Foreclosures in the Kansas City Region


*GIF Staff:* Dean Katerndahl Program Director Rita Parker Regional Purchasing Cooperative Program Coordinator	Foreclosures in the Kansas City Region For the last year the country has been undergoing a crisis in defaulting “subprime” loans. These are loans that were made to higher credit risk borrowers with escalating interest and payment obligations. They come in many forms, but with the monthly payments escalating and the value of homes declining many of the loans are now being foreclosed on. It is difficult to restructure or refinance these loans because the amount owed is now more than the value of the home. This has had an impact on credit markets and the overall economy. Unfortunately it looks like this situation will get worse before it gets better. The metro area has formed an informal task force to address this issue. The task force is focusing on three areas: Providing counseling assistance to homeowners that face foreclosure Working with the financial community, and the federal and state governments, to see if mechanisms can be put in place to assist in restructuring the loans Helping local governments deal with the issue as it affects their neighborhoods and homeowners. There is already a workshop for local governments scheduled for April 2. This web site will keep local governments up to date on foreclosure information and resources. Assistance to Homeowners LINC, with assistance from NeighborWorks and MARC, has created a local web site with information and resources for homeowners facing foreclosure. Its main feature is a listing of locally authorized housing counseling organizations. It is recommended that you post this link on your web site where homeowners can use it. KC Foreclosure Help Foreclosures in Your Community Realty Trac, a company that tracks foreclosures, has two web sites that tracks several categories of properties that are in foreclosure including bank owned, government owned, in auction, and preforclosure. There is a monthly subscription fee for for exact addresses, but you can find out about foreclosures down to the street level with maps and lists. Use the zip code not city. Realty Trac or Foreclosure Pulse Presentations from the Federal Reserve Bank: Kelly Edmiston, Senior Economist for the Federal Reserve Bank of Kansas City, presented information on the extent of the problem in the Kansas City region and what to expect in the next year or two to the MARC Board of Directors at their March meeting. Foreclosures and the Kansas City First Suburbs (pdf) Foreclosures in the Kansas City: Riding Out the Perfect Storm (pdf) Presentation from NeighborWorks: Presentation made to the First Suburbs Coalition by NeighborWorks (pdf)

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