Dennis Norman - St Louis Real Estate News

St Louis Foreclosures Increase In January But Down Almost 50 Percent From Year Ago

By Dennis Norman, on February 13th, 2014

St Louis foreclosures increased in January to the point where 1 of every 1,649 housing units in the St Louis metro area had a foreclosure action on it during the month, an increase of 21.70 percent from the rate in December 2013, however a decline of almost 50% (47.06%) from January 2013, according to the latest data released today by RealtyTrac.

As the table below shows, all the counties that make up the core of the St Louis real estate market (on the Missouri side of the river) saw declines in foreclosure activity from a year ago with the exception Continue Reading →

Mortgage Delinquency Rate Falls To Lowest Level In 5 Years

By Dennis Norman, on February 12th, 2014

The mortgage delinquency rate for homeowners 60 days or more delinquent on their mortgages fell below 4 percent during the last quarter of 2013, the first time the delinquency rate has been below 4% since 2008, according to TransUnion. According to the report, every state in the U.S. saw a decline in mortgage delinquency rates from to the 4th quarter of 2012 to the 4th quarter of 2013 with only two, New Jersey and New York, not seeing a double digit decline. See the info graphic below for more info.

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St Louis New Home Construction Increases 25 Percent in 2013

By Dennis Norman, on February 11th, 2014

St Louis area new home construction in 2013 was still very low compared with the normal rate of home construction, however increased 25% from the year before and saw the highest level of sustained activity in years. The decreased levels of new home construction over the past 6 years is leading to a shortage of homes in some areas throughout the country and setting the stage for a somewhat robust recovery of the new home market. Here in St Louis new home recovery will come at a slower pace due to our low levels of population growth here however at Continue Reading →

St Louis Home Prices and Sales Market Update VIDEO-February 2014

By Dennis Norman, on February 8th, 2014

Frigid Temperatures Put The Chill On St Louis Real Estate Market….

Not to worry though for there is plenty of good news about the St Louis real estate market in spite of the recent decline in home sales…Get this, and much more by only investing about 5 minutes of your time watching our newly published video update below.

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll answer that question for you.

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St Louis Home Prices and Sales Fall In January

By Dennis Norman, on February 7th, 2014

St Louis home prices and home sales fell in January from the month before for the five-county core St Louis market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin). In January 2014 there were 1,569 homes sold, down 29% from December and down 16.2% from January 2013 when there were 1,873 homes sold in the St Louis core area. St Louis home prices for homes sold fell to $129,000 in January 2014 down from $141,000 the month before but up over 12% from a year ago when the median price of St Louis homes Continue Reading →

20 Best Neighborhoods in St Louis To Buy A Home

By Dennis Norman, on February 6th, 2014

What are the 20 best neighborhoods in St Louis to buy a home? With the market improving many St Louis neighborhoods have become sellers markets so home buyers and investors looking for a “deal” may feel left out in the cold. Remember real estate is local so not ALL neighborhoods today favor sellers and there are still many buyer’s markets in St Louis. So, where are the Best Neighborhoods in St Louis To Buy A Home?

The list below of the best neighborhoods in St Louis to buy a home is based upon supply and demand and not which Continue Reading →

20 Best Neighborhoods in St Louis To Sell A Home

By Dennis Norman, on February 4th, 2014

What are the 20 best neighborhoods in St Louis to sell a home? Well, it depends on how you look at it, but I like using the “Market Action Index” (or “Market Heat Report”) published by my firm, MORE, REALTORS. The reason I like the index, aside from the obvious, is that it gives an unbiased, objective analysis of the St Louis markets and rates them based primarily upon supply and demand which is what drives a market and ultimately drives home prices.

Please note, being on this list does not necessarily mean home prices are rising, in fact, perhaps Continue Reading →

St Louis Rental Vacancy Rate Falls To Lowest Level In Over A Year

By Dennis Norman, on February 3rd, 2014

The St Louis rental vacancy rate for the 4th quarter of 2013 was 10.1 percent, the lowest rate since the 3rd quarter of 2012 when the rate was 8.2 percent, according to the latest dates just released by the Census Bureau.

See the table below for quarterly vacancy rates from 2010 through 2013.

(We work hard on this and sure would appreciate a “Like”)[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 100 35 ]

St Louis Real Estate Market Outlook 2014

By Dennis Norman, on February 2nd, 2014

What is the St Louis real estate market outlook for 2014? Where are home prices and sales headed? Are we out of the slump and on the path to recovery in the St Louis housing market? What about St Louis new home construction activity and St Louis new home sales?

I had the pleasure this morning of discussing this and much more with Kristi Carson, host of “Today’s Issues” , her show that airs on KSHE 95, Classical 107.3, KHITS 96.3, 105.7 The Point and FM NewsTalk 97.1. In case you don’t catch the show on the radio, you can get it here.

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Where are home loan rates headed?

