Many homeowners across the country have been dealing with the issue of looming debt and a foreclosure on the home. Platte County is no different while seeing a rise in foreclosures in 2007 over the previous year.
According to records in the Platte County recorder’s office, there were a total of 246 home foreclosures in 2007, which is an increase of 23 percent over the 200 foreclosures in 2006.
In November of 2007 there were a total of 31 foreclosures, up from 13 in the same month of 2006. December’s total number of foreclosures in 2007 was slightly lower, at 21, than last year’s 22 in the same month.
The Platte County Planning and Zoning Department recorded a decrease in the number of applications for new home construction in the county during 2007.
According to Gail Cantu, codes administrator, in December there were nine single family home building permits issued. The total for 2007 is half of the number from 2006. The number dropped from 306 in 2006 to 153 permits issued in 2007.
“The downturn in the housing market has been represented in the nation and in Platte County,” said Daniel Erickson, planning and zoning director. “We expect the permits to be down again next year until the market turns up again.”
Information from the Kansas City Regional Association of Realtors, KCRAR, shows despite the increase in foreclosures in the area, the average prices of existing homes has increased over the previous year.
According to the KCRAR, the prices of homes in the Kansas City Metro area have also been changing. Platte County had a decrease in new home prices and increase in existing home prices from November 2007.
The second largest increase in new home price occurred in Platte County.
“The biggest increase in average sales price over the past year for a new home was 11 percent for Clay/Ray county, followed by Platte County at nine percent,” according to commentary released by the KCRAR.
The largest decrease was in Leavenworth and Miami counties with a decrease of 20 percent each.
The commentary continued with the average prices for existing homes in the region. Platte County’s average price for an existing home decreased by six percent in November 2007. The largest increase was in Cass County at 10 percent. The largest decrease was in Miami County at 15 percent.
Charts also released for the month of November in 2007 showed Platte County had the second highest average price for new homes at $291,386. Only Johnson County, Kan. had a higher average price at $350,064.
Again Platte County was second in the region for resale prices on homes in November of 2007. The average price of existing homes was $158,701 for Platte County with only Johnson County, Kan. higher at $234,494.