Foreclosure totals in Kansas City, including foreclosed farm properties for sale and distressed residential properties, have risen in October 2010. The rise is contrary to the nationwide trend of declining foreclosure numbers for the month brought about by the temporary halt on foreclosure sales imposed by several major lenders.
Foreclosure homes in Kansas City, MO, in terms of quantity, jumped by 15% in October 2010 when compared with September 2010 totals. Filings related to foreclosure which include notices of default, properties scheduled for auction sales and bank repossessed properties were found in 2,006 properties, representing a ratio of one household per 433 housing units.
Missouri foreclosure houses increased in number in most key areas, with Kansas City recording a 0.75% increase for October 2010 when compared with the same 2009 month. Although overall foreclosure total for the city rose during the month, three counties recorded declines for the same period.
Foreclosed houses and distressed farm properties for sale jumped in Cass, Clay and Platte. Cass had a total of 35 for the month, representing a ratio of one property out of every 1,122 housing units receiving a filing and translating to a decline of 22.2%. In Clay, 125 foreclosed properties were posted in October, translating to a ratio of one per 683 households and a decline of 8.1%.
Platte, on the other hand, had 22 foreclosures for October. Listings of foreclosed houses for sale declined by 31.3% in Platte, with one household out of every 1,681 associated with a filing. In contrast, Jackson recorded a 38.6% jump in total foreclosures for October 2010, with one household for every 264 properties receiving a filing for a total foreclosure number of 1,206.
Overall, Missouri recorded one foreclosure filing out of 629 residential properties for the month in focus. This is relatively high compared with the nearby state of Kansas with which some cities of Missouri are anchored. The state of Kansas had a foreclosure-related filing ratio of one household out of every 1,068 properties.
Foreclosed houses and farm properties for sale continue to rise in Kansas City despite the moratorium imposed on foreclosure sales during the month of October. The increase is expected to continue for the rest of the current year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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