By Dennis Norman, on February 9th, 2018 The percentage of homeowners with a mortgage in the St Louis MSA that were seriously underwater in the last quarter of 2017 was 13.8%, about half the rate from 4 years earlier, according to data just released by ATTOM Data Solutions. For this report, a homeowner is considered “seriously underwater” when the total of their home mortgage(s) is equal to, or greater than, 125% of their home’s current value.
Also shown on the table below is the percentage of equity-rich homewners in the St Louis MSA. An “equity-rich” homeowner is at the other end of the spectrum from an underwater Continue Reading →
By Dennis Norman, on December 27th, 2017 Distressed home sales, foreclosures, bank and government-owned homes and short sales, continue to decline in St Louis as the economy and housing market continue to improve. The chart below illustrates this downward trend as, for each monthly data point, it shows the total number of distressed home sales in the 5-county core St Louis market for the prior 12-months. Plotting out the prior 12-month activity is a great way to spot trends and changes in the market. As the chart shows, for the 12-month period ending last month, November 2017, there were 1,484 distressed home sales, down over 34% from Continue Reading →
By Dennis Norman, on December 21st, 2017 The real estate market in St Louis continues to improve and grow stronger, evidenced by the declining foreclosure rates being reported by ATTOM Data Solutions. For November 2017, there were 857 foreclosure actions taken on housing units within the St Louis MSA, a decline of 17.52% from the month before and a decline of 6.54% from a year ago.
St Louis MSA Foreclosure Rate – November 2017
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By Dennis Norman, on December 8th, 2017 St Louis flipped homes accounted for 6.6% of home sales in the St Louis MSA during the 3rd quarter of 2017, the lowest level since the 3rd quarter of 2016 when flips made up 6.3% of the St Louis home sales. For the purposes of this report, a “flip” was defined as a property that was sold in an arms-length sale for the second time within a 12-month period.
Slow times are good flip times…
As the table below shows, with very few exceptions, for the 17 year period covered in the table, home flips have accounted for a larger Continue Reading →
By Dennis Norman, on November 5th, 2017 The vacancy rate for rentals in St Louis during the third quarter of this year was 9.8%, significantly lower than the median vacancy rate of 11.5% for that quarter since 2004. The year to date median vacancy rate for 2017, through the first 3 quarters, is 8.1% which is tied with last years rate, the lowest in more than a decade. So it’s a good time to be a landlord in St Louis! (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 ] Search Rental Property For Sale In St Louis Search Multi-Family Properties for Continue Reading →
By Dennis Norman, on October 30th, 2017 Over the past couple of years, as the St Louis real estate market has continued performing well, mortgage delinquencies and foreclosures have continued to decline. Rising home value has also caused the number of “underwater” homeowners, also known as homeowners in a negative-equity position (meaning their mortgage balance exceeds their homes current value) to decline as well. As the table below shows, 5 of the seven St Louis area counties listed saw a decline in the number of underwater properties in the 3rd quarter of this year from a year ago. The largest decline in underwater properties was St Charles Continue Reading →
By Dennis Norman, on October 27th, 2017 As of the end of September, in the city of St Louis, 7,265 of the 104,288 residential properties in the city were vacant, giving the city a vacant property rate of 6.97 percent, the 2nd highest of all the counties in the U.S., according to a newly released report by ATTOM Data Solutions. The number of vacant properties in the city of St Louis increased 4.4% from the same time last year. Baltimore Maryland had the highest vacant property rate at 8.14 percent.
As the table below shows, St Clair County, Illinois was the next St Louis area county on Continue Reading →
By Dennis Norman, on October 10th, 2017 On a national level, according to a report released by Corelogic, the foreclosure rate is at a 10-year low and, for the most part, mortgage delinquency rates continue to fall as real estate markets around the country continue to improve.
The state of Missouri, as well as it’s two big metro areas, St Louis and Kansas City, are following suit with improvements in mortgage delinquency and foreclosure rates.
