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Foreclosure Market in Kansas Could Increase in the Near Future

The current foreclosure situation in Kansas is at the moment, moderate.  It has been reported that the foreclosure rate in Kansas is about half that of the rest of the country. However, several foreclosures are filed each week in Sedgwick County alone and they numbers are trending up.  The foreclosure rates in Kansas have been going up over the last couple of years and it is likely to continue into the next couple of years.

As Wichita’s economy is heavily dependant upon the aircraft manufacturing industry, foreclosures could increase dramatically overnight if one or more of the aircraft manufactures were to announce layoffs. 


The root cause for the foreclosure problem in Sedgwick County, Kansas is that most homeowners are falling behind on their mortgage payments due to the adjusting mortgage rates.  The real estate market is also seeing a decline as “days on market” is on the increase. 

As is typical elsewhere in the country, more working class residences are being foreclosed on than any others.  There a lot of overleveraged homeowners in Sedgwick county with either zero, or worse yet, NO equity in their property.  The recent era of unbelievably easy credit has allowed new homeowners to purchase a home by borrowing the money needed up to the full value of the property. Existing homeowners were able use their homes as ATM machines, draining all the equity out that they had accumulated over what could have been several years.  Today there are very few houses in foreclosure with any equity remaining.

Unfortunately the majority of homeowners in the Sedgwick county and surrounding areas are choosing to ignore their foreclosure situation until it is too late to take care of it quickly or cheaply.  A lot of homeowners are the having to file for bankruptcy or are being foreclosed on. 

Fortunately homeowners do have several options when facing foreclosure.  Different options are available depending on the specific situation that each homeowner is in. If circumstances allow, a workout plan with the homeowner’s lender can be negotiated.  Or homeowners can re-finance or reinstate their loans.  Some homeowners may have to sell their home or procure a short sale which is when the bank agrees to take less than what the homeowner owes on his or her home.

 

 

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