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There’s both good and bad news. 1st the bad:
According to a Channel 5 report KANSAS CITY, Mo. (AP) — The number of home foreclosure filings in Kansas rose sharply in July. A report released Thursday by Irvine, Calif.-based RealtyTrac shows 1,319 foreclosure filings in Kansas last month. That’s a 37.7 percent increase from June and a 94.8 percent rise from July 2008. Filings include default notices, auction-sale notices and bank repossessions. One in every 925 housing units in Kansas received a foreclosure filing in July. That rate is still well below the national average of one in every 355 households, and ranked Kansas 30th nationally. Nevada had the nation’s highest foreclosure rate in July — one in every 56 housing units. California was second and Arizona was third.
The good news is there are alternatives to foreclosure. While taking the Certified Distressed Property Expert course recently I read with astonishment that more than 60% of homeowners NEVER have a substantive conversation about their mortgage problem with a Realtor or their lender before the property is foreclosed. Thats right NEVER. The #1 reason – embarrassment.
Please call a Realtor – call your lender often and early as soon as you have difficulty making your mortgage payment. There is NO REASON to be embarrassed. Ten of thousands of people are in similar situations. I am headed to the REMAX Broker-Owner conference in Chicago this weekend. I hope to find more alternatives to foreclosure. There are many but the key is to make contact with your lender and Realtor as soon as the problem is apparent.
Whether you’re thinking about buying or selling or seeking information or buying Kansas City Royals tickets, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to: tfarrell@remax.net or visit http://www.kansascityerealestate.com/