By Dennis Norman, on December 8th, 2022 During November, there were 255 properties with foreclosure filings in the St Louis MSA, according to ATTOM Data’s U.S. Foreclosure Market Report. This represents an increase of 42% in St Louis foreclosures from November of 2021 but is a decline of over 76% from the prior month, according to the report.
As the chart below shows, 8 counties reported an increase in foreclosures from a year ago, 2 counties had a decrease in foreclosure activity and 5 had no change in activity. Macoupin County, Illinois saw the largest increase at 367% followed by Warren County, Missouri at 300%.
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By Dennis Norman, on December 2nd, 2022 According to results just released by Lending Tree from a survey they conducted in October, 61% of tenant’s surveyed feel their rent is more expensive than it should be. Twenty-six percent of tenants felt their rent was about what it should be, 9% didn’t know if their rent was the right amount or not and 5% actually felt their rent was too low.
Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES How Renters Feel About Their Rent
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By Dennis Norman, on October 26th, 2022 According to the results of the Household Pulse Survey conducted by the U.S. Census Bureau during the week of October 5 – October 17, about 1 in 8 tenants in Missouri reported they are not current on rent and a staggering 37.87% said they are somewhat likely to face eviction in the next 2-months.
Tenant Delinquencies In Missouri (Infographic)
(click for full-size version)
Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES
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By Dennis Norman, on October 14th, 2022 During the third quarter of this year, there were 907 properties with foreclosure filings in the St Louis MSA, according to ATTOM Data’s U.S. Foreclosure Market Report. This represents an increase of 44.43% in St Louis foreclosures from the same quarter a year ago but is a decline of 16% from the second quarter of this year, according to the report.
As the table below shows, with the exception of Bond County in Illinois, all 15 counties reported had an increase in foreclosure activity during the 3rd quarter over last year, and all at least a double-digit increase. Lincoln County, Continue Reading →
By Dennis Norman, on December 20th, 2021 There were 94,766 homes and condominiums “flipped” during the third quarter in the U.S., according to data just released by ATTOM Data Solutions. These flips represent 5.7% of all homes sales during the 3rd quarter of 2021, an increase of nearly 12% from the prior quarter when 5.1% of all homes sold were flips.
Gross profit margins dip to the lowest point since early 2011…
According to the report, the gross profit margin (the difference between the price paid for the flipped house when purchased versus the price paid by the new buyer when flipped) was $68,847. This represents a Continue Reading →
By Dennis Norman, on December 17th, 2021 Last month, there were foreclosure filings on 19,479 properties in the U.S., according to ATTOM Data’s U.S. Foreclosure Market Report. This represents a decline of 5% from the month before but a 94% increase from a year ago, according to the report.
Let’s put it in perspective…
Data and statistics are funny things. Even when accurately presented they can paint a picture that may sound worse, or better than the real situation behind the data. This is why I consistently suggest that people don’t base opinions of the market, or make decisions, on one piece of data. It takes many Continue Reading →
By Dennis Norman, on September 23rd, 2021 There were a total of 550 home sales in the St Louis 5-County core market during the 12-month period ended August 31, 2021, a decline of over 90 percent (90.5%) from the same period 10 years earlier. As the chart below (available exclusively from MORE, REALTORS®) illustrates, the St Louis distressed home sales 12-month trend peaked in May 2013 with 6,078 distressed home sales in the prior 12-month period and has fallen to just 550 distressed home sales for the 12-month period ended August 31, 2021. For the purposes of this report, distressed home sales include the sale of homes Continue Reading →
By Dennis Norman, on May 5th, 2021 UPDATE: After the decision by to overturn the eviction moratorium was decided upon by Judge Dabney L. Friedrich on May 5th, at 6:54pm that evening the U.S. Government filed a notice of appeal as well as a motion for an emergency stay to not have the eviction moratorium lifted until after the appeal. Judge Dabney L. Friedrich through a Minute Order, granted the stay, thereby leaving the eviction moratorium in place for now but noting that “This Minute Order should not be construed in any way as a ruling on the merits of the defendants’ motion.” The judge allowed the Continue Reading →
By Dennis Norman, on May 5th, 2021 The St Louis MSA rental vacancy rate during the 1st quarter of 2021 was 6.4%, the highest rate since the 4th quarter of 2019, according to data recently released by the U.S. Census Bureau. During the 1st quarter of last year, the St Louis rental vacancy rate was 5.5%..
