Regardless of where in Kansas, from Topeka, the state capital to Kansas City, Wichita, from Overland Park, Olathe, Lawrence, Shawnee, Manhattan or Lenexa or anywhere in between the mortgage meltdown and the economic collapse of the early 21st century has left a trail of Kansas foreclosure listings across the state. In every major metropolitan area and farming community mortgage companies and banks have reposed homes once owned by the families of the Sunflower State.
The economy of Kansas is more diverse than most would think illustrated with a Gross State Product which breaks the $122 billion mark. This incredible economic output is largely due to the diversity of the economy in Kansas. Where it was once an agrarian, community the state now generates a much smaller portion of its overall annual revenue from farming while the manufacturing base continues to grow. Kansas is also under going a phenomenon known as "Rural Flight" as citizens of the state move out of the rural communities and into the larger cities and metropolitan areas.
As Kansas is in the exact center of the United States it has become a hub for manufacturing and service based companies with several large multinational firms employing thousands of Kansans. Companies such as Sprint Nextel, Cessna, Sprint AeroSpace, Hawker Beechcraft, Embarq, Black & Veatch, Boeing and Garmin all invest heavily in the manufacturing industry in Kansas. In the financial sector the Farmers Insurance and others have either made Iowa their home base of operations or have a major stake in the employment of the citizens of Kansas.
Homeownership in Kansas is slightly above the nation average and foreclosures in Kansas rank among the lowest, ranking 34th out of 50. Unemployment is also very low in Kansas with a reported 6.4% unemployed which is among the nations lowest as the recession continues globally. This is good news for foreclosure investors and real estate investors in general. Some of the fastest growing cities in Kansas and cities that show a great deal of real estate investment potential are Goddard, Andover, Maize, Park City, Derby and Haysville. Some of these cities are growing at rates ten times the national average. This is mainly due to the Rural Flight illustrated above as the rural people of Kansas seek jobs with more opportunity and security.
With this urban growth Kansas has been determined to be a better than average state to invest in real estate and especially foreclosure real estate.
Kansas is a slow growth state overall as the citizens of the state tend to migrate from within the state. Kansas ranks 23rd in the nation for overall population growth with .8% increase per year over the past decade.
The above statistics and data all point to a greater and swifter economic recovery for Kansas as the foreclosure increase in the state is directly attributable to the mortgage meltdown and not to do with anything the citizens or the state of Kansas have contributed to.
This is good news for a real estate investor in Kansas so long as the investor stays clear of the rural areas of the state where the population is decreasing. Taking into consideration the depressed current valuations of homes in Kansas, the savings are multiplied and merely await the sub-prime mortgages to purge from the system and the real estate industry to bottom out. Before the bottom is felt which most professionals agree will be later in the year 2012 there will be more and more foreclosures coming on the market for the savvy Kansan investor to take advantage of.Search Kansas foreclosure listings.