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Bank and Government Owned Home Sales Down But Selling For Record Percentage of List Price

St Louis bank and government owned home sales are down as banks and government enterprises such as Fannie Mae, FHA, VA and Freddie Mac whittle down their inventory of foreclosed homes while, at the same time, new mortgage delinquencies and foreclosure rates continue to decline.  While this is good for the St Louis real estate market, it makes it tough on investors, as well as owner occupants, who are looking for a deal on a distressed sale, as the competition is growing fierce driving prices up and opportunities down.

St Louis Bank and Government owned home sales down over 30% from year ago:

As the charts below show, year to date, through the end of May, there have been a total of 1,598 bank or government owned homes sold in the St Louis 5-county core market (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin), according to data available from MARIS, the REALTORS® MLS for the area, which is a decline of 31.4% from the same time a year ago when there were 2,100 bank and government owned home sales.

St Louis Distressed Home Sales Selling At Record Percentage of List Price:

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In May 2015, there were 312 sales of bank and government-owned homes in St Louis and they sold, on average, for a record 97.5% of the original list price, marking the highest rate in our records.

Cash Investors Share of Distressed Home Sales Market Increases:

Cash is still king when it comes to buying distressed homes (as are a lot of other factors…if you want to know what those are, contact me).  Thus far this year, cash buyers have accounted for almost 62% (61.8%) of the bank and government-owned home sales, an increase of 5.8% from the same time last year when cash buyers accounted for 58.4% of the sales.

St Louis Bank and Government-Owned Home Sales – Total for 5-County Core Market

St Louis Bank and Government-Owned Home Sales - Total for 5-County Core Market

Data Source MARIS

St Louis Bank and Government-Owned Home Sales – Cash Sales for 5-County Core Market

 St Louis Bank and Government-Owned Home Sales - Cash Sales for 5-County Core Market

 

 

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