About McCracken County, KY

Many visitors to my web site enjoy checking the foreclosures page on a routine basis. The master commissioner has auctions on the last Monday of each month inside the court house at the bottom of the stairway. A notice is placed in the Paducah Sun on the second Friday of each month listing the properties to be auctioned. The same list is also on display in the hallway near where the auction is held.

Generally, any bank lender foreclosures that are held are purchased back by the lender. These autions are usually not purchased by auction visitors. There are properties to be auctioned from time to time that are unrelated to failed mortgages.

This January 26, 2009 there are several properties being auctioned. Most are lender foreclosures but there are several this month that are being auctioned to pay delinquent taxes, nuisance code liens or are the result of a dispute between parties. Habitat for Humanity has foreclosures this month as well. This month I have listed auctions that would likely be available to a private buyer or investor.

• 1415 Madison Street - Judgement to collect $10,531.78 due to nuisance code liens and delinquent taxes, interest, attorney fees and auction costs.
  
• 1424 Little Avenue - Judgement to collect $10,941.37 due to nuisance code liens and delinquent taxes, interest, attorney fees and auction costs.
  
• 934-936 North 10th Street & 2069 Irvin Cobb - Recover costs of $11,231.57 for delinquent taxes on both properties. Recover costs of $3,568.72 for citation liens on the North 10th Street property. 934 -936 North 10th Street is 2 tracts measuring 134' 6" x 48' x 134' 6" x 48'. Tract 2 is 134' 6" x 24' x 134' 6" x 24'. 2069 Irvin Cobb is 1.024 acres according to subdivision plat.
  
• 1724 Monroe Street - Recover costs of $64,276.42 to recover judgement plus attorney fees and costs of sale.
  
• 1204 Park Avenue - Recover costs of $41,161.30 plus contingent deferred interest and costs of the sale. This is a Habitat for Humanity foreclosure. Lot size is 50' x 165'
  
• 1316 Madison Street - Judgement to collect $13,439.98 due to nuisance code liens and delinquent taxes, interest, attorney fees and auction costs.
  
• 927 Finley Street - Recover costs of $18,634.45 plus contingent deferred interest and costs of the sale. This is a Habitat for Humanity foreclosure.

As noted in the information posted in the Paducah Sun notice, these homes are generally not available for inspection even if you intend to bid on a property.

I intend to attend this auction. If you have any interest in any of these auctions let me know what you have in mind. Maybe I can provide assistance.

Just wanted to pass along a reminder concerning this month's meeting of the Western Kentucky Real Estate Investment Association.

We will be meeting next Thursday, January 15, at 7:30 p.m. at our normal place on the 3rd floor of the Curris Center.

This month's topic will be Foreclosure Investing Strategies. With the current economy and foreclosures increasing, this will be a very beneficial meeting for those of you interested in investing in foreclosures. We hope to see everyone there.

Have a great week,

Greg Taylor

President, WKREIA

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Creative Property Solutions, Inc.

Greg Taylor, President

306-B South 12th Street

P.O. Box 1327

Murray, KY 42071

Ph 270-761-HOME

Fax 270-761-4558

www.creativepropertysolvers.com

www.wkyhomesellers.com

www.wkyhomebuyers.com

Gregory T. Taylor, Esq.

306-B South 12th St.

P.O. Box 505

Murray, KY 42071

Ph/Fax 270-761-4558

www.gregtaylorlaw.com

This month, the Western Kentucky REIA has several exciting things to discuss at our meeting tonight. We will be back at our normal place and time on Thursday, December 18 at 7:30 p.m. at the Barkley Lecture Room on the 3rd Floor of the Curris Center here in Murray.

We will be unveiling our new website at wkreia.com, as well as discussing plans for our all-day Saturday Seminar series starting in February. Additionally, this month's discussion topic is "Ethics in Real Estate Investing." We are looking forward to having a panel of our members discuss the various ethical issues in real estate investing.

If you would be available to serve as a member of this panel, please respond to this post and let me know. We look forward to seeing you at the meeting and have a very Merry Christmas!

