St Louis foreclosure activity during the month of April decreased to 1 foreclosure action for every 1,524 homes, a decline of 31.58 percent from April 2015, according to a report just released by RealtyTrac. Continue Reading →
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Earlier this month, General Counsel for the U.S. Department of Housing and Urban Development (HUD) issued guidance on the “Application of Fair Housing Act Standards to the Use of Criminal Records by Providers of Housing and Real Estate-Related Transaction”. This guidance has caused concern among many landlords as many, in an effort to assure safe housing for their tenants, do criminal background checks on prospective tenants and have a policies against renting to applicants with a criminal background, a practice that, according to this guidance, may very well be considered to be discriminatory now. Continue Reading → Today is earth day, so here are some interesting housing facts from the U.S. Census Bureau, related, more or less, to earth day issues: Continue Reading → St. Louis County is entertaining the idea of adding the City of St. Louis to its list of incorporated municipalities. All legal opinions rmly show that the County will absorb NONE of the City’s nancial responsibilities. If this were to happen the City of St. Louis will be no di erent than municipalities such as Clayton, Ellisville, or Chester eld. It would simply be another city located in St. Louis County. I am an advocate for this move. The City needs to cease County functions and turn them over to the County. Currently, practices and city functions run at ine cient levels. Continue Reading → St Louis foreclosure activity in January was at the rate of 1 in every 1,533 households, which is down almost 16 percent from December and down over 25 percent (25.79%) from a year ago, according to the latest data from RealtyTrac. Continue Reading → During 2015, a total of 10,391 housing units, or 1 out of 118 units, in the St Louis MSA had a foreclosure filing, according to a report just released by RealtyTrac. This is an increase of 38.29% in foreclosure activity from 2014. Continue Reading → Last night, the City Council for the City of Florissant passed bill number 9135 which, if approved by voters in April, will increase residential rental real estate license fees. In addition to increasing the rental real estate license fee from $15.00 to $50.00, this ordinance also changes the calculation of the fee from a “per owner” fee to a “per unit” fee. Continue Reading → Yesterday, St. Louis County Circuit Court Judge Gloria Reno granted a temporary restraining order against St Louis County to stop implementation of their recently adopted rental licensing ordinance. This is a huge victory for landlords, and property owners in general, as the new ordinance, as I wrote about previously, trampled property rights in many ways. Continue Reading → St Louis Foreclosure activity increased in November to 1 foreclosure activity on 1 of every 1,086 housing units in the St Louis MSA, a decrease of 8.06 percent from the month before but an increase of 62.59 percent from November 2014, according to a report just released by RealtyTrac. Continue Reading → Distressed home sales in St Louis during the month of October 2015 accounted for about 11.6 percent of all home sales during the month, a decline of about 50 percent from a year ago when St Louis distressed home sales accounted for 23 percent of the all home sales, according to the latest data just released by RealtyTrac. Continue Reading → Foreclosure activity, after an extended downward trend, has trended upward lately in the St Louis metro area and October was no exception seeing an increase of over 13 percent (13.17%) in activity from the month before and, on a 12-month rolling average, an increase of almost 30 percent (29.85%) from a year ago, according to the latest data from RealtyTrac. Continue Reading → Today most, if not all, landlords are aware of the Federal Fair Housing Act with regard to making various types of discrimination illegal when it comes to housing and, even if they don’t have a thorough understanding of all of the nuances of the act, at least have a basic understanding of it. However, today, a lack of a thorough understanding of the law, as well as the risks associated with violating it, or even being accused of violating it, can be quite costly to a landlord. Therefore, if you are considering becoming a landlord, or perhaps are already in the midst of building your real estate empire, spending time studying and understanding the Federal Fair Housing Act and how it applies to you would be time well spent and it would also be a great move to align yourself with a real estate professional with a good understanding of it that can help you navigate the regulatory waters a landlord must navigate today. Continue Reading → Distressed Home Sales accounted for just 13 percent of St Louis home sales thus far in 2015, a decline of 37.6 percent from two years ago when over 1 in every 5 (20.83%) St Louis home sales was a short sale or foreclosure. Continue Reading → St Louis Foreclosures spiked during the 3rd quarter of this year with all of the counties in Missouri that are in the St Louis MSA seeing an increase of double digits in foreclosure activity from a year ago, according to a report just released by RealtyTrac. Continue Reading → My, how fast things change! Nine days ago I wrote about a bad piece of legislation St Louis Councilman O’Mara had proposed with regard to the licensing of landlords and then, two days later, updated the article with the good news that the bill was voted down. Continue Reading → No, in spite of the fact this is October, this article is not about Halloween nor the zombies associated with it, instead, it’s about vacant homes that have delinquent mortgages but have not yet been foreclosed