By Dennis Norman, on January 30th, 2014

Home loan rates have been near historic lows for a while now but the $64 question is, where are home loan rates headed in the future? While there are, of course, a variety of opinions out there, the majority of the noteworthy ones are thinking interest rates are headed upward. In the Well’s Fargo Securities Economic Outlook report for 2014, interest rates in the year ahead (2014) was addresses, saying “we expect long-term rates to exhibit an upward bias as Fed tapering moves forward. However, the extent of any increase in long-term rates should be modest, given continued low inflation Continue Reading →

St Louis Housing Market Bubble to Burst

By Dennis Norman, on January 28th, 2014

The St Louis housing market bubble of 2006 was followed by the bursting of the bubble shortly thereafter and, even though many of us tried to convince ourselves it would not happen, reality set back in. The reality was, when it came to home prices, the “greater fool theory” would only work so long until the reality of the underlying fundamentals of what makes up the value of a home would rear it’s ugly head and bring everyone down from their real estate high.

So, now that several years have passed, and many market prognosticators (including yours truly) say Continue Reading →

St. Louis Distressed Home Sales Fall Sharply

By Dennis Norman, on January 22nd, 2014

St Louis distressed home sales continue to fall, according to a report published by MORE, REALTORS based upon data released by RealtyTrac. This report supports other market data that indicates the St Louis real estate market is recovering from the devastation brought on it when the real estate market bubble burst back in 2008.

The market crash brought many institutional buyers into the market, buying up homes as prices fell, but the recovery of the St Louis real estate market has slowed this activity as well. Home sales fueled by institutional investors fell 23.6% in December 2013 from the Continue Reading →

St Louis Home Sales Rise 12 Percent In 2013; Prices Up Too

By Dennis Norman, on January 21st, 2014

St Louis homes sales (the 5-county core market*) for 2013 increased from 24,134 for the 2012 to 26,979 for 2013, an increase of 12%, according to the latest data available from MORE, REALTORS. St Louis home prices rose in 2013 to a median sales price of $149,900 an increase of over 11% from 2012 when the median home price was $135,000.

For the past few months I have been saying that the St Louis real estate market is definitely in a recovery and the home sales data continue to support this notion.

(We work hard on this and sure would Continue Reading →

Dr. Martin Luther King Jr and Fair Housing

By Dennis Norman, on January 20th, 2014

Today, as we celebrate the life of Dr. Martin Luther King, Jr., it is hard for me to believe that, during my lifetime, there was a time when it was legal to refuse to rent or sell a house to someone because of their race or skin color, but it was. However, the Civil Rights Act of 1968, also referred to as the “Fair Housing Act of 1968”, which was signed into law by President Lyndon Johnson, just one week after Dr. King’s assassination, corrected this and made it illegal to refuse to rent or lease a home to someone based upon their race. Continue Reading →

Foreclosures in St Louis Metro Area Down Over 40 Percent From Year Ago

By Dennis Norman, on January 16th, 2014

Foreclosures in the St Louis metro area during the 4th quarter of 2013 were down 13.79% from the prior quarter and down 40.64% from the 4th quarter of 2012, according to a report released today by RealtyTrac. As the table below shows, the foreclosure rate for 3 of the 5 core St Louis counties declined in the 4th quarter from the prior quarter and all declined from the year before.

Search St Louis Foreclosures For Sale

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St Louis Home Prices and Sales Market Update VIDEO-January 2014

By Dennis Norman, on January 14th, 2014

Recovery is underway!

Yes! St Louis home prices are on the rise and the St Louis real estate market is recovering! Find out why I feel this way and where the market is headed in my newly published 5 minute video update below.

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll answer that question for you.

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St Louis Foreclosures For Sale – Slideshow

By Dennis Norman, on January 13th, 2014

St Louis foreclosures are on the decline, however there are still some “deals” out there for buyers on homes that were previously foreclosed upon. Presently, there are 714 bank-owned or government owned homes in the St Louis 5-county core area (city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin) listed for sale in the St. Louis area MLS. St Louis foreclosures typically sell at a discount of 25% – 40% off retail, and sometimes even more, however you can bank on the fact that the better the price is the more work Continue Reading →

More than 1 in every 4 St Louis homeowners still seriously underwater on mortgage

By Dennis Norman, on January 10th, 2014

Over 1 of every four St Louis homeowners (28%) with a mortgage are seriously underwater on their mortgages, meaning the current value of their home is at least 25 percent less than the total of their mortgages as of December 2013, according to a report just released by RealtyTrac. On a national level, in December 19% of the homeowners with a mortgage were considered seriously underwater.

At the other end of the spectrum, 11 percent of St Louis homeowners with a mortgage are “equity-rich“, meaning their mortgages total less than 50% of the current value of their home. On a Continue Reading →

St Louis’ Top Ten Neighborhoods For Home Price Increases

By Dennis Norman, on January 9th, 2014

Where in St Louis are home prices rising the fastest? As the St Louis real estate market settles into what appears to be a sustainable recovery, home prices are on the rise in most St. Louis neighborhoods. The table below shows the 10 St Louis neighborhoods where home prices have increased the most over the past year. Keep in mind, this data is based upon the asking price of homes for sale and does not necessarily indicate an increase in the property values of all homes in the areas shown, however, in general, if the prices of homes for sale Continue Reading →

St Louis Neighborhoods Poised For Strong Spring Housing Market

By Dennis Norman, on January 6th, 2014

It doesn’t take a rocket scientist to know that home prices typically rise in the spring as the St Louis real estate market heats up however, it is more of a challenge to find those areas that may out perform the others. So, which St Louis neighborhoods are poised for a strong spring housing market?