Greg Taylor

President, Western Kentucky REIA

Creative Property Solutions, Inc.

Greg Taylor, President

306-B South 12th Street

P.O. Box 1327

Murray, KY 42071

Ph 270-761-HOME

Fax 270-761-4558

www.creativepropertysolvers.com

www.wkyhomesellers.com

www.wkyhomebuyers.com

Gregory T. Taylor, Esq.

306-B South 12th St.

P.O. Box 505

Murray, KY 42071

Ph/Fax 270-761-4558

www.gregtaylorlaw.com

You know, I've never attended as many auctions in my whole life as what I've attended this year alone. I've attended a few RARE Auctions, a court house auction, an online real estate auction (not eBay) and a few others. I don't know about the past but this year you can really get some good deals at a absolute real estate auction.

I went to another auction this past Saturday. Up for absolute auction was a 2,900 square foot home. The home was valued at around $300,000. It was a 2 story home, 4 bedroom with 3.5 baths. Most of the home was outdated but it was maintained well. The outside of the brick home was in very good condition. I believe they said it was built in the 70's by a reputable construction business - of which the son of the construction business had lived next door for a while.

The owner of the home had past away 3 years ago. The widow had built a new home and moved into that home with her daughter. The auctioneer asked for a moment of silence before the auction began in respect of the family. I don't know if they were present but I didn't hear him mention the family being there. All of the owner's belongings were about to be auctioned off as well.

Although the home was really nice and large with a good neighborhood the home didn't yield much. As with the previous auctions the auctioneer appeared dissappionted or maybe even embarassed that the home was getting so little response. I think there were 3 bidders that bid but near the end one had dropped out. A young family ended up with the house at $145,000 - not including the 10% buyers fee tacked on by the auctioneer.

Like I said, I don't know about previous years but the auctions I've seen in my area recently have been good for the buyers but not so good for sellers unless they only want to get rid of the property quick.

Some have said the slump in the economy might be at the trough of the slowdown and we should expect a recovery to start at anytime. I was hoping for the same but after I received an email from a friend that listed many major retail stores that are scheduled to close their doors I'm not so sure we've even close. I verified a few of these store closings in case the email was fraudulent. I don't know about you but when I saw this list I immediately foresaw a series of further declines on Wall Street each day these stores close their doors for good.

Here is the list of stores closing some locations or closing completely:

• Ann Taylor- 117 stores nationwide are to be shuttered
• Lane Bryant, Fashion Bug,and Catherine's to close 150 stores nationwide
• Eddie Bauer to close stores 27 stores and more after January
• Cache will close all stores
• Talbots closing down all stores
• J. Jill closing all stores
• GAP closing 85 stores
• Footlocker closing 140 stores more to close after January
• Wickes Furniture closing down
• Levitz closing down remaining stores
• Bombay closing remaining stores
• Zales closing down 82 stores and 105 after January.
• Whitehall closing all stores
• Piercing Pagoda closing all stores
• Disney closing 98 stores and will close more after January.
• Home Depot closing 15 stores 1 in NJ (New Brunswick)
• Macys to close 9 stores after January
• Linens and Things closing all stores
• Movie Galley Closing all stores
• Pacific Sunware closing stores
• Pep Boys Closing 33 stores
• Sprint/ Nextel closing 133 stores
• JC Penney closing a number of stores after January
• Ethan Allen closing down 12 stores.
• Wilson Leather closing down all stores
• Sharper Image closing down all stores
• K B Toys closing 356 stores
• Lowes to close down some stores
• Dillard's to close some stores

A few these stores that are closing in Paducah occupy buildings that cost tens of thousands of dollars in rent each month. It's hard to imagine these stores could pay that much money in rent, employees, utilities, supplies, inventory, etc..

On the brighter side, compared to what we've been paying for gas I feel like the oil companies are practically give it away now. On top of the lower prices I used a discount from a local SuperValue today. They provide a discount on their gas when you receive certain products in the store. With the two discount receipts I had I saved 48 cents on gas with a 15 gallon limit. I filled up my Lincoln Navigator for just $1.02 per gallon!