St Louis Real Estate Market weekly update by St Louis REALTOR, Dennis Norman, broker-officer of MORE, REALTORS. Continue Reading →
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St Louis home sales in December increased 2.3 percent from the month before and were up 3.3 percent from a year ago. The increase in St Louis home sales follows suit with the trend in U.S. home sales as reported today by the National Association of REALTORS® which shows existing home sales in December were at at a seasonally adjusted-annual rate of 4.61 million units, an increase of 5.0 percent from the month before and an increase of 3.6 percent from a year ago. Continue Reading → Shortly after finishing my video recap of the 2011 St Louis Real Estate Market I began analyzing our market data and giving thought to the 2012 St. Louis Real Estate market. The end result? The MORE St Louis Market 2012 Forecast. For a link to my 15 minute video as well as a downloadable report, please submit your name and email address here and you will receive it immediately. The last couple of months I have said that, “unless something changes dramatically, 2011 will hit a new record low of new home starts. Unfortunately, nothing dramatic happened, and 2011 has ended with only 428,600 new home starts setting a new record low and significantly below the prior all-time low of 445,200 starts in 2009. Continue Reading → I just finished producing a video recapping the 2011 St. Louis Real Estate Market which includes, charts, graphs and facts about what took place in the St. Louis Real Estate market last year as well as where it ended up at year end. This is a compliment to the weekly market update videos I produce that you can check out on our YouTube Channel, our facebook page or now you can subscribe to our ITUNES Podcast Channel to receive our updated market videos via podcast automatically each week! Just click here, then click on “Subscribe Free”.) Mortgage delinquencies in December increased to 2.24 percent of all mortgages, a slight increase from the month before when delinquencies were at 2.22 percent but a decrease of over 25 percent from a year ago when the rate was 3.01 percent. The mortgage delinquency rate is something I pay close attention to because it is the “leading indicator” of foreclosures and foreclosures and REO’s are one of the major hurdles to a recovery in the housing market. Declining delinquency rates are our first clue that the housing market is headed to a recovery. Continue Reading → St. Louis foreclosure activity in 2011 declined 25.22 percent from the year before according to RealtyTrac’s foreclosure market report for 2011 that was just released. As the chart below depicts, of the seventeen counties in the St. Louis metro area, all but five saw a decrease in foreclosure activity from the year before, and ten of the 17 saw a decrease from 2009. To find foreclosures in your area click here. First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs. The Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage and is completely forgivable after five years of continuous occupancy. MHDC will have the monies available for the borrowers regardless of bond issuance through Constant Funding. Continue Reading → A 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 → Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS), showing average fixed mortgage rates finishing the year near their all-time historic lows. Thirty-year fixed rate mortgages averaged 3.95 percent and have been at or below 4.0 percent for the past nine consecutive weeks keeping homebuyer affordability at a near all-time high. Continue Reading → The National Association of REALTORS Pending Home Sales Index for November shows an increase of 7.3 percent in the index from the month before (seasonally adjusted), and a 5.9 percent increase from a year ago. This is the second consecutive month that the index has increased and marks the highest level the index has achieved since April 2010 when it was at 111.5. Continue Reading → While losing $700 Billion in value in U.S. homes in a year sounds horrible, the good news is, if we end this year around this number the total loss in home values for 2011 will be smaller than the prior four years! This information is from the newly released Zillow Real Estate Market Reports, which also predicts that nine metro areas will see gains in home values this year once the final numbers are in! With all this “good” news, we have to ask ourselves…is the worst of the real estate market crash over? I think the answer is yes, at least when it comes to the housing market. Continue Reading → This morning, the S&P/Case-Shiller Index report for October was released showing US home prices decreased from the month before as well as the year before. The 10-city and 20-city composites fell by 1.1 percent and 1.2 percent respectively and the home price indexes were down 3.0 percent and 3.4 percent respectively from the year before. Continue Reading → The last couple of months I have said that, “unless something changes