St Louis Real Estate News - Page 65 of 109 - Daily St. Louis real estate news, market analysis, home prices, and mortgage rate updates from local industry professionals.

Realtor.com and Zillow Battle It Out

By Dennis Norman, on March 18th, 2014

Two of the larger players in the real estate search website world, Realtor.com and Zillow, have come to blows over the past few weeks first with Zillow hiring Errol Samuelson, the former Chairman of Move, Inc. (the owner of Realtor.com) and then, most recently, hiring Curt Beardsley who, ironically, was the person promoted my Move to help fill the empty shoes of Samuelson. Yesterday, REALTOR.com fired back at Zillow filing a lawsuit against both Zillow, Inc. and Errol Samuelson for “breach of contract, breach of fiduciary duty, and misappropriation of trade secrets among others actions.”

In a statement, Steve Berkowitz, Continue Reading →

New Home Construction In Midwest off to slow start in 2014

By Dennis Norman, on March 18th, 2014

New Home Construction in the midwest region of the U.S. is off to a slow start for 2014, according to newly released new home construction report from the U.S. Census Bureau. According to the report, new home construction starts of single-family homes in the midwest during February was at a seasonally-adjusted annual rate of 76,000 homes, down 19.1% from a year ago when the rate was 94,000 homes. Building permits for single-family homes in the midwest issued during February were at a seasonally-adjusted annual rate of 88,000 homes, down 5.4% from a year ago when the rate was 93,000 homes. Continue Reading →

Women Choose House Over Engagement Ring?

By Dennis Norman, on March 17th, 2014

Hmm….I guess perhaps given the tough economic times we have seen over the past few years, people are becoming more practical and responsible when it comes to spending money. Proof of this is in the results of a recent survey of couples in “committed relationships”, conducted on behalf of ERA Real Estate, in which almost 50% of women surveyed said that rather than have a big engagement ring they would rather put the money toward a down payment on a home. Score 1 for the REALTORS and a big splat for the jewelers. The survey also revealed that 60% of Continue Reading →

St Louis Foreclosures Rise in February-Still Down From Last Year

By Dennis Norman, on March 13th, 2014

St Louis foreclosures were on the rise in February with 1 of every 1,328 housing units in the St Louis metro area having a foreclosure action on it during the month, 24.17 percent higher than the month before, however still down 33.14% from February 2013, according to the latest data released today by RealtyTrac.

As the table below shows, all the counties that make up the core of the St Louis real estate market (on the Missouri side of the river) saw an increase in foreclosure activity in February from the month before with the exception of Jefferson county that Continue Reading →

St Louis Home Prices and Sales Market Update VIDEO-March 2014

By Dennis Norman, on March 12th, 2014

Don’t shoot the messenger, but I have to tell you I’m not feeling quite as warm and fuzzy about the St Louis real estate market as I was a couple of months ago. In February, there were 1,623 homes sold in the 5-county core St Louis market, a decline of over 14% from February of last year when there were 1,898 homes sold. Also, 2014 is starting out sluggish with just 3,225 homes sold in the first two months, 14.5% less than this time last year when there were 3,774 homes sold. There are definitely encouraging things as well, such Continue Reading →

Who Are Today’s Home Buyers?

By Dennis Norman, on March 11th, 2014

Today’s home buyers are young, according to the Generational Trends Study published by the National Association of REALTORS (NAR), which indicates 31% of all recent home purchases were made by the Millenials, also known as Generation Y, which are people born between 1980 and 1995. The next most active generation in terms of home buying is Generation X, people born between1965 and 1979, which accounted for 30% of all recent home sales, according to the NAR report.

Who they are and what they buy:[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 100 35 ]

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Rising Rents Puts St Louis On Apartment.coms’ Bad List

By Dennis Norman, on March 10th, 2014

Rising rents in St Louis now has the attention of Apartments.com which just released a report showing why $1,000 a month rent will get you throughout the U.S. and listed St Louis on the “Rents on the Rise” list. While this is good news for investors and landlords, who can expect better returns from their St Louis apartments and rental properties, tenants would prefer to find St Louis on the “Small Rents in Big Cities” or “Enormous Deals” list in the Apartments.com report. (See below for all cities on the lists)

See St Louis Homes Currently For Rent

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What Are St Louis’ Most Expensive Neighborhoods?

By Dennis Norman, on March 7th, 2014

One of the great things about St. Louis is the affordability of good homes in quality neighborhoods, however, St Louis does have it’s share of expensive homes as well. So, what are St Louis’ most expensive neighborhoods? The table below shows the 15 most expensive neighborhoods in St Louis, based upon median asking price of homes currently for sale.

