Property “flips” in St Louis slowed during the 3rd quarter of this year to just 234 properties flipped in the St Louis MSA during the quarter making up 2.6% of overall home sales for the quarter, a decline of 20% from the quarter before and a decline of 55% from the third quarter of 2013, according to data just released by RealtyTrac. Property flipping is a term that has been loosely applied to a variety of real estate transactions but, for the purpose of this report, was considered to be when a single family home sold in during the third Continue Reading →
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UPDATE December 17, 2014 – Congress has passed an extension of the Mortgage Forgiveness Debt Relief Act of 2007 through December 31, 2014 – It is part of a bill that has been sent to President Obama for his approval. This falls short of the two year extension the National Association of REALTORS (NAR), among other groups, was pushing for which would have covered next year as well, but is at least some relief for those affected this year. The Mortgage Forgiveness Debt Relief Act of 2007 provided relief for homeowners that receive forgiveness on some of their mortgage debt Continue Reading → St Louis Foreclosure Activity was on the rise during the month of October with a big spike in foreclosure activity from the month before in St Charles and Franklin Counties as well as the St Louis MSA as a whole, according to newly released data from RealtyTrac. As the table below shows, St Charles County saw an increase of over 3,000% in foreclosure activity during the month of October from September, and over a 400% increase in activity from October 2013, however, this is the result of a large influx of REO property in October. When you look at the Continue Reading → Yesterday, the Missouri Supreme Court handed down it’s decision in the case “Missouri Bankers Association, Inc., and Jonesburg State Bank v. St. Louis County, Missouri, and Charlie A. Dooley” ruling in favor of the Appellants (Missouri Bankers Association and Jonesburg State Bank) and against the Respondents (St Louis County and Charlie A. Dooley) by reversing an lower courts decision that ruled the Banker’s suit was moot. The original suit was filed after St Louis county enacted its “Mortgage Foreclosure Intervention Code” which, among other things, required mediation prior to a bank or other lender proceeding with a foreclosure on a Continue Reading → Halloween may be just two days away however zombies are getting harder to find in St Louis, or at least “foreclosure zombies“. That’s right, according to the latest data from RealtyTrac, during the 3rd quarter of this year St Louis had 481 zombie foreclosures (homes in the foreclosure process, not yet foreclosed upon and the owner has vacated) or about 33 percent of the St Louis foreclosures. This is down 40 percent from the quarter before and down 70 percent from a year ago. This is good news as zombie foreclosures quickly become a nuisance as well as an eyesore Continue Reading → Distressed home sales in St Louis accounted for 7.97 percent of all home sales during the 3rd quarter, down from 9.84 percent the quarter before and down a whopping 40 percent from a year ago when distressed sales accounted for 13.6 percent of all homes sold in the St Louis MSA, according to the latest data from RealtyTrac. State-wide for Missouri, distressed home sales made up 7.12 percent of home sales during 3rd quarter, lower than the rate for St Louis however, at the other side of our state, in Kansas City, distressed home sales share of home sales was Continue Reading → Some property owners elect to sell or lease out a home or condo without engaging the services of a professional real estate agent or broker without fully understanding all the risk they are taking on. Granted, being a licensed real estate broker, I’m a little partial here, but I can honestly say that, given all the laws, rules and regulations that pertain to the sale or leasing of residential real estate, as well as the hefty fines, or even criminal charges, that can result in non-compliance, for most owners I would not suggest to go it alone. One of the Continue Reading → Foreclosures in the St Louis area fell dramatically during the 3rd quarter of this year with 1,529 total foreclosure actions on property in the St Louis MSA, a decline of 28.05 percent from the prior quarter and a decline of 53.04 percent from the same quarter a year ago, according to the latest data from RealtyTrac. As our table below shows, during the 3rd quarter of this year all the counties in the core area of the St Louis market saw double digit declines in foreclosure activity from both the quarter before as well as the same period a year Continue Reading → Today, the U.S. Department of Housing and Urban Development (HUD) released it’s Fair Market Rent amounts for 2015 which are used for several purposes including computation of section 8 rents in a given area. The table below shows the fair market rents for 2015 for all Missouri Counties as well as Missouri Metropolitan Areas. (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 St Louis Foreclosures Search St Louis Short Sales If you are one of the many parents of college-bound kids that is considering investing in a property to provide housing for your college student rather than waste money or dorms or rent, then this newly released info will help. Below is a list of the best college towns for renting property as well as the best college towns for flipping property, as compiled by RealtyTrac. St Louis didn’t make either list, actually nothing in Missouri did, however, many of the colleges and universities listed have plenty of kids attending from this area. (We work hard on this and sure Continue Reading → St