As I wrote about earlier this week, a recovery of the St Louis real estate market is underway, however, some areas will fare better than others of course. For some home buyers the “investment” aspect of their next home is secondary as the school district, Continue Reading →

St Louis Housing Market Recovery Underway

By Dennis Norman, on January 2nd, 2014

It’s hard to believe that it has been over 5 years since the housing market bubble burst but, as we begin this new year, it is good to continue to see market data that supports a St Louis housing market recovery is underway!

As we have been reporting here on St Louis Real Estate News, over the past few months we have seen a solid recovery trend in the St Louis real estate market. Home prices have increased as have home sales, the new home market continues to make progress with new home construction and sales on the rise and Continue Reading →

Happy New Year!

By Dennis Norman, on January 1st, 2014

In What St Louis Neighborhoods Have Home Prices Increased?

By Dennis Norman, on December 27th, 2013

The table below shows the top 25 St Louis neighborhoods where the prices of homes listed for sale have increased in the prior 90 days. This could be an indicator of rising home prices in the area or could be an indicator of a lot of investor or speculator activity resulting in homes being purchased and immediately put back out on for sale to “flip” it at a higher price. This is why it is always important to look at more than just one statistic when trying to determine what is going on in a particular market and why it Continue Reading →

Midwest New Home Sales Plummet In November

By Dennis Norman, on December 26th, 2013

After a 34 percent increase in October from the month before, Midwest new home sales gave back a chunk of the gain in November, falling 26.6 percent from October. New home sales in the midwest region of the U.S. in November were at a seasonally adjusted annual rate of 47,000 homes, down from a rate of 64,000 homes the month before however up slightly from a year ago in November when the rate of new home sales was 44,000 homes.

Looking at actual home sales and not “seasonally adjusted annual rates” we find that, through the end of November 2013, Continue Reading →

Merry Christmas!

By Dennis Norman, on December 25th, 2013

Wishing you and your family a very Blessed and Merry Christmas!

St Louis Home Sales Increase In Past Year; Buck National Trend

By Dennis Norman, on December 20th, 2013

St Louis homes sales (the 5-county core market*) for the 12 month period ending November 30, 2013 increased 4 percent from the same period a year ago, in contrast to national home sales which are down 1.2 percent from a year ago. As the table below shows, St Louis distressed home sales (foreclosures, bank-owned and short sales) have declined by more than a third and are currently responsible for just 5 percent of the overall home sales.

St Louis home prices are increasing too with the median home price for the past year coming in at $149,600, an increase of Continue Reading →

St Louis Area New Home Construction Up 25 Percent From Year Ago

By Dennis Norman, on December 19th, 2013

St Louis area new home construction activity continues to gain momentun with building permits issued for new homes for the period ended November 30, 2013 increasing 25% from the same period the year before. As the table below shows, all St Louis area counties saw increases in building permits for the period.

Nationally, there were 577,000 permits for new single family homes issued for 2013 through November 30th, an increase of almost 21% from a year ago when the year to date total was 477,700 permits.

See St Louis Area New Homes For Sale – Click HERE

(We Continue Reading →

St Louis Foreclosures Down About 50 Percent From A Year Ago

By Dennis Norman, on December 12th, 2013

St. Louis foreclosures have declined roughly 50 percent from a year ago, according to the latest data from RealtyTrac. As the table below shows, the foreclosure rate for the 3 main counties of St Louis (city of St Louis, St Louis County and St Charles county) was down from the month before (or about the same for the city), however Franklin and Jefferson county saw an increase from the month before. All five counties have seen a significant drop in foreclosure rate from a year ago.

St Louis Home Prices and Real Estate Market Update for December 2013

By Dennis Norman, on December 10th, 2013

Recovery is underway!

The St Louis real estate market is definitely showing signs of a sustained recovery trend for the market based upon the latest market contained in our St Louis Real Estate Market update video below.

Invest just 5 minutes of your time watching our market update, and you will be smarter than the average bear about the St Louis real estate market!

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll answer that question for you.

You can now subscribe to our ITUNES Podcast Channel to receive our updated Continue Reading →

Which St Louis Area County Had The Best Home Value Appreciation Pre-Bubble to Post-Bubble?

By Dennis Norman, on December 10th, 2013

St Louis, like the rest of the country, began the build up to the housing bubble around 2000 only to see the bubble burst in 2008 and then where we find the St Louis market today; in recovery mode. So, during this period , which St Louis area county saw the most home value appreciation overall? Well, the “winner” isn’t even a county per se, it’s the City of St Louis with a 86.85 percent increase in median home values from 2000 to 2012, according to data from the US Census Bureau. As the table below shows, the Continue Reading →