by Gabe Bullard
Louisville has not been insulated from the recent spike in foreclosures.
With unemployment hovering around 12%, homeowners with all types of mortgages, from subprime to standard, are defaulting.
Metropolitan Housing Coalition director Cathy Hinko says she would like to see banks do more to reach out to customers before initiating foreclosure.
“There does have to be a commitment by lending institutions to make their systems responsive so they can do the things they really want to, which is work things out with people,” she says.
According to RealtyTrac.com, one out of every 452 homes in Louisville is in a stage of forecslosure. Nationwide, foreclosure activity increased seven percent between January and March of this year.