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 January 3.1 percent from the year before and declined by 1.0 percent from the month before marking the sixth consecutive monthly decline in home prices. Excluding distressed sales, year-over-year prices declined by 0.9 percent in January 2012 compared to January 2011 and month-over-month home prices increased 0.7 percent in January. Distressed sales include short sales and real estate owned (REO) transactions. Continue Reading →
Ugh, not the list we want to be on! Clear Capital just released it’s monthly Home Data Index™ (HDI) for March, which includes a list of the 15 best performing real estate markets in the U.S. as well as the 15 worst performing markets in the U.S and, unfortunately, St Louis is on the worst performing list…albeit barely. Continue Reading →
There are approximately 11-Million homeowners that are underwater, which represents about 23% of all outstanding mortgages. So, here comes another program to help the America Homeowner! Is it hype…or will it help?
Well, the new HARP program (Home Affordable Refinance Program) was released in
A report just released by CoreLogic shows that, at the end of fourth quarter 2011, there were 107,183 underwater St. Louis homeowners, or, to put it another way, St Louis homeowners with negative equity accounted for 18.8 percent of all St Louis homeowners with a mortgage. This is up from 17.1 percent at the end of the third quarter of 2011. In addition, 6.1 percent, or 34,639 St Louis homeowners, were in near negative equity for fourth quarter 2011 compared to 5.9 percent, or 33,694, in third quarter 2011. Continue Reading →
Acting FHA Commissioner Carol Galante recently announced a new premium structure for FHA-insured single family mortgage loans. FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent . Upfront premiums (UFMIP) will also increase by 0.75 percent. Continue Reading →
This morning, the S&P/Case-Shiller Index report for December was released showing all three of the home price composites ended the year at new index lows. The national composite fell by 3.8 percent during the fourth quarter of 2011 and was down 4.0 percent from the year before. Both the 10-city and 20-city composites fell by 1.1 percent in December from the month before and the home price indexes were down 3.9 percent and 4.0 percent respectively from the year before. All three composites are at their lowest levels sine the housing crisis began in mid-2006. Continue Reading →
The National Association of REALTORS released it’s Pending Home Sales Index for January today showing an increase of 2.0 percent in the index from the month before (seasonally adjusted), and an 8.0 percent increase from a year ago. This marks the highest level the pending home sales index has been at since April 2010 when it hit 111.3 as a result of buyers racing to buy before the homebuyer tax credit expired. Continue Reading →
In this video I do a quick recap of the news in the St Louis real estate market for the week as well as 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, 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. Continue Reading →
Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for January 2012 showing a decrease of 0.9 percent from the month before, and an increase of 3.5 percent from a year ago. The seasonally-adjusted new home sales rate for January was 321,000 homes, down from an adjusted rate of 324,000 homes the month before. This is the first month new home sales have declined after four consecutive months of increases. Continue Reading →
Freddie Mac recently released their fourth-quarter refinance analysis and it shows that 85 percent of homeowners who refinanced their mortgages during the fourth quarter of 2011 maintained or reduced their principal balance by paying-in additional money at the closing table. Frank Nothaft, Freddie Mac’s vice president and chief economist, said savvy homeowners are taking advantage of some of the lowest fixed-rates in more than 60 years to lock in interest savings. Continue Reading →
Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in January were at at a seasonally adjusted-annual rate of 4.57 million units which is an increase of 4.3 percent from the month before and an increase of 0.7 percent from a year ago. The actual number of homes sold in January was 257,000 which is 26.4 percent less than the month before and 4.0 percent more than a year ago when there were 246,000 homes sold. Continue Reading →
This is just an awesome property located on approximately 6 acres. It has an interesting and romantic history and I’ll give you some background. The home has been foreclosed on and is a true bargain but does need some TLC! Stuart Castle was originally valued at $2 million, and is now being offered for $410,900. And it is a CASH, AS IS, only deal! Continue Reading →
Two things are driving home buyers into the real estate market; babies and jobs, according to a survey just released by Coldwell Banker. According to the survey, 70% of real estate professionals surveyed say the “most common” reason buyers are searching for a new home today is a result of a new baby or growing family, followed closely by a relocation for a job. Other things driving buyers into the market include marriage, divorce and retirement. Continue Reading →
For many military members, there is no greater joy than completely service and finally being able to lay some roots, and the first order of business for many is to purchase a home. However, in recent years, purchasing a home hasn’t been as easy as it once was. Conventional lenders have increased their lending requirements sometimes making it nearly impossible for the average borrower to secure financing.
However, the large down payments and high credit requirements of conventional lending don’t have to mean the end of the road for military
Below is a video update on the St. Louis Real Estate Market that I prepare weekly. In this video I do a quick recap of the news in the St Louis real estate market for the week as well as 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, 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 Continue Reading →
The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for January 2012 showing an increase in single-family home building permits from the month before of 0.9 percent and a 1.0 percent decrease in new home starts compared to the month before. Continue Reading →
In a presentation given at the International Builders Show, Jill Waage, Editorial Director for Home Content for Better Homes and Gardens revealed survey results about consumer attitudes towards home ownership, upkeep and renovations, design and personalization, and more. A primary point revealed in the presentation shows that, despite continuing economic uncertainty, consumer thoughts toward home ownership remain strong with 8 in 10 saying home ownership is still a good investment and an important part of the American Dream. Continue Reading →
Today, Moe Veissi, President of the National Association of REALTORS, issued the following statement in response to President Obama’s budget proposal: “As the leading advocate for housing and homeownership, NAR is strongly opposed to elements of President Obama’s budget proposal that would limit itemized deductions, including the mortgage interest deduction, for thousands of families.” Continue Reading →
Below is a video update on the St. Louis Real Estate Market that I prepare weekly. In this video I do a quick recap of the news in the St Louis real estate market for the week as well as 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, 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 →
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 →
In most parts of the country, when a home is sold, the closing is handled by one title insurance company at which both the buyer and seller close at. In St Louis, “split-closings” are common, meaning that the buyer and seller close at different title companies. Is this bad, or a risky move for them? To answer this, I turned to Wendy Cromer, Vice-President of Marketing for Security Title Insurance Agency, LLC and the current President of the Missouri Land Title Association for her perspective. Continue Reading →
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 →
Have you ever thought about the similarities between houses and the human body? For example as our bodies age, things are not quite as straight, square and firm as they once were in our younger years. At one time I had a 44 inch chest and now with age it seems that chest dimension is closer to my waist line. In most cases, this aging in homes translates into floors not being totally level and windows and doors being skewed slightly or not latching. While this may create slight operational issues these conditions are quite common in older homes, some more so than others depending on the age, floor plan, design etc. While one could, in theory go through and re-level the floors, in my opinion in most cases this would be an unnecessary expense and cause additional problems. Quite frankly many look at these conditions as part of the “character” and “charm” of an older home. Continue Reading →
The St Louis foreclosure rate was 1.69 percent for November 2011, down from 1.75 percent the month before and only up slightly from a year ago when the rate was 1.67 percent, according to newly released data from CoreLogic. As usual, the St Louis foreclosure rate is significantly lower than the national foreclosure rate, which was 3.41 percent in November 2011. 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 →
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 →
Realtor.com, which claims to have more traffic on it’s website than any other real estate website in the world, released their report for December showing how 146 metro areas in the U.S. stack up in terms of popularity for home searches. St. Louis did not make the top 10, but did come in at a respectable 19 however. Continue Reading →