Archive for Thursday, November 6, 2014

Kansas has high rate of vacant foreclosed homes

November 6, 2014, 9:51 a.m. Updated November 6, 2014, 10:33 a.m.

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— A company says a report that Kansas has one of the highest rates of vacant foreclosures in the country reflects the small number of foreclosures in the state, not problems in the housing market.

RealtyTrac says Kansas has the third-highest rate of vacancies, with 31 percent of homes in the foreclosure process abandoned.

But RealtyTrac executive Daren Bloomquist says Kansas' rate is so high because it has a small number of foreclosures, so its percentage of vacancies will be higher than a state with many foreclosures.

The Topeka Capital-Journal reported 232 homes in Kansas were being foreclosed, with only about 72 homes statewide abandoned. In comparison, Florida has 35,913 abandoned homes but those account for only 22 percent of total foreclosures in that state.

"There's not a lot of vacant foreclosures in Kansas, it's just they make up a large percentage," Bloomquist said. "It's not as serious, even if the percentages are high, just because the numbers are so low."

According to the company's data, most vacant foreclosures were in metropolitan areas. Shawnee County, which is in northeastern Kansas, had the highest rate at 50 percent, with 24 vacant residences. Other counties that had high rates include Sedgwick County with 76 vacant homes; Johnson County with 72; and Wyandotte County with 37.

Bloomquist said a vacant foreclosed home can be a problem because it lowers the value of surrounding residences. Homeowners are less motivated to maintain the neighborhood and keep their homes if they get into financial trouble, he said.

"They tend to be one of those things that are almost contagious," Bloomquist said.

Comments

Leslie Swearingen 2 years, 11 months ago

Sorry, but Bloomquists statement makes no sense at all to me. If someone can clarify it please do so.

Marc Wilborn 2 years, 11 months ago

The banks in Kansas are much less likely to foreclose on a delinquent property versus other states so that leaves a lot of vacant homes where the homeowners have left the home. Might have something to do with Kansas banks having their own problems and they haven't got around to foreclosure or KS' foreclosure laws are more difficult to navigate by banks. For better or for worse, foreclosure does allow a bank to move the property along and take the loss while letting new buyers acquire the home at a lower price.

Andy Anderson 2 years, 11 months ago

I think these homes are an opportunity for subsidized housing for Dreamers and their families. There are thousands of Dreamers that need a warm comfortable place to live. The Complex critical thinking citizens of Lawrence should see to this happening.

Maggie Morrissey 2 years, 11 months ago

The article is merely stating that 31% of foreclosed properties in the state of Kansas are unoccupied. Meaning 69% of homes that are under forclosure are still occupied. The article is not about banks or the process of foreclosing!

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