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Local economic stats
show a mixed bag

by Alan McArthur
Landmark reporter

Some of the local economic indicators are showing a mixed bag.

Platte County's foreclosure rate is down 15% from this time last year, but is still 25% higher than it was two years ago at this time.

At the same time, new construction activity in Platte County is down considerably, having dropped about 50% from this time last year.

The number of foreclosures so far this year is at 143, according to Gloria Boyer, Platte County recorder. The number is down by 26 foreclosure during the same period of January 1 to June 15 last year.

In the same period for 2008 the number of foreclosures was 169, which was up from 2007 with 114.

According to Boyer, the numbers have increased every year since at least 2004. In 2004, the number of foreclosures for the year was 99. The number then increased to 321 for the entire year in 2008.

Even though the number of foreclosures appears to be easing, new home construction appears to be struggling mightily in the unincorporated portion of the county.

According to Gale Cantu, county codes coordinator, thus far this year, there have been 22 single family permits issued in the unincorporated Platte County area during 2009, down by about 50% from this time last year.

This number is down from 42 in the same period for 2008.

The majority of the permits issued have been in the Platte City area in the 64079 zip code. Of the 22 permits issued, 20 were in the 64079 zip code.

Further information provided by Cantu shows the number of multi-family permits has dropped from 28 at this time in 2008 to zero thus far in 2009, during the first part of the year.

The only increase has been in the number of permits issued for deck additions. The number increased from 8 in 2008 to 15 in 2009.

Even fireworks stands seem to be affected by a slow economy. Cantu last week said so far she has issued only four permits for fireworks stands this summer. Normally, that number will top out at 10, she said.

According to information from RealtyTrac Inc., in May one in every 947 homes is being foreclosed on in the state of Missouri.

In another interesting category, the average sale price for new homes in 2009 has dropped nearly 24% from 2008 in Platte County. According to the Kansas City Regional Association of Realtors (KCRAR) information, the average sale price of a new home in Platte County dropped from $339,150 in April 2008 to $255,291 in April 2009.

Platte County’s average sale price for new homes was second highest in 2008, but dropped to third in the region behind Johnson County, Kan., and Jackson County, Mo.

The price of existing homes rose more than six percent. The average sale price of an existing home in Platte County is $176,273 for April 2009, up from $165,575 in April 2008.

The price is second highest in the region behind only Johnson County, Kan. The average sale price of an existing home in Johnson County is $228,306.



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