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St Louis Rents Rose While Home Prices Declined Post Boom

By Dennis Norman, on March 6th, 2014

St Louis rents have risen 18% since the real estate bubble burst (based upon HUD fair market rents for 3 bedrooms) while median home prices have fallen 12% during the same period. Part of the reason behind has been the increased demand for rentals as a result of many homeowners who, after the real estate bubble burst, lost their homes in foreclosure or were forced to do a short sale and then had to seek a rental while they rebuild their credit. This, couple with almost no new apartment construction for several years has created the right environment for increasing Continue Reading →

Number of St Louis Homeowners with Negative Equity Rises At End of 2013

By Dennis Norman, on March 5th, 2014

The number of St Louis homeowners with negative equity (also referred to as “underwater” homeowners) increased in the 4th quarter of 2013 to 11.6% of all the St Louis homeowners with a mortgage on their home, an increase from 11.3% in the prior quarter, according to a newly released report from CoreLogic. Another 4.4% of the home owners with a mortgage were in a “near negative equity” position, up from 4.3% in the 3rd quarter.

Nationally, 13.3 percent of homeowners with a mortgage were in a negative equity position during the 4th quarter of 2013, the same as the quarter Continue Reading →

St Louis Makes Top 10 List For Places Where It’s Cheaper to Buy Then Rent

By Dennis Norman, on March 3rd, 2014

Even with rising home prices and interest rates that are following suit, it’s cheaper to buy then rent both on a national level as well as in all of the 100 largest metro areas, according to a report just released by Trulia. According to the report, nationally it is 38% cheaper to buy than rent and in St Louis, it is 54% cheaper to buy then rent putting St. Louis at the #10 spot on “Where Buying a Home is a No-Brainer” list. See below for the complete list of the top 10 no-brainer to buy cities as well as Continue Reading →

Are Distressed Home Sales Gone From St Louis?

By Dennis Norman, on March 1st, 2014

Not long ago distressed home sales (foreclosures, short sales, REO’s, etc) were a dominant force in the St Louis real estate market, accounting for a good portion of St Louis area home sales. Today, however, with a few exceptions, they have all but left the St Louis real estate market. As far as the St Louis housing market is concerned, this is a good thing, for home buyers and investors looking for what are often bargain prices as a result, they may have different thoughts.

As the table below for the five St Louis counties that Continue Reading →

St Louis Homeowner Vacancy Rate At Highest Rate In Over 8 Years

By Dennis Norman, on February 27th, 2014

The St Louis homeowner vacancy rate was 3.5 percent in 2013, an increase of almost 13 percent from the year before and the highest rate in over 8 years, according to data just released by the U.S. Census Bureau. The homeowner vacancy rate represents the percentage of homes, that are normally occupied year-round, that are currently vacant and for sale without a pending contract. The interesting thing about this is the inventory of homes for sale in St Louis has been steadily declining so the fact that the vacancy rate is increasing indicates there are a growing number Continue Reading →

Protect Yourself From Property Fraud

By Dennis Norman, on February 26th, 2014

source: Federal Bureau of Investigation

Property fraud is a serious threat to homeowners, according to the FBI. A practice that was virtually unheard of until about 6 years ago is something called “house stealing” in which con artists identify a house to target and then steal it. How? It’s actually pretty easy. They get the owners name and personal information, which is easily obtainable today online, and then complete a few forms, forge the owner’s signature and the next thing you know, the con artist owns the house. Other fraudulent activity includes placing mortgages on property not owned Continue Reading →

Missouri Encouraging Homeowners to Buy Earthquake Insurance

By Dennis Norman, on February 25th, 2014

At least three of the “largest earthquakes ever recorded in the continental United States” are believed to have occurred in Southeast Missouri during the period of 1811-1812, according to the Missouri Department of Insurance. At the source of the problem is the New Madrid Seismic Zone which is located in southeast Missouri and is the nation’s most active earthquake zone east of the Rocky Mountains.

The Missouri Department of Insurance is encouraging homeowners to check their insurance policies to see if they have earthquake coverage and, if not, are “encouraged to buy this extra protection“. The interesting thing is just over 1 Continue Reading →

St Louis Home Sales Decline In January

By Dennis Norman, on February 21st, 2014

St. Louis home sales cooled off in January with 1,592 homes sold in the 5-county core St Louis real estate market (the city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin), a decline of over 15 percent from January 2013 when there were 1,876 homes sold. St Louis home prices, on the other hand, rose almost 12 percent (11.85%) from a median price of $115,000 in January 2013 to $129,625 in January 2014. As the table below shows, all the St Louis core areas so a decline in home sales in January from a Continue Reading →

St Louis Home Affordability Drops Dramatically From Year Ago

By Dennis Norman, on February 20th, 2014

St Louis home affordability has fallen significantly in the past year as a result of increasing home prices as well as rising interest rates, according to a report by MORE, REALTORS. As the table below shows, the hardest hit area was the city of St. Louis where a house payment on a median priced home has increased 50% from the 4th quarter of 2012 to the 4th quarter of 2013. Jefferson county and St Charles county, with the lowest increases in home prices (2% and 7% respectively) had the least amount of damage done to home affordability.