Louis short sales are definitely fewer and farther between than they were a couple of years back however, they are still out there and still often offer a great opportunity to a buyer. A short sale is where a home is being sold by it’s owner at a price less than the current mortgage on it in the hope that the lender will agree to accept the proceeds from the sale and release the loan since the equity is simply not there to sell the home and pay off the loan. Of course, there has to be some hardship Continue Reading → The St Louis Foreclosure rate in July 2014 was 0.78 percent, down almost 30 percent from the same time last year when the St Louis foreclosure rate was 1.08 percent, according to data just released by Corelogic. The foreclosure rate for the state of Missouri in July 2014 was .64%, down from .89% a year ago. On another good note, the serious mortgage delinquency rate (90+ days) for St Louis in July 2014 was 3.33%, down from 3.85% in July 2013. On the state level, the Missouri serious mortgage delinquency rate for July 2014 was 3.06% down from 3.52% the Continue Reading → The new home market is improving and home builders indicate they have more confidence in the new home market now than they have had since November 2005, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today. According to the HMI, home builders confidence is presently at 59, the highest level the index has been at since November 2005. The HMI is comprised of several components including builder’s opinions of current sale conditions, buyer traffic and future sales. The response from builders indicate they feel optimistic about current sale conditions and very optimistic about future sales, Continue Reading → For the first time in a long time, there was an increase in St Louis Foreclosures with 497 foreclosure actions in August, equivalent to 1 foreclosure action for every 2,511 housing units, an increase of 2.47 percent from the month before. While up from the month before, St Louis Foreclosures in August 2014 were down 58.41% from August 2013. As the table below shows, St Charles County had a big decline in foreclosure activity in August and the city of St Louis a modest decline, but Jefferson County and Franklin County both saw increases in foreclosures over over 100% from Continue Reading → One month ago yesterday, officer Darren Wilson shot Michael Brown and suddenly Ferguson, the little city where I grew up and began my career in real estate in 1979, became the focus of national news and headlines for days and weeks ahead. Unfortunately, the coverage of the shooting has cast Ferguson in a very negative light and no doubt will hurt the progress the city has made over the past several years to revitalize its city and make it an attractive place to live, work and start a business. This website is about real estate, so while I think this Continue Reading → The number of St Louis Foreclosures (bank and government owned) continues to decline resulting in just 335 St Louis Foreclosures being sold during the month of August 2014 in the St Louis Core market, a decline of 44% from August 2013 when there were 598 St Louis Foreclosures sold. What hasn’t changed though is the fact that nearly two-thirds (62%) of the foreclosures sold were cash sales for both periods. For the St Louis real estate market as a whole, cash sales made up for fewer of the home sales in August 2014 with just 22% of all homes being Continue Reading → Property flipping, which is basically buying a property and then reselling it immediately, or shortly thereafter, is occurring less frequently now in St Louis than it was, according to a report released today by RealtyTrac. According to the report, there were 289 houses flipped in the St Louis metro area during the 2nd quarter, down 44% from the first quarter and down 17% from the 2nd quarter of 2013. During the 2nd quarter of this year, 3.3% of all St Louis home sales were “flip” deals which, for the purpose of this report, were homes that were bought, then resold Continue Reading → Today, the owners and operators of the Alger Meadows Apartments in Grand Rapids, Michigan, agreed to pay $550,000 in damages as well as terminate their property manager to settle a sexual harassment lawsuit that was filed against them by the U.S. Department of Justice. With the increasing popularity of rental property as an investment, there are many new investors and landlords getting into the business and they need to realize the importance of being familiar with the laws and regulations that may affect them and their business in order to avoid problems. Even though, according to the press release Continue Reading → St Louis foreclosure activity was on the decline again in July with a total of 485 foreclosure actions taking place in the St Louis MSA during the month which equates to foreclosure activity on 1 of every 2,573 housing units, according to data released this morning by RealtyTrac. This represents a decline in St Louis foreclosure activity of 19.57% from the month before and a decline of 59.0% from July 2013. As the table below shows, with the exception of Franklin County, all of the major Missouri counties of the St Louis MSA saw a decline in foreclosure activity from Continue Reading → The rental vacancy rate in the U.S. was at 7.5% for the 2nd quarter of 2014, down from 8.3% the quarter before and at the lowest level in 20 years, according to data just released by the U.S. Census Bureau. The U.S. rental vacancy rate has not been this low since the 4th quarter of 1994 when the rate was 7.4%. Here in the Midwest region of the U.S., the rental vacancy rate was 7.5% during the 2nd quarter of 2014, the lowest rate in 16 years! The last time the Midwest Region of the U.S. saw rental vacancy rates Continue