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Foreclosure Auction Listings Expanded in Missouri and Kansas

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By : John Cutts    99 or more times read
Kansas and Missouri are just two of the states that recorded a jump in foreclosure auction listings during the January-March 2010 period. Recently gathered data showed that Kansas experienced a rise of more than 60%, while Missouri recorded a 25% jump.

According to latest reports, the figures are in comparison with the 2009 first quarter. However, real estate analysts have warned that figures in Kansas are not exact because of changes and improvements in data collection.

Around 4,000 residential properties in Kansas were reportedly affected by foreclosures for the period in focus; while in Missouri, the number of households facing foreclosures rose to more than 9,000 in the same period.

Foreclosure figures in the two states covered most types of homes, including single family and multifamily housing, fixer upper home sales, bank owned houses and other residential properties.

Compared with national numbers, the two states show high levels of foreclosure increases, with the nationwide foreclosure rate pegged at 16% for the first quarter. Nationwide figures of repossessions also jumped by 35% during the quarter, with bank owned houses weighing on the foreclosure rate increase both locally and nationwide.

Foreclosure auction listings in Kansas for the month of March alone rose to more than 200% compared with the same month of 2009. When compared with February 2010, the rate of increase also reached above 200%.

Missouri, on the other hand, recorded more than 25% of increase during March 2010 in comparison with March 2009. Compared with February 2010, the March figures translate to a 14% increase.

According to real property market analysts, both states have large numbers of residential properties that are already in the final foreclosure stage. They further added that the high numbers can also be attributed to majority of lenders who have started working through backlogs in foreclosures and repossessions inventories.

A big number of states in the U.S. recorded increased foreclosure auctions listings in March 2010, and Kansas and Missouri are just two of them. The rise in the number of foreclosed properties in the country is expected to continue through the rest of the current calendar year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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