Foreclosures Up Throughout Kansas, Missouri

Kansas Foreclosure & Real Estate News

There's a glut of new homes and it's harder to sell them when so many existing homes are going back on the market.

Some of those houses go up for sale under less than perfect circumstances. Seventeen properties were offered up in a foreclosure sale at the Johnson County Courthouse Thursday and the man in charge said that won't change anytime soon.

Lieutenant Mark Enke of the Johnson County Sheriff's Office has been dealing with foreclosures for more than 22 years and these days he's a busy man.

"Right now our average per month is approximately 105 properties or sales per month," Lt. Enke said.

736 foreclosed properties have already been put up for sale, totaling $98 million.

In addition to sluggish new home sales, Wall Street worries about problems with high risk mortgages. Lt. Enke said he's heard many horror stories about adjustable rate mortgages or "arms" that lead to big problems.

"Their payments keep going up, but their income doesn't," Lt. Enke said. "The cost of living hasn't increased like they had planned on, or they haven't gotten the pay raises that they had planned on at their business and consequently, here again, they're over their head."

As the Dow Jones hopes for a quick rebound, the veteran of the courthouse steps firesale said he doesn't think the housing market will turn around anytime soon.

"Whatever affects the economy, we're going to see an effect on that in this office for the next 6 months to 2 years," Lt. Enke said. "A lot of times it takes six months for it to hit our office, but then it takes at least 2 years for it to filter out of the office."

This foreclosure problem certainly isn't limited to Johnson County. Lt. Enke said the foreclosure attorneys he deals with are also working throughout Kansas and Missouri and they tell him foreclosures are up everywhere.

For more information on Kansas Foreclosure rates, please visit our Kansas Foreclosure Listings home page.

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