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 →
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The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market is and where it is headed. (Check out all our market update videos on our YouTube Channel – click here. Continue Reading → As the mortgage industry continues to adjust to new financial regulations, it is more important than ever to ensure that the financing (or refinancing) of your home goes smoothly. Your loan approval is subject to the financial information you provide at the time of your loan approval. Any subsequent changes in your financial situation before the actual date of closing could jeopardize your loan approval and delay your closing. Continue Reading → Until recently, home ownership was no bargain compared to renting, according to Paul Diggle, a housing economist at Capital Economics. Recent data from the U.S. Census Bureau and published statistics from Thomson Datastream indicate that rising rents and falling mortgages are tipping the scales towards home ownership. The median monthly mortgage payment has fallen to about the same as a median monthly rent check. Continue Reading → Weekly I produce a short video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices Continue Reading → Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for December 2011 showing a decrease of 2.2 percent from the month before, and a decrease of 7.3 percent from a year ago. The seasonally-adjusted new home sales rate for December was 307,000 homes, down from an adjusted rate of 314,000 homes the month before. This is the first month new home sales have declined in four months and unfortunately ends the year with the lowest number of new homes sold since the Commerce Department began keeping track of sales in 1963. St. Louis foreclosure activity in the third quarter of 2011 declined 15.51 percent from the quarter before and 10.12 percent from the year before, according to RealtyTrac’s foreclosure market report that was just released. Continue Reading → Foreclosure Price 34 Percent Below Average Price of Non-Foreclosures RealtyTrac, today released its third-quarter 2011 U.S. Foreclosure Sales Report, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 20 percent of all U.S. residential sales in the third quarter of 2011, down from 22 percent of all sales in the second quarter and down from 30 percent of all sales in the third quarter of 2010. Continue Reading → St Louis Real Estate Market weekly update by St Louis REALTOR, Dennis Norman, broker-officer of MORE, REALTORS. Continue Reading → 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 → What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount.(click here)
Mortgage interest rates have fallen this year to historical lows and with them so have the costs of home ownership. Regardless of a borrower’s loan amount, bargain-basement interest rates have brought a home buyer’s monthly mortgage payment down to levels never seen in history. 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 → 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 → The National Association of Realtors’ research staff recently released its comprehensive annual report: Profile of Home Buyers and Sellers for 2011. Market researcher, Paul C. Bishop, Ph. D., Vice President and Jessica Lautz, Manager of Consumer Survey Research state that they’ve identified “trends that have not been seen in the last 10 years,” which will affect the housing market as we enter 2012. 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 → The characteristics of home buyers has changed fairly significantly in just the two past years according to the National Association of REALTORS (NAR) annual Profile of Home Buyers and Sellers. In 2009, first-time home-buyers, encourage by tax credits, made up 47 percent of the market and in 2011 made up only 37 percent of the market. 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 → St Louis Real Estate Market weekly update by St Louis REALTOR, Dennis Norman, broker-officer of MORE, REALTORS. 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 → St Louis Real Estate Market weekly update by St Louis REALTOR, Dennis Norman, broker-officer of MORE, REALTORS. 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 → 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 → 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 → |
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