If you read the head lines and listen to the TV you must believe that the proverbial real estate sky is falling and home foreclosures are spreading faster than a California wild fire. Well, I'm hear to tell you the sky above my world is not falling and we have no out of control wild fires. The doom and gloom headlines just don't apply to the Wichita real estate market. Let's take a look at home foreclosures.
Recent data on 3rd quarter foreclosures reported by RealtyTrac indicates that home foreclosures have doubled for 3rd quarter 2007 vs. 3rd quarter 2006. Fortunately, real estate is local and the good people of Wichita and south-central Kansas are not dealing with the problems that come with high foreclosure rates. Thru July, 2007 year to date foreclosures are down 12.2% in Sedgwick County compared to July, 2006 YTD according to data collected by First American Title from the register of deeds office. The chart above shows monthly foreclosures since 2001 for Sedgwick County, Kansas
So why are things different in Wichita? The obvious reason is a healthy labor market thanks to a strong aircraft industry in the Wichita area. But it is more than just a strong labor market. It also speaks to the steady nature of the real estate market in Wichita. We don't experience the wild swings in home prices that other markets experience. In the ten years I have lived in the Wichita area we have seen major employers such as Pizza Hut and Rent-a-Center leave town and the aircraft industry was particularly hard hit by September 11 but thru it all price appreciation in Wichita remains steady. The current national doom and gloom doesn't apply in Wichita.
In the coming months I intend to use this space to highlight important market information for both buyers and sellers in the Wichita market.
Todd Fox - ToddFoxSellsWichita.com
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