St. Louis foreclosures on the rise in July

Dennis Norman

A report released by CoreLogic showed the St. Louis metro area to have a foreclosure rate in July of 1.48 percent up slightly from June’s rate of 1.43 percent and an increase of 27.6 percent from the year prior when the rate was 1.16 percent.

The national foreclosure rate for July remains over twice the rate of St. Louis at 3.13 percent which is an increase of 16.8 percent from a year ago when the national foreclosure rate was 2.68 percent. For the State of Missouri the foreclosure rate in July was 1.26 percent, a 16.7 percent increase from a year ago when Missouri’s rate was 1.08 percent.

Mortgage delinquencies decrease for sixth consecutive month…

On the positive side of things, the rate of serious mortgage delinquencies in St. Louis continues to fall at a slow, but steady rate. For July 2010, 5.18 percent of the home loans in St. Louis were 90 days or more delinquent on their mortgage payments, an increase of 15.9 percent from a year ago when the delinquency rate in St. Louis was 4.47 percent.

Nationally, the rate of serious delinquency on home mortgages in June 2010 hit 7.81 percent, an increase of 16.4 percent from a year ago when the national rate was 6.71 percent.

 

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