By Dennis Norman, on May 11th, 2017 There were 1,814 foreclosure filings on homes in the St Louis metro area during the month of April 2017, an increase of 13.23% from the month before and an increase of 12.25% from April 2016, according to a report just released this morning by ATTOM Data Solutions. As the table below shows, all 7 Missouri Counties included in the report saw an increase in foreclosure activity last month from both the prior month as well as a year ago. Of those, Lincoln County (which has very little foreclosure activity) saw the largest year-over-year as well as month-over-month increase, follow by St Louis County with a 45.37% increase from the month before and Franklin County with a 71.43% increase from a year ago.
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By Dennis Norman, on May 10th, 2017 The foreclosure rate in Missouri continues to decline with the foreclosure rate for February 2017 coming in a 0.4 percent, according to a report just released by CoreLogic. The rate for February is down slightly from a year ago when the Missouri foreclosure rate was 0.5 percent. Based upon the mortgage serious delinquency rate (90 days or more) as well as delinquency rate (30 days or more), both lead-indicators or predictors of things to come with regard to foreclosures, the foreclosure rate will continue to decline in the near term. The mortgage delinquency rate for February 2017 was 4.9%, down from 5.1% in February 2016 and the serious delinquency rate was 1.8% during February 2017, down from 2.2% a year ago.
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By Dennis Norman, on April 13th, 2017 During the first quarter of 2017, the foreclosure rate in the St Louis metro area was one in every 487 housing units, a decline of 19.59 percent from the quarter before, and a decline of 3.61 percent from a year ago, according to a report released today by Attom Data.
As the table below shows, of the 7 counties in Missouri that are part of the St Louis MSA, 6 saw a decline in foreclosure rate from the quarter before and 5 of the 7 saw a decline from a year ago. The foreclosure rate in St Charles County during the 1st quarter increased 18.64 percent from the 1st quarter of 2016 and Franklin County saw a 43.4 percent increase in the foreclosure rate during the same period.
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By Dennis Norman, on January 20th, 2017 When I first got in the real estate business in 1979 buying foreclosed property was something pretty well limited to speculators at the time. People like the broker I started with, and what I became a few years later, that bought property for cash, as-is generally to fix up and resell. Foreclosures, and how to buy them, were a mystery at the time, not only to the general public but to many in the real estate business as well. This is what gave us speculators an edge…we knew how to get the information on foreclosures and how the process worked. Ditto for tax sales and sheriff sales and short sales were something that didn’t even exist at the time.
Today, it’s all different however. Thanks largely to the internet and reality TV, it seems everyone knows about foreclosures, tax sales, and just about every other way of finding and buying distressed property. While this is good for sellers and for listing agents, it’s made it tough on investors and other buyers looking to take advantage of the opportunity offered through distressed sales. The result has been a highly competitive market and higher prices. This was evidenced by the sales data from last year. As the tables below show, most of the distressed homes sold during 2016 sold for a median of 100% of the current list price at the time of sale.
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By Dennis Norman, on October 13th, 2016 There were 293,190 foreclosure filings in the U.S. during the 3rd quarter of 2016, which is a decrease of 10 percent from a year ago, according to a report released today by Attom Data Solutions. This marks the fourth consecutive quarter in which foreclosure activity has decreased on a year-over-year basis and continues the steady downward decline in foreclosure activity we have seen for 6 years and has now finally fallen back to levels we saw prior to the housing bubble.
St Louis Distressed Home Sales Decline
Given the downward trend in foreclosure activity, it is not surprising that distressed home sales in St Louis (foreclosures, REO’s and short-sales) have declined as well. As the chart below shows, over the past 24 months distressed home sales in the St Louis core market (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) peaked in April of 2015 with 300 distressed home sales but have trended downwardly since to 165 distressed home sales last month. St Louis distressed home prices have remained fairly constant over the past 24 months. with a median sales price of $61,276 over the 2-year period and a median sold price of $60,550 in September.
By Dennis Norman, on August 16th, 2016 There were 956 foreclosure filings on homes in the St Louis metro area during July 2016, a decline of nearly 20 percent (19.93%) from a year ago, according to a report released by ATTOM Data Solutions. As the table below shows, during July 2016, foreclosure activity decreased from a year ago in 5 of the 7 Missouri counties included in report. Franklin County saw an increase in foreclosure activity of 21.43% and the city of St Louis saw an increase of 9.23% from a year ago.
