November, 2010 Economic update for the Wichita, KS metro area.

Foreclosures increased to a 10 year high in the Wichita area in September but were still only 1.5 per 1,000 mortgages, more than ½ below the national average. Homeowners at least 90 days late were 3 in every 1,000 compared to almost 7 per 1,000 on a national level. In the last year at least 10% of all mortgage holders nationally were late at least one time during the year.

GDP Report: The economy is picking up steam……

The U.S. Economy continues to grow: The economy grew at a 2.5% rate in the 3rd quarter of 2010. This compared to a 1.7% growth in the 2nd quarter and to a 2% original report for the 3rd quarter. Strong exports and consumer spending fueled the growth. Consumer spending was up 2.8% and exports increased 6.3%. The economy needs a growth of 3.5% per quarter to cause a serious drop in the unemployment rate.

Wichita’s unemployment rate fell in October to the lowest level in 12 months. The rate was 7.8%. This compared to 6.4% for Kansas, 5.5% for Lawrence, 6.6% for Topeka and Manhattan at 4.8%.

Now might be the time for buyers to get off of the fence and buy that next home. Long term interest rates had been at a 50 year low around 4% for a 30 year, fixed rate mortgage. Rates quoted 11-22-10 were 4.5% for a 30 year fixed rate conventional loan, 4.25% for a FHA loan and 3.875 for a 15 year fixed rate conventional loan.

 
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Wayne "SHORTY" Short

Wichita, KS

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RE/MAX Realty Professionals

Address: 10100 W. Maple, Wichita, KS, 67209

Office Phone: (316) 722-0001 x 112

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