Mortgage Fraud On The Rise In Missouri

While over the past few years we have seen a strong real estate market and easing mortgage loan guidelines, which is all good, unfortunately, mortgage fraud has been on the rise, according to a report just released by CoreLogic.  According to their 2018 Mortgage Fraud Report, the CoreLogic® National Mortgage Application Fraud Risk Index was 151 for the fourth quarter of 2018, up 10% from a year ago when the index was 138.

According to the report, Missouri was one of the top five states for increases in fraud risk for each of the past two years, moving from number 38 in the 2nd quarter of 2016 up to 15 for the 4th quarter of 2018.  The top risk factor behind Missouri’s increased mortgage fraud risk was income fraud.

Fraud Type Indicators for States with Highest Year-Over-Year Risk Growth

Fraud Type Indicators for States with Highest Year-Over-Year Risk Growth

source: CoreLogic

St Louis Foreclosures Down Slightly From Year Ago

St Louis Foreclosures Are On The DeclineSt Louis Foreclosures

The inventory of St Louis foreclosures in February was down 0.5 percent from February 2012, according to a report from Corelogic.  The decline is modest, but is still good news for our St. Louis market.  There were 10,733 St Louis foreclosures completed in the 12 month period ending February 2013, the 12th highest number of the major metro areas in the U.S. covered by the Corelogic report, as shown in the table below.
hot-deals-st-louis-foreclosures Continue reading “St Louis Foreclosures Down Slightly From Year Ago

Foreclosures decline in the U.S. in 2012 but still three times higher than before the crash

dennis-norman-realtorThere are fewer people losing their homes in foreclosure today than there were during the peak of the foreclosure crisis after the real estate market crash, however we still have a long way to go until we will see a “normal” number of foreclosures.  According to a report released today by Corelogic, there were 767,000 homes foreclosed on in the U.S. during 2012, down almost 11 percent from the total for 2011, so a definite improvement, however, this is still three-times the “normal” number of foreclosures before the real estate market crash.  From the period of 2000 – 2006, there were an average of 252,000 homes foreclosed on per year.

Continue reading “Foreclosures decline in the U.S. in 2012 but still three times higher than before the crash

St Louis Foreclosure Rate Drops Over 26 Percent From a Year Ago

Saint Louis Realtor, Dennis Normanst-louis-real-estate-realtor-dennis-normanThe St. Louis foreclosure rate in November 2012 was 1.27 percent of all outstanding home mortgages, a decrease of 26.6 percent from a year before when the rate was 1.73 percent, according to a report just released by Corelogic.  Foreclosure rates in St. Louis were well above the national foreclosure rate for November 2012 of 2.97 percent.  In addition, mortgage delinquency rates declined in November 2012 as well falling to 4.39 percent of all mortgage loans (90 days + delinquent), down from 5.00 percent in November 2011.

 

 

 

Number of St Louis Homeowners Losing Homes in Foreclosure Declining

Saint Louis Realtor, Dennis Normanst-louis-real-estate-realtor-dennis-normanOver 10,000 St. Louis homeowners (10,101) lost their homes in foreclosure for the 12 month period ending September 2012, according to a report released by Corelogic.  We should see fewer Saint Louis homeowners lose their homes to foreclosure in the coming year though as the St. Louis foreclosure inventory (those homes in some stage of the foreclosure process) is declining with 1.5 percent of all St Louis homes with a mortgage being in the foreclosure process in September, down 0.3 percent from the rate a year ago.

 

 

St Louis home prices fall in May in contrast to U.S. home prices that were on the rise

dennis-norman-home-prices-realtor

A report released today by CoreLogic, one of the nations leading providers of property information, shows that U.S. home prices increased in May by 2.0percent from the year before and increased by 1.8 percent from the month before marking the third-consecutive month U.S. home prices have increased on both a year-over-year as well as month-over-month basis.  St. Louis home prices, on the other hand, moved opposite the U.S. trend with St. Louis home prices decreasing in May by 2.2 percent from the year before and St. Louis home prices in May decreased 1.7 percent from April, according to the report. Continue reading “St Louis home prices fall in May in contrast to U.S. home prices that were on the rise

