surmised 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 such matters that have made it impossible for people to carry on with spiked mortgages.
In 2008, Kenton County had 1,000 foreclosures making it the county with the most number of foreclosure in Northern Kentucky. 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.
Kentucky is one of the states that suddenly suffered a lot with the foreclosure crisis. I hope that recently the scenario had changed!