dramatically, 2011 will hit a new record low of new home starts. Well, the actual numbers this year will still most likely be a record low, but at least the rate of new home starts for November has now inched above the record low New home starts in November were up 2.3 percent from the prior month with the seasonally adjusted annual rate inching its way up to 447,000 homes, just slightly above the all-time low of 445,200 new home starts in 2009. Continue Reading → The U.S. mortgage loan delinquency rate was 8.15 percent of all home loans in November, up 2.7 percent from the month before and down 9.6 percent from a year ago, according to the “First-Look” report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data. The foreclosure rate, on the other hand, was 4.16 percent in November, a 3.0 percent decrease from the month before and a 2.0 percent increase from a year ago. Continue Reading → St Louis Real Estate Market weekly update by St Louis REALTOR, Dennis Norman, broker-officer of MORE, REALTORS. Continue Reading → This morning Freddie Mac released its Primary Mortgage Market Survey (PMMS) which showed average 30-year fixed-rate mortgages matched an all time record low of 3.94 percent, and there was an all-time record low rate for 15-year fixed rate mortgages. St. Louis foreclosure activity increased during November by 6 percent from the prior month and decreased by 18 percent from October 2010, according to RealtyTrac’s foreclosure market report that was just released. Continue Reading → Today CNBC reported that the National Association of REALTORS, the country’s leading source of existing home sales data, will be revising their home sales numbers from 2007 through October of this year downward because of “double counting, indicating a much weaker housing market than previously thought”. Continue Reading → A recent survey by Houselogic.com, a consumer website from the National Association of REALTORS, shows that jobs will be the most important issue for voters in the 2012 election, followed next by housing. Over half the respondents said jobs would be the top issue as they head to the polls next November and almost a third cited the housing market as the most important issue. Continue Reading → St Louis Real Estate Market weekly update by St Louis REALTOR, Dennis Norman, broker-officer of MORE, REALTORS. Continue Reading → The St Louis foreclosure rates was 1.72 percent for September 2011, up from 1.67 percent the month before and increased 9.6 percent from September 2010 when the rate was 1.57 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 3.48 percent for September 2011. Continue Reading → 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 October 4.4 percent from the year before and declined by 1.1 percent from the month before marking the third consecutive monthly decline in home prices. Continue Reading → “We may indeed being seeing the beginning of at least a ‘soft landing’ in housing,” said Michael Feder, President and CEO of Radar Logic. The latest housing market report by RadarLogic contained said, while trends in home prices remain negative in most major U.S. metropolitan areas, there are indications that market conditions are starting to improve. Continue Reading → St Louis Real Estate Market weekly update by St Louis REALTOR, Dennis Norman, broker-officer of MORE, REALTORS. Continue Reading → Want to buy a house but a little short on cash? If your parents or grandparents are of the baby boomer generation then no problem, they’ll give you the cash! Well, at least one in five will according to a recent survey by Better Homes and Gardens Real Estate. Continue Reading → The National Association of REALTORS Pending Home Sales Index for October shows an increase of 10.4 percent in the index from the month before (seasonally adjusted), and a 9.2 percent increase from a year ago. This is the first time in four months that the index has increased and marks the highest level the index has achieved since April 2010 when it was at 110.9. Continue Reading → A report released today by CoreLogic shows that 17.10 percent (96,986) of all St. Louis homeowners with a mortgage were in a negative equity position in the third quarter of 2011, down slightly from 17.30 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. Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for October 2011 showing an increase of 1.3 percent from the month before, and an increase of 8.9 percent from a year ago. The seasonally-adjusted new home sales rate for October was 307,000 homes, up from an adjusted rate of 303,000 homes the month before (originally reported at 313,000 homes). Unfortunately, even with the increase in the rate of new home sales, the current rate of new home sales is still on track to make 2011 new home sales the lowest since the Commerce Department began keeping track of sales in 1963. Continue Reading → St Louis Real Estate market update for November 25, 2011 produced by St Louis REALTOR, MORE, REALTORS. Continue Reading → |
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