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St Louis Rental Vacancy Rates – 2005 – Present
(click on table for complete data from 2005 – Continue Reading →
By Dennis Norman, on April 7th, 2021 The Consumer Financial Protection Bureau (CFPB) earlier this week proposed rule changes that would help prevent “avoidable foreclosures” that will come about when the current foreclosure ban expires June 30th. According to the CFPB, nearly 3 million homeowners are delinquent on their mortgages as a result of the COVID-19 pandemic as well as the economic issues that have come about as a result.
The CFPB’s proposed rule changes include:
Require a pre-foreclosure review period that would generally prohibit loan servicers from starting foreclosure until after December 31, 2021 on loans secured by a borrower’s principal residence. Permit loan servicers to Continue Reading →
By Dennis Norman, on March 4th, 2021 According to a report just released by the Consumer Financial Protection Bureau (CFPB), titled “Housing insecurity and the COVID-19 pandemic“, there are over 2 million homeowners that have fallen behind at least three months on their mortgage payments. This represents a 250% increase from pre-Covid-19 levels and is now at a level we haven’t seen since the height of the Great Recession in 2010.
Homeowners with an FHA mortgage delinquency rates double rate for all loans:
As the chart below shows, homeowners with an FHA mortgage hit a serious mortgage delinquency rate of 10.8% during the 3rd quarter of 2020, Continue Reading →
By Jeremy Vlasich, on March 2nd, 2021 I have a lot of people ask me about what to invest in and how. Not every time, but often, the self-directed IRA investments can be great options for people that are in the real estate industry. For this post, I wanted to go over the basic concept and give some actual real-life examples. Once you read this, if you still need help or have questions, you are more than welcome to reach out. We are here to serve and help!
What is an IRA and what does a “self-directed” IRA mean? This is an Individual Retirement Continue Reading →
By Dennis Norman, on January 16th, 2021 As I reported a couple of days ago, home sales (non-distressed) in St Louis were up around 8% in 2020 verses 2019 however, distressed home sales were down 25% in 2020 from the year before. For several months of 2020, there were moratoriums on foreclosures which would lower the number of distressed sales and are no doubt largely responsible for the decline in sales. For the sake of this report, “distressed” sales include foreclosures, short sales, and property owned by banks or the government.
During 2020, there were 894 sales of distressed homes, down 25% from 2019 when there were Continue Reading →
By Dennis Norman, on January 12th, 2021 As a result of the impact of COVID-19 on the economy, as well as the impact of eviction moratoriums and the like, residential rental income for the apartment sector in the U.S. took a nose dive during the 2nd quarter of 2020. As the chart below shows, the total revenue for businesses from Rental and Leasing, dropped to $156 Billion during the 2nd quarter of last year, a decline of 16% from the quarter before when the total revenue was nearly $186 Billion. During the 3rd quarter however, rental revenue rebounded to nearly $180 Billion.
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Total Revenue For Continue Reading →
By Dennis Norman, on December 2nd, 2020 Last week, the Federal Housing Finance Agency (FHFA)announced that effective January 1s, 2021, the maximum loan amounts for Fannie Mae and Freddie Mac conforming loans will be increased from $510,400 to $548,250. Once a home buyers loan amount exceeds the Fannie and Freddie limits, their loan is considered a “jumbo” loan and typically less attractive terms, so an increase in the Fannie and Freddie limits is definitely helpful to home buyers in higher price ranges.
