The 2007 foreclosure rates were announced yesterday by the tracking firm Realtytrac. While some areas of the country have been hit really hard, Kansas City is just slightly above the National average. There was some cause for concern though as the rate of foreclosure did rise almost 85%. from 2006. There were several areas of the country that were hit extemely hard including Detroit, parts of California and Las Vegas.

National Average        1.03%

Detroit                           4.92%

Stockton, CA               4.87%

Las Vegas                    4.23%

Kansas City                 1.18%

 So just a little bit above 1 out of every 100 households. The thing to remember is that not all of these homes get foreclosed, many homeowners are able to bring their mortgage up to date, refinance or sell the home before the forclosure is complete. If you are facing foreclosure, here are some things you should know.

1. Don't ignore the bank, they will work with you. They don't want to foreclose your home.

2.Don't get scammed, call a realtor and make sure they are experienced with foreclosures and short sales.

3.Do not under any circumstance sign your house over to someone, no matter how much they tell you.

4.If all else fails, try to sell the home.

5.What if I owe more than it is worth? You can sell and ask your bank to accept less money(Short Sale)

There is a lot of legitimate help out there, just seek it. Don't call the 1-800-number on a little white sign in your neighborhood. 

Any questions give me a call, Michael Russell 913-681-1383 www.MikeRussellHomes.com