Foreclosures in May down almost 20 percent from year ago

dennis-norman-st-louis-real-estate-foreclosuresAccording to a report released today by CoreLogic, there were 63,000 completed foreclosures in the U.S. in May 2012, down from 62,000 the month before and down almost 20 percent (18.18) from May 2011. Since the real estate market meltdown began in September 2008 there have been about 3.6 million homes that had forecloses completed upon. Continue reading “Foreclosures in May down almost 20 percent from year ago

Report shows U.S. home prices rose in April; predicts 2 percent increase in next month

dennis-norman-st-louis-realtor-Home prices in May expected to increase as well

CoreLogic released its April Home Price Index (HPI) report showing home prices nationwide, including distressed sales, increased on a year-over-year basis by 1.1 percent in April 2012 compared to April 2011. This is the second consecutive month with year-over-year increases, and the first time two consecutive increases have occurred since June 2010. On a month-over-month basis, home prices, including distressed sales, increased by 2.2 percent in April 2012. This marks the second consecutive month-over-month increase this year. Continue reading “Report shows U.S. home prices rose in April; predicts 2 percent increase in next month

Report shows home prices stabilizing;  St Louis home prices in March increase almost 3 times national rate

dennis-norman-home-prices-realtor

A report released this morning by CoreLogic, one of the nations leading providers of property information shows that home prices in the U.S. fell in March 0.6 percent from the year before and increased by 0.6 percent from the month before.  Excluding distressed sales, month-over-month home prices increased for the third month in a row. If we take distressed sales out of the picture then the year-over-year home prices increased 0.9 percent.  According to the report, St. Louis home prices declined by 3.4 percent in March 2012 compared to March 2011. Excluding distressed sales, year-over-year prices increased by 1.7 percent in March 2012 compared to March 2011. Continue reading “Report shows home prices stabilizing;  St Louis home prices in March increase almost 3 times national rate

St Louis Foreclosures and Mortgage Delinquencies show no change from a year ago

dennis-norman-st-louis-real-estate-foreclosuresThe St Louis foreclosure rate was 1.7 percent for February 2012, the same rate as a year before according to newly released data from CoreLogic. As usual, the St Louis foreclosure rate is significantly lower than the national foreclosure rate, which was 3.4 percent in February 2012. Continue reading “St Louis Foreclosures and Mortgage Delinquencies show no change from a year ago

Report shows For Every Two Homes Available for Sale, There Is One in the "Shadow"

st-louis-realtor-dennis-norman-shadow-inventory-corelogicA report released this morning by CoreLogic shows that the current residential “shadow” inventory as of January 2012 was 1.6 million units, equivalent to a 6-months’ supply, and approximately the same level last reported in October 2011. The shadow inventory is down from a year ago though, when it was at 1.8 million units, or an 8-months’ supply. Currently, the flow of new seriously delinquent (90 days or more) loans into the shadow inventory has been offset by the roughly equal flow of distressed sales (short and real estate owned), according to the report.

“Almost half of the shadow inventory is not yet in the foreclosure process,” said Mark Fleming, chief economist for CoreLogic. “Shadow inventory also remains concentrated in states impacted by sharp price declines and states with long foreclosure timelines.” Continue reading “Report shows For Every Two Homes Available for Sale, There Is One in the "Shadow"

Report shows optimism for real estate market; home prices up in one of every 4 markets

st-louis-realtor-dennis-norman-real-estate-marketToday, CoreLogic, a leading provider of real estate market information, released its March CoreLogic MarketPulse report which had a fairly optimistic outlook on the market including the fact that today 25 percent of all markets are experiencing increases in home prices which is in stark contrast to the height of the housing bust when 96 percent of all markets saw home prices fall. Continue reading “Report shows optimism for real estate market; home prices up in one of every 4 markets

Home prices decline in January; sixth consecutive month of decline

dennis-norman-home-prices-realtor

A report released this morning by CoreLogic, one of the nations leading providers of property information shows that home prices in the U.S. fell in January 3.1 percent from the year before and declined by 1.0 percent from the month before marking the sixth consecutive monthly decline in home prices.

