Extreme West End Foreclosure Rates

Yesterday PVA Tony Lindauer released a statement indicating that foreclosure, vacant structures and escheatments is at 13% in the West End. Compared to 3% for the rest of Louisville, of course.

More of what he had to say from a release:

“The percent of west Louisville residential properties that are in foreclosure, vacant structures or escheatments is 13% compared to only 3% for the rest of Metro Louisville,” said Lindauer.  “This has a significant impact on neighborhood property values and quality of life for residents here.” Lindauer, a Portland native, released the PVA annual state of the real estate recently and this is one major area of concern.

“West Louisville is particularly vulnerable in a shaky economy because so many of its residents live paycheck to paycheck and have fallen prey to predatory lenders,” said Lindauer.  “A good number of these properties are investor held whose intentions were to renovate and sell but the sliding economy prevented those plans.”

In the coming weeks, the Jefferson County PVA office will continue to call attention to specific aspects of the annual report which will be announced in full length soon.

“We have a unique opportunity to bring up this part of our community, said Lindauer.  “By calling attention to the data, we hope to create a focus on the change this neighborhood needs.”

Should we hold our breath over the thought of the rest of the city not ignoring the West End?

2 thoughts on “Extreme West End Foreclosure Rates

  1. I remember an article naming some high-flying “flippers” of the vacant, now dilapidated homes.

    Look to the owners, not the residents of Metro.

    Chip

  2. Yep, a lot of these properties were being flipped – and a lot of the vacant properties were abandoned by more wealthy folks. Many are also properties where the owner died and the heirs simply never took control, as well.

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