St Louis Foreclosures Drop in July; Down Over 35 Percent From Year Ago

Finally some good news for the St. Louis Real Estate Market!  This morning RealtyTrac released their foreclosure activity report for the St. Louis metro area for July 2011 showing that foreclosure activity in the St. Louis metro area in July was down 8.77 percent from the month before and down a whopping 35.46 percent from a year ago!  Considering foreclosures are the 800 lb gorilla in the room clobbering home prices throughout the St. Louis area, this is great news.  Not to mention, this news comes on the heels of the report I wrote about yesterday showing mortgage delinquencies hit their lowest rate in two years.  With mortgage delinquencies declining, foreclosures will continue to decline and, while we still have a long way to go before we can start using the “R” word with regard to the St. Louis real estate market (recovery), we are at least headed the right direction.

In the St. Louis metro area, St Louis County fared the best with a year-over-year decline of almost 53 percent in foreclosure activity in July,  followed closely by Jefferson County with a decline of 48.9 percent and Franklin County with a decline of 47.83 percent.   Lincoln County, on the other hand, had a 133 percent year-over-year increase.

To find foreclosures in your area click here.

SOURCE: RealtyTrac