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St. Louis Real Estate Search

 

Over 123,000 St Louis Homeowners Are Seriously Underwater

Dennis Norman, St Louis REALTOR

Nearly one of every 4 St Louis homeowners with a mortgage are seriously underwater, meaning their mortgage exceeds the current value of their home by 25 percent or more, according to a report just released by RealtyTrac.  As the table below shows, the city of St. Louis has the highest percentage of seriously underwater homeowners at 31 percent and Franklin county the lowest at 14 percent.  In addition, there are another 104,000 St Louis homeowners in a “near-equity” or “resurfacing equity” position, meaning their loan equals 90 to 110 percent of the current value of their home.  As long as home prices continue to rise, these homeowners will hopefully come out of their negative equity position soon.

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 The table above also shows the number of “Equity Rich” St Louis homeowners as well, meaning their mortgage equals 50 percent or less than the current value of their home.  Franklin county has the largest percentage of these equity rich folks at 18 percent, followed by the city of St Louis and Jefferson county, both at 15 percent.

The other piece of data shown in the table is the number of St Louis foreclosures where the homeowner has equity in the home meaning the debt does not exceed 100 percent of the value of the home.  Over a third (37 and 35 percent respectively) of the Jefferson County and St Charles foreclosures have equity giving those homeowners the possibility of getting out from under their home without a short sale.

Looking to buy a St Louis short sale?  Here is a complete list of St Louis short sale properties for sale.

Want to buy a St Louis foreclosure?  Here is a complete list of St Louis foreclosures currently for sale.

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