upon yet, which the industry has applied the term of “zombie” to. Continue Reading → Since the real estate market bubble burst in 2008, the number of foreclosed homes that the U.S. Department of Housing and Urban Development (HUD) has had to manage and sell to investors and new home owners has increased significantly, averaging around 100,000 homes sold per year and hitting a peak of 111,416 HUD homes sold during fiscal year 2013. Continue Reading → St Louis distressed home sales share of the St Louis real estate market continues to decline minimizing the negative effect on home prices caused by distressed home sales. In August, distressed home sales, primarily consisting of foreclosures and REO’s (bank owned properties) at this point as short sales have fallen to the point to be statistically insignificant, accounted for just 6 percent of the overall home sales in the St Louis metro area, according to a report just released this morning by RealtyTrac. This is a decline of over 50 percent (56.3%) from a year ago when distressed home sales accounted for 13.7 percent of total home sales in St Louis. Continue Reading → St Louis Foreclosures in August decreased slightly from the month before (1.51%) however increased over 140% from August 2014, according to a report released today by RealtyTrac. According to the report, there were 1,176 foreclosure filings in the St Louis metro area in August 2015 which equates to 1 in every 1,043 housing units in the metro area. Continue Reading → There were 123,546 St Louis homeowners with negative equity, or in a seriously underwater condition on their mortgage meaning they owe more than the current value of their home, in the St Louis MSA during the 2nd quarter of 2015 according to the most recent data by RealtyTrac. This works out to 17 percent of all St Louis metro area homeowners with a mortgage being underwater on their mortgage which is an improvement from 21 percent just 2 quarters prior. Continue Reading → St Louis foreclosure activity increased in July 32.23 percent from the month before to 1,194 foreclosures actions in the St Louis metro area, or a rate of one foreclosure activity for every 1,028 homes, according to the latest data from RealtyTrac. As the table below shows, the foreclosure activity in July 2015 was up almost 150 percent from July 2014, however, when we look at the 12-month rolling average, we can see that the activity has risen about 6 percent from a year ago. (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 ] Over half of the St Louis Foreclosures (bank and government owned) sold in July were sold for cash, according to the latest data from MORE, REALTORS. In July 2015, there were a total of 323 foreclosure sales in the 5-county core St Louis market with 179 of them, or 55.4%, being cash sales. As the table below shows, the number of foreclosure sales in St Louis in July 2015 was down 12.5% from July 2014 while the median sales price was up 1.8%. There were a total of 3,754 home sales in St Louis in July 2015, an increase of Continue Reading → I often find myself very surprised to hear how a consumer chose the real estate agent they hired to represent them and hear things such as “I work with him…”, “She is a friend of….”, “He is my cousin…” etc. When I hear these responses several things come to mind: Continue Reading → The Federal Reserve Bank of New York just released it’s Quarterly Report on Household Debt and Credit for the 2nd quarter of 2015 in which some encouraging facts were revealed with regard to the home mortgage market, including: Continue Reading → For the month of May, 2015, less than 3 percent (2.95%) of St Louis mortgages were seriously delinquent (90+ days) marking a slight decline from the month before and a decline of 13 percent from a year ago, according to data just released by CoreLogic. Continue Reading → The rental vacancy rate in the U.S. during the second quarter of this year was 6.8 percent, the lowest level in over 10 years, according to data just released by the U.S. Census Bureau. This was a decline of over 9 percent (9.33%) from the 2nd quarter of 2014 when the rental vacancy rate was 7.5%. Continue Reading → Foreclosure Sales In St Louis (the 5-county core market) in June 2015 totaled 374 sales, a decline of 4.3 percent from June 2014 where there were 391 foreclosure sales. The median price of the homes sold in June 2015 was 60,150, and increase of 7.2 percent from a year ago when the median price was $56,100. Continue Reading → St Louis Rental Vacancies remain at historically low levels in spite of a slight increase in the first quarter of this year to 8.6% from 8.5% in the 4th quarter of 2014. The St Louis vacancy rate for first quarter of 2015 was also up significantly from the first quarter of 2014 when the vacancy rate for St Louis stood at just 7.2% although we have to remember that was the lowest vacancy rate we had seen in over 10 years. Continue Reading → St Louis Foreclosures during the first half of 2015 increased in the St Louis metro area 26.52 percent from the second half of 2014 and 25.18 percent from the same period last year, according to a report released today by RealtyTrac. According to the report, there were 5,468 foreclosure filings in the St Louis metro area during the first half of 2015 which equates to 1 in every 224 housing units in the metro area. As the table below shows, with the exception of St Charles County, all of the counties making up the St Louis core market saw an Continue Reading → Within the last few days, STL Today published an article titled “The affordability crisis in the St Louis rental market”, based upon a study recently released by the Urban Institute, revealing that “there is literally no affordable, non-subsidized housing available to St. Louis low-income families.” Continue Reading → |
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