State of Missouri- Mortgage Delinquency/Foreclosure Rates: 30+ day mortgage delinquency rate improved from 5.3% of all mortgage loans a year ago to 4.5% for July 2017; 90+ day mortgage delinquency rate improved Continue Reading →
By Dennis Norman, on September 14th, 2017 Home flipping accounted for 7.3 percent of all the home sales in the St Louis MSA during the 2nd quarter of this year according to a report released today by Attom Data Solutions. This is a decrease of 15% from the prior quarter when 8.6% of the homes sold were flips and is an increase of 10.6% from a year ago when 6.6% of the homes sold in St Louis were flips, according to the report. For the purposes of this report, a “flip” was defined as a property that was sold in an arms-length sale for the second time Continue Reading →
By Dennis Norman, on August 3rd, 2017 It’s no secret that here in St Louis we are little slow to embrace new trends or styles and that holds true when it comes to our housing market. I remember when I first entered the real estate business in 1979 although condominiums had become quite popular in many metropolitan areas in the U.S. at the time, since the early 60’s when the popularity began to increase, they weren’t very common here. I remember many early condominium developers in St Louis struggling to make a profit doing condo conversions (where multi-family properties were converted into the condominium form of ownership Continue Reading →
By Dennis Norman, on June 13th, 2017 The U.S. Department of Housing and Urban Development (HUD) announced last week that the Silver State Fair Housing Council, and the owner/manager of four apartment complexes in Reno, Nevada had reached an agreement to settle four Fair Housing complaints. Silver Lake State Fair Housing Council filed the complaints on September 20, 2016 against ERGS, Inc. alleging ERGS had violated the Federal Fair Housing Act by charging a pet deposit to tenants with service animals. Continue Reading →
By Dennis Norman, on June 8th, 2017 On June 2, 2017, in a victory for landlords, St Louis County Circuit Court Judge Gloria Clark Reno declared St Louis County’s landlord license ordinance unconstitutional. Going into effect on December 31, 2015, after being passed by the St Louis County Council, in a surprise vote, the St Louis County Landlord Licensing Ordinance required landlords to obtain a license annually to have the right to rent out their property. Continue Reading →
By Dennis Norman, on May 11th, 2017 There were 1,814 foreclosure filings on homes in the St Louis metro area during the month of April 2017, an increase of 13.23% from the month before and an increase of 12.25% from April 2016, according to a report just released this morning by ATTOM Data Solutions. As the table below shows, all 7 Missouri Counties included in the report saw an increase in foreclosure activity last month from both the prior month as well as a year ago. Of those, Lincoln County (which has very little foreclosure activity) saw the largest year-over-year as well as month-over-month increase, follow by St Louis County with a 45.37% increase from the month before and Franklin County with a 71.43% increase from a year ago. Continue Reading →
By Dennis Norman, on May 10th, 2017 The foreclosure rate in Missouri continues to decline with the foreclosure rate for February 2017 coming in a 0.4 percent, according to a report just released by CoreLogic. The rate for February is down slightly from a year ago when the Missouri foreclosure rate was 0.5 percent. Based upon the mortgage serious delinquency rate (90 days or more) as well as delinquency rate (30 days or more), both lead-indicators or predictors of things to come with regard to foreclosures, the foreclosure rate will continue to decline in the near term. Continue Reading →
By Dennis Norman, on April 13th, 2017 During the first quarter of 2017, the foreclosure rate in the St Louis metro area was one in every 487 housing units, a decline of 19.59 percent from the quarter before, and a decline of 3.61 percent from a year ago, according to a report released today by Attom Data. Continue Reading →
By Dennis Norman, on March 17th, 2017 So my headline is a rhetorical question and I personally don’t think landlords and tenants are bad people but, after seeing so many municipalities work so hard over the past few years passing ordinances that, in many cases, in my humble opinion, just tramples the property rights of landlords as well as the rights of tenants, one would have to believe that landlords and tenants must be some pretty bad people. After all, if not, why would some municipalities work so hard to discourage them from entering their cities and work hard to chase them out? Continue Reading →
By Dennis Norman, on February 19th, 2017 Investors that rental property may find their best returns, relative to the price of the homes they buy, in the City of St Louis, according to some county-level rental data compiled by MORE, REALTORS. As the tables below illustrate, over the past 12 months the median price of homes sold in the City of St Louis was $106.57 per square foot and the median annualized price per foot homes lease for was $11.04 which works out to a gross annual return on investment of 10.4%, the highest of the four St Louis area counties we looked at. Continue Reading →
By Dennis Norman, on January 20th, 2017 When I first got in the real estate business in 1979 buying foreclosed property was something pretty well limited to speculators at the time. People like the broker I started with, and what I became a few years later, that bought property for cash, as-is generally to fix up and resell. Foreclosures, and how to buy them, were a mystery at the time, not only to the general public but to many in the real estate business as well. This is what gave us speculators an edge…we knew how to get the information on foreclosures and how the process worked. Ditto for tax sales and sheriff sales and short sales were something that didn’t even exist at the time. Continue Reading →
