St. Louis Foreclosure Rates Decrease Slightly in February; still up 26 percent from year ago

Dennis Norman

The St. Louis foreclosure rate in February was 1.78 percent, an increase of over 26 percent from a year ago, and just a slight decrease from January’s rate of 1.79 percent, according to a report published by CoreLogic. On a positive note, the report shows that the St. Louis Mortgage Delinquency rate (Serious delinquency, 90+ days delinquent) decreased slightly to 5.09 percent in February from 5.16 percent the month before and down over 13 percent from a year ago.

Highlights from the report for February..

  • St. Louis had a serious mortgage delinquency rate of 5.09 percent, down from 5.16 percent the month before and down over 13 percent from the year before.
    • Nationally, the delinquency rate was 7.79 percent, down 8.3 percent from the year before.
    • In Missouri, the delinquency rate was 4.79 percent, down 11.4 percent from a year ago.
  • St Louis had a foreclosure rate of 1.78 percent, a slight decrease from the month before and an increase of 27.9 percent from the year before.
    • Nationally, the foreclosure rate was 3.63 percent, an increase of 18.6 percent from the year before.
    • In Missouri, the foreclosure rate was 1.57 percent, an increase of over 26 percent from the year before.

The good news continues to be the downward trend of the rate of serious mortgage delinquency in St. Louis.  Last month I said that, absent a major blow to the economy, I would expect over the next couple of months we would see foreclosures trending downward…perhaps this slight decline for February is the beginning…since the rate of serious mortgage delinquency in St. Louis is continuing downward I would say this downward trend for foreclosures in St. Louis is sustainable.

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