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By Dennis Norman, on July 14th, 2016 There were 4,935 foreclosure filings on homes in the St Louis metro area during the first six months of 2016, a decline of 27.1% from the second half of 2015 when there were 6,770 foreclosure filings and down 9.75% from the first half of 2015 when there were 5,468 filings, according to a report just released by RealtyTrac.
As the table below shows, for the first half of 2016, foreclosures decreased in 13 of 15 counties in the St Louis area from the 2nd half of 2015 and 10 declined from the same period a year ago.
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By Dennis Norman, on June 16th, 2016 Foreclosure activity in the St Louis metro area during the month May occurred at a rate of 1 foreclosure action for every 1,267 homes, an increase of 20.3 percent from the month before, but a decrease of 9.75% from a year ago, according to a report just released today by RealtyTrac.
As the table below illustrates, 5 of the seven Missouri counties, and 2 of the eight Illinois counties, saw a decline in foreclosure activity in May from the year before, and 1 Missouri county, and 3 Illinois counties, saw a decline from the month before. Of the fifteen counties reported, only 3 saw a decline in foreclosure activity in May both from the month before, as well as year before, those being the City of St Louis in Missouri and Jersey and Monroe counties in Illinois.
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By Dennis Norman, on May 19th, 2016 St Louis foreclosure activity during the month of April decreased to 1 foreclosure action for every 1,524 homes, a decline of 31.58 percent from April 2015, according to a report just released by RealtyTrac.
As the table below illustrates, foreclosure activity during the month of April decreased from the month before, as well as the year before, in all seven Missouri counties that make up the bulk of the St Louis market.
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By Dennis Norman, on April 14th, 2016 St Louis foreclosure activity during the first quarter of this year in the St Louis metro area was at a rate of 1 of every 469 homes, ranking St Louis 99th, in terms of foreclosure rate (a list that is good to be low on), of metropolitan areas in the U.S. with a population in excess of 200,000 people, according to a report just released by RealtyTrac. The foreclosure rate in St Louis during the 1st quarter of 2016 declined 10.55 percent from the quarter before and declined 13.67 percent from the first quarter of 2015.
As the table below illustrates, foreclosure activity in all but two of the counties in Missouri that make up the St Louis MSA saw a decline in foreclosure activity from the prior quarter and all, but the city of St Louis, saw a decline from a year ago.
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Continue reading “St Louis Foreclosure Activity Down In Most Areas“
By Dennis Norman, on February 19th, 2016 St Louis foreclosure activity in January was at the rate of 1 in every 1,533 households, which is down almost 16 percent from December and down over 25 percent (25.79%) from a year ago, according to the latest data from RealtyTrac. As the table below shows, the county in the St Louis MSA with the lowest foreclosure rate in January 2016 was Calhoun County Illinois, with no foreclosure activity for the month, and the county with the highest rate was St Clair County Illinois with 1 of every 1,223 housing units having foreclosure activity during the month. St Louis County had the highest foreclosure rate of the Missouri counties within the St Louis MSA, with one in every 1,386 housing units having a foreclosure activity.
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Continue reading “St Louis Foreclosure Activity In January Declines Over Twenty Five Percent From Year Ago“
By Dennis Norman, on January 15th, 2016 During 2015, a total of 10,391 housing units, or 1 out of 118 units, in the St Louis MSA had a foreclosure filing, according to a report just released by RealtyTrac. This is an increase of 38.29% in foreclosure activity from 2014.
As the table below shows, Jefferson County had the highest rate of foreclosure in 2015 with 1 of every 114 housing units receiving a foreclosure action during the year and Warren County the lowest with just 1 of every 278 housing units receiving a foreclosure filing.
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Continue reading “St Louis Foreclosure Activity During 2015 Tops 2014 By Nearly Forty Percent“
By Dennis Norman, on December 11th, 2015 St Louis Foreclosure activity increased in November to 1 foreclosure activity on 1 of every 1,086 housing units in the St Louis MSA, a decrease of 8.06 percent from the month before but an increase of 62.59 percent from November 2014, according to a report just released by RealtyTrac.