Excluding distressed sales, year-over-year prices declined by 0.9 percent in January 2012 compared to January 2011 and month-over-month home prices increased 0.7 percent in January. Distressed sales include short sales and real estate owned (REO) transactions. Continue reading “Home prices decline in January; sixth consecutive month of decline

Underwater St Louis homeowners on the rise

dennis-norman-st-louis-underwater-mortgagesA report just released by CoreLogic shows that, at the end of fourth quarter 2011, there were 107,183 underwater St. Louis homeowners, or, to put it another way, St Louis homeowners with negative equity accounted for 18.8 percent of all St Louis homeowners with a mortgage.  This is up from 17.1 percent at the end of the third quarter of 2011.  In addition,  6.1 percent, or 34,639 St Louis homeowners, were in near negative equity for fourth quarter 2011 compared to 5.9 percent, or 33,694, in third quarter 2011.

Foreclosures in 2011 down 24 percent from 2010

dennis-norman-foreclosures1.4 Million Homes in the Foreclosure Inventory at the End of 2011

According to a report just released by CoreLogic, there were 830,000 foreclosures completed during the year in 2011, a 24 percent decrease from 2010 when there were 1.1 million. For the month of December, there were 55,000 foreclosures, down 3.5 percent from November when there were 57,000 and down 17.9 percent from December 2010 when there were 67,000 foreclosures completed. Continue reading “Foreclosures in 2011 down 24 percent from 2010

St Louis Foreclosures decline in November after four months of increases

St. Louis REALTOR, Dennis Norman foreclosuresThe St Louis foreclosure rate was 1.69 percent for November 2011, down from 1.75 percent the month before and only up slightly from a year ago when the rate was 1.67 percent, according to newly released data from CoreLogic. As usual, the St Louis foreclosure rate is significantly lower than the national foreclosure rate, which was 3.41 percent in November 2011. Continue reading “St Louis Foreclosures decline in November after four months of increases

St Louis home prices fall in November at higher rate than U.S. average

Dennis Norman, St Louis REALTOR - U.S. Home Prices - September 2011A report released this morning by CoreLogic, one of the nations leading providers of property information shows that St Louis home prices fell in November 4.7 percent from the year before and declined by 3.8 percent from the month before.  In November, the decline of home prices in St. Louis outpaced U.S. home prices which were down 4.3 percent from a year ago and 1.4 percent from the month before. Continue reading “St Louis home prices fall in November at higher rate than U.S. average

Report shows home prices fell in October; third consecutive month of home price declines

Dennis Norman, St Louis REALTOR - U.S. Home Prices - September 2011A report released this morning by CoreLogic, one of the nations leading providers of property information shows that home prices in the U.S. fell in October 3.9 percent from the year before and declined by 1.3 percent from the month before marking the third consecutive monthly decline in home prices. Continue reading “Report shows home prices fell in October; third consecutive month of home price declines

St Louis Foreclosure and Mortgage Delinquency Rates Rise in August

St. Louis REALTOR, Dennis Norman foreclosuresThe St Louis foreclosure rates was 1.67 percent for August 2011, up from 1.64 percent the month before and up from August 2010 when the rate was 1.53 percent, according to a newly released data from CoreLogic. As usual, the St Louis foreclosure rate is significantly lower than the national foreclosure rate, which was 3.43 percent for July 2011. Continue reading “St Louis Foreclosure and Mortgage Delinquency Rates Rise in August

St Louis Foreclosure Rate Increases in July

St. Louis REALTOR, Dennis Norman foreclosuresThe St Louis foreclosure rates was 1.64 percent for July 2011, up from 1.62 percent the month before and up from July 2010 when the rate was 1.48 percent, according to a newly released data from CoreLogic. As usual, the St Louis foreclosure rate is significantly lower than the national foreclosure rate, which was 3.44 percent for July 2011. Continue reading “St Louis Foreclosure Rate Increases in July

Housing market not out of the woods yet

Dennis Norman St Louis RealtorMark Fleming, Ph.D., Chief Economist for CoreLogic, in a presentation yesterday, said the housing market is not out of the woods yet as the potential of a double-dip in our economy increases and as 30 to 40 percent of economists feel there is a chance of another recession. The economy’s “stall speed” was another issue Fleming said was a concern, describing it as similar to the stall speed of an airplane; that speed at which is still fast enough for the plane to be flying, but just on the edge of stalling and no longer able to maintain flight. Fleming said, for the economy, a 1 percent growth rate is historically the “stall” point and that is right about where we are presently. Continue reading “Housing market not out of the woods yet

