Kansas Foreclosure Activity Drops in February

Statewide filings down 30 percent from the month before

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,039 Kansas properties in February, a 30 percent drop in foreclosure activity from January but 31 percent above the level reported for February 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Kansas ranked 33rd in the nation in total foreclosures for February. Its foreclosure rate of one in every 1,188 housing units receiving a foreclosure filing during the month, ranked it 30th among the 50 states.

 

The largest decline in foreclosure activity for the month was in the number of bank repossessed properties (REOs), which dropped 55 percent from the previous month and auction notices which also dropped 27 percent. One default notices increased in February, rising 20 percent for the month.

 

Unemployment in Kansas for February remained at 6.8 percent for the third consecutive month. The state has remained at or above the 6 percent unemployment mark since February 2009.

 

Franklin County posts state’s top foreclosure rate in February

With one in every 541 housing units receiving a foreclosure filing in February — 1.1 times the national average and 2.2 times the state average — Franklin County posted the highest foreclosure rate of all Kansas counties. Wyandotte County had the second highest rate, with one in every 557 housing units receiving a foreclosure filing during the month — on par with the national average and 2.1 times the state average. One in every 572 housing units in Leavenworth County received a foreclosure filing, the third highest foreclosure rate in the state — on par with the national average and 2.1 times the state average.

 

Johnson County dominates state foreclosure totals in February

Reporting 321 properties with foreclosure filings, Johnson County led the state in total foreclosure activity in February. Sedgwick County reported 308 properties with foreclosure filings, the second highest foreclosure total in the state. Wyandotte County came in third, reporting 122 properties with foreclosure filings. Shawnee County was fourth, tallying 85 properties with foreclosure filings. Fifth highest was Leavenworth County, where 50 properties with foreclosure filings were reported for the month.

 

 

 

State a minor contributor to nation’s foreclosure total in February

Less than 1 percent of the 225,101 properties with foreclosure filings reported nationwide in February were located in Kansas. Total U.S. activity decreased by nearly 14 percent from January, and was down 27 percent from the level reported in February 2010. One in every 577 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

Kansas Top Foreclosure Rates By County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

n/a

n/a

Kansas

0

396

0

317

326

1,039

1,188

0.49

n/a

 

 

 

 

 

 

 

 

 

 

Franklin

0

0

0

13

8

21

541

1.07

2.20

Wyandotte

0

35

0

46

41

122

557

1.04

2.13

Leavenworth

0

8

0

10

32

50

572

1.01

2.08

Johnson

0

201

0

52

68

321

679

0.85

1.75

Sedgwick

0

118

0

89

101

308

684

0.84

1.74

 

 

Kansas Top Foreclosure Totals by County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 11

% Chg Feb 10

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

-13.86

-27.04

Kansas

0

396

0

317

326

1,039

1,188

-29.89

30.86

 

 

 

 

 

 

 

 

 

 

Johnson

0

201

0

52

68

321

679

-34.49

-14.40

Sedgwick

0

118

0

89

101

308

684

0.00

289.81

Wyandotte

0

35

0

46

41

122

557

-64.01

-26.95

Shawnee

0

20

0

28

37

85

937

-19.81

1.19

Leavenworth

0

8

0

10

32

50

572

138.10

194.12

 

 

Statewide filings down 30 percent from the month before

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,039 Kansas properties in February, a 30 percent drop in foreclosure activity from January but 31 percent above the level reported for February 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Kansas ranked 33rd in the nation in total foreclosures for February. Its foreclosure rate of one in every 1,188 housing units receiving a foreclosure filing during the month, ranked it 30th among the 50 states.

 

The largest decline in foreclosure activity for the month was in the number of bank repossessed properties (REOs), which dropped 55 percent from the previous month and auction notices which also dropped 27 percent. One default notices increased in February, rising 20 percent for the month.

 

Unemployment in Kansas for February remained at 6.8 percent for the third consecutive month. The state has remained at or above the 6 percent unemployment mark since February 2009.

 

Franklin County posts state’s top foreclosure rate in February

With one in every 541 housing units receiving a foreclosure filing in February — 1.1 times the national average and 2.2 times the state average — Franklin County posted the highest foreclosure rate of all Kansas counties. Wyandotte County had the second highest rate, with one in every 557 housing units receiving a foreclosure filing during the month — on par with the national average and 2.1 times the state average. One in every 572 housing units in Leavenworth County received a foreclosure filing, the third highest foreclosure rate in the state — on par with the national average and 2.1 times the state average.

 

Johnson County dominates state foreclosure totals in February

Reporting 321 properties with foreclosure filings, Johnson County led the state in total foreclosure activity in February. Sedgwick County reported 308 properties with foreclosure filings, the second highest foreclosure total in the state. Wyandotte County came in third, reporting 122 properties with foreclosure filings. Shawnee County was fourth, tallying 85 properties with foreclosure filings. Fifth highest was Leavenworth County, where 50 properties with foreclosure filings were reported for the month.

 

 

 

State a minor contributor to nation’s foreclosure total in February

Less than 1 percent of the 225,101 properties with foreclosure filings reported nationwide in February were located in Kansas. Total U.S. activity decreased by nearly 14 percent from January, and was down 27 percent from the level reported in February 2010. One in every 577 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

Kansas Top Foreclosure Rates By County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

n/a

n/a

Kansas

0

396

0

317

326

1,039

1,188

0.49

n/a

 

 

 

 

 

 

 

 

 

 

Franklin

0

0

0

13

8

21

541

1.07

2.20

Wyandotte

0

35

0

46

41

122

557

1.04

2.13

Leavenworth

0

8

0

10

32

50

572

1.01

2.08

Johnson

0

201

0

52

68

321

679

0.85

1.75

Sedgwick

0

118

0

89

101

308

684

0.84

1.74

 

 

Kansas Top Foreclosure Totals by County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 11

% Chg Feb 10

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

-13.86

-27.04

Kansas

0

396

0

317

326

1,039

1,188

-29.89

30.86

 

 

 

 

 

 

 

 

 

 

Johnson

0

201

0

52

68

321

679

-34.49

-14.40

Sedgwick

0

118

0

89

101

308

684

0.00

289.81

Wyandotte

0

35

0

46

41

122

557

-64.01

-26.95

Shawnee

0

20

0

28

37

85

937

-19.81

1.19

Leavenworth

0

8

0

10

32

50

572

138.10

194.12

 

 

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