St Louis 5-County Core Market…
As the table below shows, all of the 5 counties that make up the St Louis core market (St Louis city and the counties of St Louis, St Charles, Jefferson and Franklin), with the exception of Jefferson, saw a decline in foreclosures from October 2015. However, like the St Louis metro area as a whole, they all had increased activity from the year before with three of the counties (St Louis city and St Louis and St Charles County) seeing a triple digit increase and Jefferson and Franklin double digit increases.
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Continue reading “St Louis Foreclosure Activity In November Increased Over 60 Percent From Year Ago“
By Dennis Norman, on November 16th, 2015 Foreclosure activity, after an extended downward trend, has trended upward lately in the St Louis metro area and October was no exception seeing an increase of over 13 percent (13.17%) in activity from the month before and, on a 12-month rolling average, an increase of almost 30 percent (29.85%) from a year ago, according to the latest data from RealtyTrac.
St Charles County bucks the trend…
The table below shows foreclosure activity for the 15 major counties that make up the St Louis MSA, 7 of which are in Missouri and the other 8 in Illinois and, as the table reveals, St Charles County is bucking the trend and, even though foreclosure activity there rose 14.85 percent from the month before, it was down over 80 percent from a year ago and the 12-month rolling average was down 18.48 percent from a year ago.
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Continue reading “Foreclosure Activity Trending Upward In St Louis Metro Area But Not In St Charles“
By Dennis Norman, on October 16th, 2015 St Louis Foreclosures spiked during the 3rd quarter of this year with all of the counties in Missouri that are in the St Louis MSA seeing an increase of double digits in foreclosure activity from a year ago, according to a report just released by RealtyTrac.
Below is a table showing foreclosure data for all of the counties that make up the St Louis metro area on the Missouri side of the Mississippi revealing that St Charles County saw the greatest increase in foreclosure activity from a year ago with a 283 percent increase during 3rd quarter 2015 from 3rd quarter 2014.
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Continue reading “St Louis Foreclosures Spike During 3rd Quarter“
By Dennis Norman, on September 17th, 2015 St Louis Foreclosures in August decreased slightly from the month before (1.51%) however increased over 140% from August 2014, according to a report released today by RealtyTrac. According to the report, there were 1,176 foreclosure filings in the St Louis metro area in August 2015 which equates to 1 in every 1,043 housing units in the metro area.
Below is a table showing foreclosure data for all of the counties that make up the St Louis metro area revealing Madison County Illinois had the highest rate of foreclosures in August at one in every 711 housing units followed by Saint Clair County Illinois at one in 811 housing units and then St Louis County Missouri at one in 964 units.
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Continue reading “St Louis Foreclosure Activity In August Increases 140 Percent From Year Ago“
By Dennis Norman, on August 20th, 2015 St Louis foreclosure activity increased in July 32.23 percent from the month before to 1,194 foreclosures actions in the St Louis metro area, or a rate of one foreclosure activity for every 1,028 homes, according to the latest data from RealtyTrac. As the table below shows, the foreclosure activity in July 2015 was up almost 150 percent from July 2014, however, when we look at the 12-month rolling average, we can see that the activity has risen about 6 percent from a year ago.
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By Dennis Norman, on August 19th, 2015 Over half of the St Louis Foreclosures (bank and government owned) sold in July were sold for cash, according to the latest data from MORE, REALTORS. In July 2015, there were a total of 323 foreclosure sales in the 5-county core St Louis market with 179 of them, or 55.4%, being cash sales. As the table below shows, the number of foreclosure sales in St Louis in July 2015 was down 12.5% from July 2014 while the median sales price was up 1.8%.
There were a total of 3,754 home sales in St Louis in July 2015, an increase of 18.2% from July 2014 and, as the table below illustrates, 20.1% of those sales were cash sales as well. The median price of homes sold was up 3.1% from the year before.