Shadow Inventory Continues to Decline; Good news for the housing market

Dennis Norman St Louis

A report released this morning by CoreLogic shows that the current residential “shadow” inventory as of July 2011 declined slightly from 1.7 million units in April to 1.6 million units, and was down from 1.9 million units a year ago. This current shadow inventory represents a 5 month supply. CoreLogic includes in it’s shadow inventory numbers properties that are either 90+ days delinquent on mortgages, in some stage of foreclosure, or an REO but not presently for sale in an MLS. Continue reading “Shadow Inventory Continues to Decline; Good news for the housing market

St. Louis homeowners with negative equity increases slightly in 2nd quarter

Dennis Norman St Louis

A report released today by CoreLogic shows that 17.30 percent (99,792) of all St. Louis homeowners with a mortgage were in a negative equity position in the second quarter of 2011, up slightly from 17.10 percent the prior quarter. Negative equity is also referred to as being “underwater” or “upside down” and refers to homeowners that owe more on their mortgages than the current value of their home. Continue reading “St. Louis homeowners with negative equity increases slightly in 2nd quarter

Foreclosure rate in St Louis decreases in June from month before but still up from a year ago

St. Louis REALTOR, Dennis Norman foreclosures

The St Louis foreclosure rates was 1.62 percent for June 2011, down from 1.71 percent the month before and up from June 2010 when the rate was 1.44 percent, according to a newly released data from CoreLogic. As usual, the St Louis foreclosure rate is significantly lower than the national foreclosure rate, which was 3.46 percent for June 2011. Continue reading “Foreclosure rate in St Louis decreases in June from month before but still up from a year ago

Home prices increased in June; third consecutive month of increases

Dennis Norman St Louis

A report released by CoreLogic shows U.S. home prices increased in June 2011 by 0.7 percent from the month before, marking the third consecutive month-over-month increase. However, U.S. home prices in June 2011 decreased 6.8 percent from the year before. If we take the distressed sales (foreclosures, REO’s and short-sales) then year-over-year home prices declined by 1.1 percent in June 2011 from June 2010. Continue reading “Home prices increased in June; third consecutive month of increases

Report shows shadow inventory continues to decline

Dennis Norman St Louis

A report released this morning by CoreLogic shows that the current residential “shadow” inventory as of April 2011 declined to 1.7 million units, down from 1.9 million units a year ago. This current shadow inventory represents a 5 month supply, same as the supply a year ago. Continue reading “Report shows shadow inventory continues to decline

St Louis Homeowners with Negative Equity Increases Slightly in First Quarter of 2011

Dennis Norman St Louis

A report released today by CoreLogic shows that 17.10 percent (97,772) of all St. Louis homeowners with a mortgage were in a negative equity position in the first quarter of 2011, up slightly from 17.0 percent the prior quarter.  Negative equity is also referred to as being “underwater” or “upside down” and refers to homeowners that owe more on their mortgages than the current value of their home. Continue reading “St Louis Homeowners with Negative Equity Increases Slightly in First Quarter of 2011

Will jobs fix the housing market or will housing fix the job market?

There is a lot of talk in the media today about the poor housing market and how an increase in employment would help bring the housing market back. However, the question is, will a recovery in the job market bring the housing market back, or will a recovery in the housing market bring the job market back? Continue reading “Will jobs fix the housing market or will housing fix the job market?

St. Louis Home Prices Declined 9.70 Percent in April 2011 Compared to Year Before

Dennis Norman St Louis

A report released this morning by CoreLogic shows home prices in the St. Louis declined in April 2011 by 9.70 percent from the year before which is a larger decline than the month before when St Louis home prices were down 9.44 percent from the year before.  If we take “distressed sales” (foreclosures, REO’s and short-sales) out then home prices declined by 3.53 percent in April from the year before. Continue reading “St. Louis Home Prices Declined 9.70 Percent in April 2011 Compared to Year Before

St Louis Home Prices Down 9.3 Percent from Year Ago

Dennis Norman St Louis

A report released this morning by CoreLogic shows home prices in the St. Louis declined in March by 9.3 percent from the year before which is a larger decline than the month before when St Louis home prices were down 7.24 percent from the year before. Continue reading “St Louis Home Prices Down 9.3 Percent from Year Ago