Fannie Mae and Freddie Mac are also increasing the loan limits for loans to purchase multi-family properties as well. The multi-family property limits for 2021 Continue Reading →
By Dennis Norman, on September 2nd, 2020 Yesterday, the Centers For Disease Control and Prevention (CDC) announced the issuance of an order temporarily halting all residential evictions in the United States through December 31, 2020. The CDC indicated this action was being taken “to prevent further spread of COVID-19”.
Details of the order….
Under the order, a landlord or other owner of residential property, “shall not evict any covered person from any residential property in any jurisdiction to which this Order applies during the effective period of the Order.” So, it’s pretty simple, if you own a residential property in the U.S. that has a tenant in Continue Reading →
By Dennis Norman, on August 28th, 2020 Zombies are on the rise in St Louis! I’m referring, of course, to Zombie foreclosures and not the spooky creatures from scary movies. A zombie foreclosure is a property that is in “pre-foreclosure” meaning it is in the foreclosure process but has not been yet foreclosed upon and is vacant or abandoned by the current owner. We saw the levels of zombie foreclosures rise significantly after the housing bubble burst back in 2008 but then fall around 2012 as the market began its recovery. For the 3rd quarter of 2020, according to ATTOM Data Research, 10.8% of the homes in Continue Reading →
By Dennis Norman, on July 29th, 2020 The St Louis MSA rental vacancy rate during the 2nd quarter of 2020 was 4.4%, the lowest rate in over 15 years, according to data recently released by the U.S. Census Bureau. During the 2nd quarter of last year, the St Louis rental vacancy rate was 7.6%..
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St Louis Rental Vacancy Rates – 2005 – Present
(click on table for complete data from 2005 – present)”
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By Dennis Norman, on June 17th, 2020 There were 542 homes “flipped” in the St Louis metro area during the first quarter of 2020, or 8.5% of the total number of homes sold in the St Louis metro area during the quarter, according to data just released by ATTOM Data Solutions. This is an increase of 13.8% from the prior quarter and is a decrease of 2% from a year ago. The median gross profit was 52,900 a 60.8% gross ROI.
Definition of a “flipped” home…
For the purposes of this report, a flipped home is considered to be any home or condo that was sold during Continue Reading →
By Dennis Norman, on April 4th, 2020 Need I answer? Given the title of this site and if you have been here before you probably are aware I’ve been in the real estate business ever since graduating high school some 41 years ago, I’m going to guess you know I’m going to say “of course it is”. On a more serious note though, my headline poses the question in light of the current Coronavirus pandemic which has resulted in a stay at home order for several counties in Missouri and, effective tomorrow night at midnight, the entire state of Missouri.
One of the exceptions in all of Continue Reading →
By Dennis Norman, on April 2nd, 2020 The foreclosure rate for the St Louis MSA during February increased 22.55 percent from the prior month but declined 12.0% from February 2019, according to data just released from ATTOM Data Solutions. As the table below shows, only 3 counties in the St Louis metro area saw a decline in foreclosure activity in February from the month before but 10 of the 15 counties reported saw a decline in foreclosure activity from a year ago.
Three counties, Madison in Illinois and St Louis and Lincoln in Missouri, saw a decline in foreclosure activity from both the month before as Continue Reading →
By Dennis Norman, on March 25th, 2020 As all of us continue to deal with a much different lifestyle as a result of the coronavirus pandemic (COVID-19) I am closely monitoring the St Louis real estate market to help get the most accurate information possible to our agents, clients, and consumers to help them make informed decisions about their real estate transactions.