By Dennis Norman, on December 29th, 2016 The number of distressed home sales in St Louis has been on the decline while distressed home prices have remained relatively flat. For the purposes herein, a “distressed” home sale includes short sales, foreclosures, bank-owned and government-owned homes. Thus far, as the chart below illustrates, there have been 2,170 distressed home sales in the St Louis 5-County Core market (the City of St Louis and Counties of St Louis, St Charles, Jefferson and Franklin) this year which is a decline of 23% from last year when there were 2,871 distressed homes sold and down 38.4% from 2014 when there were Continue Reading →
By Dennis Norman, on November 4th, 2016 A report recently released by ATTOM Data Solutions revealed shows distressed home sales in the U.S. (foreclosures, short sales and bank-owned real estate) accounted for just 12.9 percent of the home and condo sales in the U.S. during the 3rd quarter of this year which is down from 15 percent during the 2nd quarter and down from 15.9 percent a year before. This is the lowest level for distressed home sales since the 3rd quarter of 2007, according to the report. Continue Reading →
By Dennis Norman, on October 29th, 2016 The rental vacancy rate in the St Louis MSA the U.S. during the third quarter of this year rose to 9.5 percent from 5.5 percent the prior quarter, according to the latest data released by the U.S. Census Bureau. It is worth noting though that the 5.5 percent vacancy rate seen during 2nd quarter was the lowest quarterly vacancy rate for the St Louis MSA in well over a decade and 9.5 percent for the 3rd quarter of 2016 is still much lower than the 13.9 percent vacancy rate we saw for St Louis during the 3rd quarter of last year. Continue Reading →
By Dennis Norman, on October 21st, 2016 The city of St Louis is one of the “Top 17 Single Family Rental Millennial Meccas”, according to a report just released by Attom Data Solutions. As the interactive info graphic below shows, St Louis joins the likes of Baltimore Maryland, Milwaukee Wisconsin and El Paso Texas, along with others, as a place that is ripe for investors to rent homes to millennials. For the report, millennial were defined as people born between 1979 and 1993. According to the report, investors that purchased rental homes in the city of St Louis during the first half of 2016 saw a gross rental yield of 12%, nearly 50% higher than the national average of 8.7%. In addition, millennials make up nearly a third of the population of the city of St Louis (29.3%) and 29.8% of the city is rental property, making for a solid rental market. On the downside, the average wages in the city of St Louis is down 2% from last year. Continue Reading →
By Dennis Norman, on October 16th, 2016 On October 10th (well, technically October 11th since the final vote was not taken until reportedly 1:00 am) the city of Florissant dealt it’s latest blow to landlords and tenants clearly, in my humble opinion, sending a message that they (Florissant) want neither within their city limits. Continue Reading →
By Dennis Norman, on October 13th, 2016 There were 293,190 foreclosure filings in the U.S. during the 3rd quarter of 2016, which is a decrease of 10 percent from a year ago, according to a report released today by Attom Data Solutions. This marks the fourth consecutive quarter in which foreclosure activity has decreased on a year-over-year basis and continues the steady downward decline in foreclosure activity we have seen for 6 years and has now finally fallen back to levels we saw prior to the housing bubble. Continue Reading →
By Dennis Norman, on September 27th, 2016 There were 184 distressed homes (short-sales and foreclosures) sold in St Louis (the 5-county core market) during the month of August, an increase of 44 percent from July when there were just 128 distressed home sales. Continue Reading →
By Dennis Norman, on August 11th, 2016 The number of homeowners that are “seriously underwater”, or in a negative-equity position (meaning they owe more on their home than it is currently worth), increased during the 2nd quarter of this year, according to a report just released by Attom Data Solutions. During the 2nd quarter of 2106, 17.8% of the homeowners, with a mortgage, in the St Louis MSA were in a negative equity position, up from 16.6% the quarter before and up just slightly from 17.4% during the 2nd quarter of 2015. Continue Reading →
By Dennis Norman, on July 14th, 2016 There were 4,935 foreclosure filings on homes in the St Louis metro area during the first six months of 2016, a decline of 27.1% from the second half of 2015 when there were 6,770 foreclosure filings and down 9.75% from the first half of 2015 when there were 5,468 filings, according to a report just released by RealtyTrac. Continue Reading →
By Dennis Norman, on June 16th, 2016 Foreclosure activity in the St Louis metro area during the month May occurred at a rate of 1 foreclosure action for every 1,267 homes, an increase of 20.3 percent from the month before, but a decrease of 9.75% from a year ago, according to a report just released today by RealtyTrac. Continue Reading →
By Dennis Norman, on June 10th, 2016 This legislative session, the Missouri State Legislature passed HB. 1862, which modifies provisions relating to the existing landlord-tenant law in Missouri, specifically, it repeals sections 534.350, 534.360, 535.030, 535.110, 535.160 and 535.300 of the Revised Statutes of Missouri and replaces them with five new sections as described in the bill. Continue Reading →
By Dennis Norman, on June 2nd, 2016 Home flipping accounted for 8.1 percent of all the home sales in the St Louis MSA during the 1st quarter of this year according to a report released today by RealtyTrac. This is up 20 percent from the prior quarter however is a decline from the first quarter of 2015 when flipped homes accounted for 8.3% of all the homes sold. Continue Reading →
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