DECEMBER 12TH, 2018

Kansas Mortgages

As a state with an economy traditionally based on agriculture, Kansas has a housing market to match. The census reports have long been used as an essentially bias free way to track housing trends from state to state. The 2002 US census showed that Kansas had 1,159,276 total housing units. The home ownership rate in the state was listed at 69.2% in the 2000 census data, which was exactly 3% higher than the national average that year of 66.2%. The disparity between the state average and the national average is relatively minor when one considers how far below the national average the median home value in Kansas is. In the 2000 census, the median value for an owner occupied housing unit was $83,500. This is significantly lower than that years national average of $119,600. The median household income in Kansas in 1999 was $40,624, which was only slightly lower than the national average of $41,994. The fact that the home ownership level is only slightly higher than average in Kansas could be explained by recent news about the housing market nationwide.

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The housing market, after performing exceedingly well for five years, has lost a good deal of speed and appears headed for a sedate slowing in the coming years.

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One of the things that the federal government’s housing department is keeping close tabs on is the extent to which a housing cool down will slow overall economic activity.
The economy in the first quarter of 2006 grew at a brisk 4.8% pace, which was the fastest in two and a half years. Many economists are predicting that growth will self regulate to around 3 percent in the April-to-June quarter.
This cooling of the economy signals a likely end to the recent housing boom, and means that it may now be the ideal time to consider buying a home. As long as the housing market simply slows, instead of crashing, home buyers have nothing to fear.

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