The number of houses sold at an auction is increasing each day in Fayette County, and new records are set after every sale of a foreclosed property.

Clyde L. Stapleton, who works as a Master Commissioner for Fayette Circuit Court, is fairly certain about breaking the old record of housing sales in his next sale. Stapleton says that by October 22 that year, his agency will sell about 628 houses. that figure is 11.9 percent increasingly than final year. In 2006, his office sold 562 properties. He is very undoubtful that the figure will cross 750 by that year-end with few increasingly sales occurring after October 22.

Stapleton finds the right property, which will give his agency good returns, very easily. that is happening considering of the current downturn in the housing industry, and a tremendous increase in adjustable-rate mortgage interest rates, which are causing a credit crisis and making homeowners incapable of paying their monthly mortgage payments. addition, personal problems like unemployment, divorce, health related issues etc are additionally causing additional problems contributing towards losing a property to foreclosure. Stapleton believes that lenders were never rushing to court to solve property related things the way they are doing now.

As per the Stapleton’s observations, records are set every year in Fayette. A situation similar to that increase in foreclosures can be seen across the nation.

California based real estate tracking company RealtyTrac’s recently released info confirms the nationwide spread of foreclosure. Two months ago in July, the number of foreclosures was highest in Nevada, Michigan and Georgia. Nevada was at the top for seven consecutive months. In Nevada, there is one foreclosure for every 198 houses.

However, in Kentucky the figures were conservative compared to other places, according to the info of RealtyTrac. In July, Kentucky ranked 33rd in the list of foreclosures with 645 foreclosures in its profile. However, when compared with its own records, its figure is 19 percent increasingly than final year. The ratio of foreclosure in Kentucky is one fresh foreclosure for every 2,896 houses.

According to Stapleton, there were many foreclosures initiated by lenders in Fayette County that were not completed. He assumes that in those cases borrowers might have paid their outstanding amount through refinancing of their properties. Borrowers get six to seven months duration before foreclosure proceedings actually get by, said Stapleton.

Each auction and the property sold in the auction have to be advertised first. that adds to the cost of the agency. However, serious bidders gather that data from the website of the agency, said Stapleton.

Original post by bhaveshbhatia

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