More Foreclosed Property for Sale in Missouri

The real estate market in Kansas City, Missouri is very sick brought about by the increasing number of foreclosed property for sale. According to city officials, the number of foreclosures grew from 2,000 to over 7,500 in just one year.

It is now a common sight in the city to see rows of abandoned and vacant buildings due to the continuing foreclosure crisis and the worsening economic condition. The figures provided by city officials do not include hundreds of thousands of empty lots.

Industry experts said that the number of foreclosures is staggering and it touches every area of the city, from the areas near the Kansas City International Airport to the inner city. Severely affected by the foreclosure problem is the urban core where one could find only one occupied house left in some streets.

The “Forbes” magazine has named Kansas City as the country’s most abandoned city due to high homeowner vacancy and rental rates. But city officials are quite critical about the label, arguing that Kansas City is better off compared with other cities, such as Detroit, Cleveland and Baltimore.

But still, the study called the attention of city officials on the growing foreclosure problem in the area. Industry experts said that before the study, nobody is aware of the extent of the foreclosed property for sale in the city. They added that many city neighborhoods are at risk of being abandoned that the areas will have a difficult time recovering.

Experts said that many neighborhoods are at critical juncture and the problem has affected more than just residents. They said that each resident in Kansas City must pay for the extra costs of enforcing city codes, mowing the lots, demolishing dilapidated buildings or boarding up abandoned houses.

Some experts said that the situation feels hopeless sometimes but the condition could get worst if no one will find a way to fight the foreclosure problem. Catholic priest, Reverend John Wandless has launched the Urban Ranger Corps initiative which aims to repair houses in the city to help young people who are at risk.

Wandless funded the initiative from his own pocket and so far, has spent almost $1.2 million since he started 2005. The initiative involves hiring youths to repair houses in neighborhoods. But the growing number of foreclosed property for sale has prevented Wandless from generating profit from houses that are being fixed to sustain his initiative.

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• Foreclosure Auction Listings Expanded in Missouri and Kansas
• Redevelopment Agency Plans to Buy Homes on Foreclosure Lists