The Central Kentucky real estate market has largely escaped the foreclosure disaster that has reaped havoc on other parts of the country.  According to RealtyTrac, Fayette County currently has 66 homes in foreclosure which is astonishingly low.  Jefferson County hasn’t fared as well with 987 but they have also experienced more job loss than Lexington.  To give you an idea of how bad it has been and still is for many of our fellow Americans:

Foreclosure Market Statistics

1. An estimated 4.9 million borrowers were 90 days or more past due or in foreclosure at the end of March.  Seven out of ten homeowners are past due, in default or in some level of foreclosure today.  *MarketWatch
2. According to calculations made by National Mortgage News using MBA’s findings, that means $1 trillion in both first and second liens are now in arrears.
3. There were 322,920 foreclosure filings, or one for every 400 households, in the United States in May.
4. The bill for restoring and reselling just one of these repossessed homes generally costs the government about $10,000 after repairs are made, stolen appliances are replaced, and the inside and outside are returned to marketable condition.
5. Foreclosure homes accounted for 31% of all residential sales in the first quarter of this year, and the average discount for properties that sold while in some stage of foreclosure was nearly 27%.

Wow, not such good news for many.  It really makes me happy to be in a place with such stability with regards to housing prices and jobs.  There are some, however, who are struggling to make ends meet.  If you find yourself in a bind don’t give up!  Go to HUD.gov or FreddieMac.com for advice on keeping your home and your credit intact.