Foreclosure Data

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Jefferson County Foreclosure Charts, Graphs and Analysis

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In 2003, Jefferson County merged with the city of Louisville and consolidated the city and county governments. Because of the merger, Louisville’s populations went from around 250,000 to almost 700,000 virtually overnight. Its U.S. city population rank went from 67 to 16 and the median household income and geographical area both saw significant increases.
The combined city’s foreclosure rate spiked with the rest of the country in 2008-2009, but has since slowly declined and stabilized. The highest foreclosure rates are in the western parts of the city, centered in the lower income areas. A notable problem with some West Louisville foreclosures is that some banks have abandoned or given up their foreclosure rights to many properties. Presumably, this is because the homes are in such poor shape, the costs for repairs and low resale value will make the foreclosure a money losing proposition. In some instances the original home owner is completely unaware that they still legally own the home. This is unfortunate, but these homes are falling apart from lack of care and racking up tax lien charges in amounts approaching the value of the home.

Foreclosures per 1,000 Homes


Over the last 12 months, foreclosure rates by zip code varied from 0.3% to almost 1.5%. As a general rule, Zip Codes with lower average appraisal values fared worse that more affluent zip codes.
Jefferson County:
Population :726,943
Median Income :$45,383
Total Housing Units :309,175
Vancant Units :28,441
Percent Ownership :63.1%

 

Graph - Scheduled Foreclosure Sales by Month


Foreclosure rates spiked in 2009, but have since moderated at a much lower level. The foreclosure rate appears to have stabilized for the foreseeable future.

Graph - Average Judgment Amount value by Month


The cause of the dramatic increase in Judgment amount in early 2011 is unknown. It may be related to a collection of high value properties entering the market at the same time or it could be a statistical error in the data. However, if we disregard the anomaly, we can see that the average judgment amount has remained relatively steady in Jefferson County.


Average Judgment Amount by Zip Code (Last 12 Months)


The average foreclosure judgment amount by zip code varies significantly in Jefferson County. From $60,000 to almost $400,000, the county supports significant diversity in housing. The chart above is ordered with the highest foreclosure rate on the left decreasing along the x axis. Visually, you can see the general correlation of higher foreclosure rates with lower average judgment values. The data for zip code 40222 is mightily skewed by a 17 million dollar hotel foreclosure on Hurstborne parkway.