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Continue reading “Over Half Of St Louis Foreclosure Sales In July Were Cash Sales“
By Dennis Norman, on July 28th, 2015 For the month of May, 2015, less than 3 percent (2.95%) of St Louis mortgages were seriously delinquent (90+ days) marking a slight decline from the month before and a decline of 13 percent from a year ago, according to data just released by CoreLogic. The St Louis foreclosure rate also hit the lowest level in a long time in May at 0.67 percent, a slight decline from 0.69 percent the month before and a decline of 10% from a year ago when the foreclosure rate was 0.77 percent.
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By Dennis Norman, on July 23rd, 2015 Foreclosure Sales In St Louis (the 5-county core market) in June 2015 totaled 374 sales, a decline of 4.3 percent from June 2014 where there were 391 foreclosure sales. The median price of the homes sold in June 2015 was 60,150, and increase of 7.2 percent from a year ago when the median price was $56,100.
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Foreclosure Sales and Prices By County – Change from June 2014 – June 2015:
Continue reading “Foreclosure Sales In St Louis Decline Over 4 Percent In June From Year Ago“
By Dennis Norman, on July 16th, 2015 St Louis Foreclosures during the first half of 2015 increased in the St Louis metro area 26.52 percent from the second half of 2014 and 25.18 percent from the same period last year, according to a report released today by RealtyTrac. According to the report, there were 5,468 foreclosure filings in the St Louis metro area during the first half of 2015 which equates to 1 in every 224 housing units in the metro area.
As the table below shows, with the exception of St Charles County, all of the counties making up the St Louis core market saw an increase in foreclosure activity in the first half of this year from the last half of last year.
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Continue reading “St Louis Foreclosures Increase In First Half Of 2015“
By Dennis Norman, on June 18th, 2015 St Louis foreclosure activity in May 2015 continued the downward trend with a drop of almost 9 percent from the month before for the St Louis MSA as a whole, according to data just released this morning by RealtyTrac. As the table below shows, foreclosure activity in May was up over 55% from May 2014, however, when we look at the 12 month rolling average, which gives a better indication of the trend (blue area in table) we see that for the 12 month period ended in May foreclosure activity is down over 13% from the same time a year ago.
Franklin County is the exception to the good news…
Franklin county, on the other hand, saw a big jump in foreclosure activity during May with action on 29 properties during the month, a decline from the month before, but a whopping 625% increase from a year ago. The twelve month rolling average for Franklin County shows May 2015 was up 219% from May 2014. In spite of this huge increase in foreclosure activity, Franklin County still has one of the lower foreclosure rates in the St Louis, MO area, in terms of number of foreclosures per total housing units, with just 1 foreclosure action for every 1,498 housing units.
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Continue reading “St Louis Foreclosure Activity Trends Downward In Most Areas But Franklin County Spikes Upward“
By Dennis Norman, on June 12th, 2015 During the 2nd quarter of this year, there was foreclosure activity on one out of every 887 housing units in Jefferson County, giving it the highest foreclosure rate of the main counties making up the St Louis real estate market, according to a report just released by RealtyTrac. St Charles County, with foreclosure activity on just 1 of every 1,620 housing units, had the lowest foreclosure rate for 2nd quarter of 2015.
From a housing density standpoint, St Charles County was number one with 2.56 people per housing unit and the City of St Louis had the least density with just 1.82 people per every housing unit.
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By Dennis Norman, on May 21st, 2015 St Louis foreclosures increased in April from the month before in the St Louis area counties of St Charles, Jefferson and Franklin, were fairly level in St Louis County and declined almost 12 percent in the city of St Louis. For the 5 counties that make up the core of the St Louis real estate market, the median increase in foreclosure activity in April 2015 from the month before was, as the table below shows, 10.68%, and, compared with foreclosure activity from April 2014, the median increase in foreclosure activity was almost 30 percent, according to data released this morning by RealtyTrac.
However, it is not uncommon to have monthly spikes or dips, so it is better to look at a 12 month rolling average to see what the overall trend is. As the table shows, when we look at the 12 month rolling average for St Louis foreclosure activity, we see that there was only a slight increase in April 2015 from the month before and nearly a 40 percent decline from a year ago. It’s only been recently that RealtyTrac began publishing the rolling 12 month data but I think it has really helped see what the real trends are with regard to foreclosures.