With this in mind, I took a look at new contracts on listings for the past 7 days, so in other words, homes that actually went under contract during the period, but this time, I wanted to drill down deeper than I did a few Continue Reading →
By Dennis Norman, on March 21st, 2020 Yesterday, Michael D. Burton, Presiding Judge of the Circuity Court of St Louis County, signed an order that, until further notice, directed the St Louis County Sheriff’s office to “refrain from executing any writs of restitution (eviction of a tenant), writs of replevin, writs of attachment, writs of partition and any other writs of execution that require them to come into direct contact with the general public..”. In addition, putting a stop to evictions of tenants in St Louis County this order stops the additional actions listed as well but preventing evictions is probably the most significant part of the Continue Reading →
By Dennis Norman, on March 18th, 2020 In response to the coronavirus pandemic, the U.S. Dept. of Housing and Urban Development (HUD), as well as the Federal Housing Finance Agency (FHFA) (which oversees Fannie Mae and Freddie Mac), directed their loan servicers to suspect foreclosures and evictions for at least 60 days to help those people affected.
In a statement, Mark Calabria, the Director of the FHFA, said that borrowers affected by the coronavirus who are having difficulty paying their mortgages should reach out to the mortgage servicers as soon as possible.
HUD Secretary Ben Carson said that “The halting of all foreclosure actions and evictions for Continue Reading →
By Dennis Norman, on March 5th, 2020 There were 737 homes “flipped” in the St Louis metro area during the fourth quarter of 2019, or 7.2% of the total number of homes sold in the St Louis metro area during the quarter, according to data just released by ATTOM Data Solutions. This is an increase of 9% from the prior quarter and is a decrease of 6% from a year ago. The median gross profit was 64.450 a 71% gross ROI and a significant increase from a year ago when the Gross ROI was 54.1%.
Definition of a “flipped” home…
For the purposes of this report, a Continue Reading →
By Dennis Norman, on February 24th, 2020 Thanks to a booming economy and strong housing market, distressed home sales in the St Louis Metro Area declined by nearly 25 percent (23.42%) in the 12-month period ended January 31, 2020 from the prior 12-month period. As our exclusive, STL Market Report below shows, there were 1,887 distressed home sales (foreclosures, REO’s and short sales)in the most recent 12-month period compared with 2,464 in the prior 12-month period. The median home price of the distressed homes sold declined 1.79% during the same period, from a median price of $56,000 in the prior period to $55,000 in the most recent Continue Reading →
By Dennis Norman, on February 23rd, 2020 Let me begin with this is not a political statement and the purpose of this site is not about politics but about real estate. Having said that, this morning I came across the plans for the housing market that Bernie Sanders is proposing if he is elected President which I had not seen before. Upon reviewing his plan (it is on his official site) I realized that while many of the components of it sound good (like “End homelessness and ensure fair housing for all”) many of his promises in this area sound like things that would negatively impact investors Continue Reading →
By Dennis Norman, on February 14th, 2020 As you may have noticed, I’ve been pretty optimistic about the outlook for the real estate market this year however, that is not always the case as I call it like I see it. The reason for my optimism is based upon what a true data geek like myself would base it upon, data! So, what’s the data that has me believing 2020 will be a good year for the housing market in St Louis and beyond? Several things:
As I have been reporting here for the past couple of years now, mortgage delinquency and foreclosure rates have continued to Continue Reading →
By Dennis Norman, on February 6th, 2020 During the fourth quarter of 2019, 10.2% of the homeowners in St Louis with a mortgage, were underwater on their mortgage, meaning they were in a negative-equity position, according to data just released by ATTOM Data Research. As the table below shows, this is the lowest level of St Louis homeowners that are seriously underwater since 2013 when this data was first tracked. This continues the trend that began in the price quarter with the then lowest rate at 10.5%.
Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES St Louis Underwater (Negative-Equity) Homeowners
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By Dennis Norman, on January 16th, 2020 Foreclosure rates and mortgage delinquency rates have steadily declined over the past couple of years as the housing market, as well as the overall economy, have both continued to improve and thrive. Nonetheless, foreclosures still take place and during 2019 the St Louis MSA had the 8th highest foreclosure rate of the 20 largest MSAs, according to the latest data released by Attom Data Solutions.
As the table below shows, during 2019, in the St Louis MSA there was 1 foreclosure action for every 232 housing units. Philadelphia, PA, had the highest foreclosure rate of the 20-largest MSAs with one Continue Reading →
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