Reading → Even though, for a while now, foreclosures have been on the decline in St Louis as well as in most parts of the country, there are still many St Louis neighborhoods that are being impacted significantly by foreclosure activity. While after the housing bubble burst in 2008 we foreclosures appeared in most every neighborhood in St Louis from areas with the lowest values to areas with the highest, there has been a concentration of foreclosure activity in a few areas of St Louis. The city of Florissant, for one, is an area that has had more than it’s fair share Continue Reading → St Louis Foreclosure activity dropped in June to a rate of 1 foreclosure action on every 2,070 units, a decline of nearly 50 percent (49.58%) from June 2013, and down 13.11% from the month before, according to a report just released this morning by RealtyTrac. The table below shows the numbers for the St Louis metro area as a whole as well as a breakdown by county and, as the table shows, all the counties in the St Louis, Missouri core market saw declines of nearly 50% or better in the past year and all, except the city of St Continue Reading → St Louis’ Most Expensive Foreclosures currently for sale includes homes in St Louis, St Charles and Franklin counties and top out at $1,700,000 at the time of this article. While buying a foreclosure does generally involve more risk than buying a privately owned home that is being sold under “non-distress” conditions, the added risk is usually rewarded in a much better price and therefore a better deal. The main risks with buying a foreclosure have to do with the condition of the property both in that the property is normally being sold as is, there is not a sellers disclosure Continue Reading → I’ll begin with a disclaimer. I realize this is a VERY subjective topic and there are about a hundred different criteria one may use to determine the best area to invest in rental property however, having said that, I attempted to do a broad brush analysis from 30,000 feet. I decided to look at which area, in general, offers the best return on investment when it comes to rental property. For the sake of my analysis, I looked at single family homes as rental properties since they are the most common investment by individual investors. To determine the best rate Continue Reading → As I wrote about recently, lofts in St Louis are making a comeback and the loft market is heating up. Lofts come in a lot of shapes and sizes and, given the challenge presented to developers to create great residential spaces in old buildings original built to be warehouses or for other commercial uses, not all are created equal. Below are 3 of what I think are the coolest loftscurrently on the market. (click the image to see all photos and complete details). (click the image to see all photos and complete details) Continue Reading → Zombie Foreclosures, while fewer, are still quite prevalent in the St Louis area. So, what is a zombie foreclosure? Good question. It’s yet another term that has come out of the real estate bubble burst of 2008 and refers to homes that are in the foreclosure process and the owner has vacated the home prior to actually losing it as the foreclosure is not complete. These properties often become an eyesore and burden on the neighbors, and the city they are in, as they are sort of in “no man’s land” as the owner has left the property and typically Continue Reading → St Louis Foreclosures, and short sales, in May 2014 accounted for just 8.5% of all home sales in the St Louis core market (city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin), according to data released just this morning from RealtyTrac. This is a decline of 26.7% from May 2013 when foreclosures and short sales in St Louis accounted for 11.6% of all home sales. (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 St Louis Foreclosures For Sale The inventory of homes for sale in several St Louis neighborhoods is down to the lowest level we have seen in years. It would be great if that was the result of skyrocketing home sales however, it’s really a combination of home sales and a lack of sellers. While there are many different reasons people are not choosing to sell right now, I believe it is a lack of equity that is holding back many homeowners from selling, particularly in the lower price ranges. Last month I did an article about the fact that 40 percent of St Louis homeowners Continue Reading → New home construction is not keeping up with demand in most of the U.S. and could even lead to “persistent housing shortages and affordability issues unless housing starts increase to match up with local job creation”, according to a newly released analysis by the National Association of REALTORS® (NAR). Lawrence Yun, NAR’s chief economist, discussed in the report the relationship between new jobs and increased demand for housing saying “Historically, there’s one new home construction for every one-and-a-half new jobs,”. Yun goes on to say “Our analysis found that a majority of states are constructing too few homes in relation Continue Reading → Distressed home sales in St Louis accounted for just under eleven percent (10.7%) of all home sales in the St Louis MSA in April 2014, according to data released just this morning from RealtyTrac. This is a decline of 29.1% from April 2013 when distressed home sales in St Louis were responsible for 15.1% of all home sales. Distressed home sales include short-sales (when sellers sell for less than they owe with the agreement of their lender), REO’s (bank-owned real estate acquired through foreclosure and now being resold) and foreclosure auction sales (when homes are actually sold at foreclosure). Since Continue Reading → |
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