Bank Owned Homes Sale in Kansas Still On the Way Up
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Last May, one out of 1,356 houses in Kansas received a filing of foreclosure, representing a 14.2 percent increase from the previous month and 31.2 percent from May the previous year.
Despite the increase in the number of foreclosure homes sale in the state, real estate experts take consolation that the figures were still below the national average of 321,480 during May, with one out of 398 houses receiving a filing of foreclosure.
One of the 20 counties in Kansas severely affected by foreclosure is Cowley where the problem goes back to early last year. According to records provided by the Cowley County Clerk of the District Court, about 117 bank owned homes sale were reported in 2008, while 60 were filed so far this year.
Other counties in the state were foreclosure rates are soaring include Butler, Johnson, Harvey, Sedgwick, Leavenworth and Wyandotte. Meanwhile, in Winfield, majority of foreclosures were reported on lower-priced range properties, which were less than $50,000.
On the other hand, CornerBank President Bruce Schwyhart said that more than 50 percent of mortgage loans in Cowley were finalized outside the county. Real estate experts agreed that homebuyers in the county often go online to look for what they think are better deals. They added that homebuyers are more concerned with interest rates, forgetting about other expenses such as fees.
Furthermore, Cowley County banks were cautious about qualifying homebuyers, with five out of the 60 foreclosures this year filed by local banks, the Home National Bank and Union State Bank.
On the other hand, many foreclosures have been filed by companies operating in the secondary mortgage markets that have purchased loans originated by local lending institutions.
Some of these companies that have contributed to bank owned homes sale in Cowley since last year are First Horizon Home Loans, Countrywide Home Loans Inc., Wells Fargo Bank, CitiFinancial Inc., American General Finance Inc. and Deutsche Bank Trust Co. America.
Industry experts pointed out that while subprime mortgages were the primary reason for the emergence of foreclosures in Cowley County, the next wave would likely be caused by unemployment among homeowners.
On a positive note, the total 177 bank owned homes sale reported in Cowley County last year represented a small portion of the 14,000 total households in the area.
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