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By Dennis Norman, on April 17th, 2015 Foreclosure activity in St Louis was on the rise in March with the foreclosure rate for the St Louis metro area increasing 14 percent from a year ago and over 64 percent from February, according to the latest data from RealtyTrac. As the chart below shows, foreclosure activity for the larger Missouri counties that are included in the St Louis MSA saw foreclosure actions decline from a year ago with the exception of Franklin County which saw a big increase.
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Continue reading “St Louis Foreclosures Rise In March“
By Dennis Norman, on March 19th, 2015 St Louis foreclosures declined in February for the St Louis MSA with a total of 843 foreclosure actions occurring during the month, a decline of over 22 percent from the month before and a decline of over 10 percent from a year ago, according to data just released this morning by RealtyTrac.
As the table below shows, foreclosure activity decreased in all of the counties in the core St Louis market during February from the month before and all, except Franklin County, saw a decrease from a year ago.
On a national level, RealtyTrac reported 101,938 foreclosure actions occurred during the month of February in the U.S., a decline of 4% from January, a decline of 9% from February 2014, and the lowest level since July 2006.
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Continue reading “St Louis Foreclosures Decline In February“
By Dennis Norman, on March 10th, 2015 If you are like a lot of people and see St Louis foreclosures, or REO’s (real estate owned by banks and other lending institutions as a result of foreclosure) as a good opportunity to buy a residence for yourself or as an investment either for rental or for “flipping”, you best have cash and be prepared to “buck up” if you want to succeed! I say this because cash buyers continue to dominate the REO and foreclosure market with 61% of all REO and Foreclosure sales this year in St Louis being cash sales thus far. As the table below shows, while the number of foreclosure sales has declined this year from last year at the same time, the percentage of them going to cash buyers has not.
Good deals on St Louis foreclosures are selling fast and often for list price or more.
For the month of February, in the five county core St Louis market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) there were 273 foreclosure or REO homes sold and they were sold, on average, at 98% of list price. If we drill down a little and find the “best” deals out of the gate, the ones that sell in the first 10 days, there were 48 foreclosure homes sold in February (18% of the overall total number of foreclosures sold) and they sold, on average, for 105% of the list price.
So, if you are planning on buying St Louis foreclosures, cash is king and, for the new deals that hit the market with an attractive price, realize that even a full price offer may not buy it. For some personal advice from me on how to be successful buying St Louis Foreclosures and REO’s, read my report here.
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By Dennis Norman, on February 12th, 2015 St Louis foreclosures increased dramatically in January with 1,116 foreclosure actions in the St Louis metro area during the month, an increase of 52.25 percent from December and an increase of 47.42 percent from January 2014, according to data just released this morning by RealtyTrac.
As the table below shows, all of the counties in the core St Louis market saw an increase in foreclosure activity during January from the month before and all, except Jefferson County, saw an increase from a year ago.
On a national level, RealtyTrac is reporting that foreclosure activity in January increased 5 percent from December but declined 4 percent from January 2014.
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By Dennis Norman, on February 10th, 2015 St Louis had 6,215 completed foreclosures in 2014 putting it 7th on the list of metros in the U.S. in terms of the number of completed foreclosures. As the table below, which lists the 25 top metro areas for foreclosures, shows, Tampa saw the most foreclosures with over 18,000 being completed during 2014, according to newly released data from Corelogic.
According to the Corelogic report, there were 563,294 completed foreclosures in the U.S. during 2014, the lowest total for any 12 month period since November 2007 when it was 589,570.
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By Dennis Norman, on February 6th, 2015 Over half (51%) of the foreclosures in St Louis are “Zombies” meaning that the owners have abandoned or vacated their home prior to their lender completing the foreclosure process, according to a report released this morning by RealtyTrac. Just like the number of St Louis foreclosures is down significantly from a year ago, the actual number of Zombie foreclosures has declined 59% from a year ago.
The chart below shows zombie foreclosure data for the 10 metro areas in the U.S. with the highest percentage of Zombie foreclosures. Beneath that is a table showing the 10 metro in the U.S. with the most number of Zombie foreclosures which shows New York leads the nation with over 19,000 zombie foreclosures as well as a chart showing the States with the highest number of Zombies.
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Continue reading “Over Half Of St Louis Foreclosures Are Zombies – Highest Rate in Nation“
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