St Louis Foreclosures in 2011 Remain Flat; Sold for about half of non-distressed sales

st-louis-foreclosures-realtor-dennis-normanSt. Louis foreclosure sales in 2011 numbered 7.894, about the same as the year before, according to a report released this morning from RealtyTrac.  The 2011 St Louis Foreclosure sales were down almost 20 percent from 2009 and accounted for about 17 percent of all home sales in 2011.  The average St Louis Foreclosure sale price in 2011 was $86,167, a discount of over 49 percent of a non-distressed home sale. 

Pre-Foreclosure Sales in St Louis:

In 2011 there were 2,648 pre-foreclosure sales (short sales or other sales while the underlying mortgage was in default or some stage of the foreclosure process) which is down 12.66 percent from the year before, and down almost 35 percent from 2009.  St Louis pre-foreclosure sales in 2011 accounted for 5.68 percent of all home sales and sold for an average sales price of $105,876, a 37.53 percent discount from non-distressed sales.

REO Sales:

In 2011 there were 5,246 St Louis REO sales (homes sold by a lender after being foreclosed on) which is an increase of 8.64 percent from the year before and a decrease of 9.5 percent from 2009.  St Louis REO Sales in 2011 accounted for 11.26 percent of all home sales and sold for an average price of $75,335, a 55.55 percent discount from non-distressed sales.

St Louis Ranked Number 5 in Terms of Discounts on Pre-Foreclosure Properties:

MSA Name

# of Pre-FC Sales

%∆ from Q3 2011

%∆ from Q4 2010

% of All Sales

Avg Pre-FC Sales Price

Avg Discount %

San Francisco-Oakland-Fremont, CA

2,989

-2.32

50.66

19.24

$330,733

41.01

San Jose-Sunnyvale-Santa Clara, CA

1,169

-10.01

34.06

18.61

$389,413

37.25

Chicago-Naperville-Joliet, IL-IN-WI

2,409

3.13

28.89

9.14

$156,349

33.52

Atlanta-Sandy Springs-Marietta, GA

3,387

1.04

63.86

14.03

$123,271

32.91

St. Louis, MO-IL

597

-4.63

19.88

5.74

$96,131

29.63

Jacksonville, FL

677

21.98

41.34

12.38

$116,447

28.83

Los Angeles-Long Beach-Santa Ana, CA

7,605

-7.18

6.30

21.97

$342,668

28.03

Portland-Vancouver-Beaverton, OR-WA

679

2.26

37.17

8.21

$190,042

26.05

Phoenix-Mesa-Scottsdale, AZ

7,112

-9.24

43.19

20.26

$122,212

24.66

Seattle-Tacoma-Bellevue, WA

925

8.44

46.13

7.14

$245,403

24.45

 

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