Million-Dollar Plus Homes For Sale In Clayton-Slideshow

By Dennis Norman, on February 17th, 2014

Homes for sale in Clayton easily top the $1 million mark and in fact it’s not uncommon to find homes in the $2 million+ range with a few $3 million and $4 million thrown in to boot. The city of Clayton is the, self-described, “chic suburban community with urban flair” and serves as the county seat for St Louis county.

The slideshow below shows the current million-dollar plus homes for sale in Clayton.

Piqued your interest? If you would like more information on any of these homes or for a private viewing, click here.

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Is Buying a Home a Good Investment?

By Dennis Norman, on February 16th, 2014

When asked “Is Buying a Home a Good Investment” about half (49%) of the Americans surveyed in a recent Rasmussen Reports survey said yes that a home would be a good investment for their family. Before you “glass is half empty” people say that means then the other half don’t agree, that is not accurate as only 27% percent said they felt that a home is not a good investment for a family presently while the remaining 24% just weren’t sure whether buying a home would be a good investment or not.

The survey results above are pretty consistent with Continue Reading →

Top 20 St Louis Neighborhoods For Reduced Home Prices By Sellers

By Dennis Norman, on February 14th, 2014

Even though the St Louis real estate market is improving, there are still plenty of sellers out there who have had to lower the asking price on their homes in an effort to attract the attention of the increasingly savvy St Louis home buyer. The table below showing the top 20 St Louis neighborhoods for reduced home prices by sellers includes areas of the city of St Louis, and the counties of St Louis, Franklin and Jefferson but none of St Charles county made the list.

(We work hard on this and sure would appreciate a “Like”)[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 100 35 Continue Reading →

St Louis Foreclosures Increase In January But Down Almost 50 Percent From Year Ago

By Dennis Norman, on February 13th, 2014

St Louis foreclosures increased in January to the point where 1 of every 1,649 housing units in the St Louis metro area had a foreclosure action on it during the month, an increase of 21.70 percent from the rate in December 2013, however a decline of almost 50% (47.06%) from January 2013, according to the latest data released today by RealtyTrac.

As the table below shows, all the counties that make up the core of the St Louis real estate market (on the Missouri side of the river) saw declines in foreclosure activity from a year ago with the exception Continue Reading →

Mortgage Delinquency Rate Falls To Lowest Level In 5 Years

By Dennis Norman, on February 12th, 2014

The mortgage delinquency rate for homeowners 60 days or more delinquent on their mortgages fell below 4 percent during the last quarter of 2013, the first time the delinquency rate has been below 4% since 2008, according to TransUnion. According to the report, every state in the U.S. saw a decline in mortgage delinquency rates from to the 4th quarter of 2012 to the 4th quarter of 2013 with only two, New Jersey and New York, not seeing a double digit decline. See the info graphic below for more info.

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St Louis New Home Construction Increases 25 Percent in 2013

By Dennis Norman, on February 11th, 2014

St Louis area new home construction in 2013 was still very low compared with the normal rate of home construction, however increased 25% from the year before and saw the highest level of sustained activity in years. The decreased levels of new home construction over the past 6 years is leading to a shortage of homes in some areas throughout the country and setting the stage for a somewhat robust recovery of the new home market. Here in St Louis new home recovery will come at a slower pace due to our low levels of population growth here however at Continue Reading →

St Louis Home Prices and Sales Market Update VIDEO-February 2014

By Dennis Norman, on February 8th, 2014

Frigid Temperatures Put The Chill On St Louis Real Estate Market….

Not to worry though for there is plenty of good news about the St Louis real estate market in spite of the recent decline in home sales…Get this, and much more by only investing about 5 minutes of your time watching our newly published video update below.

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll answer that question for you.

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St Louis Home Prices and Sales Fall In January

By Dennis Norman, on February 7th, 2014

St Louis home prices and home sales fell in January from the month before for the five-county core St Louis market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin). In January 2014 there were 1,569 homes sold, down 29% from December and down 16.2% from January 2013 when there were 1,873 homes sold in the St Louis core area. St Louis home prices for homes sold fell to $129,000 in January 2014 down from $141,000 the month before but up over 12% from a year ago when the median price of St Louis homes Continue Reading →

20 Best Neighborhoods in St Louis To Buy A Home

By Dennis Norman, on February 6th, 2014

What are the 20 best neighborhoods in St Louis to buy a home? With the market improving many St Louis neighborhoods have become sellers markets so home buyers and investors looking for a “deal” may feel left out in the cold. Remember real estate is local so not ALL neighborhoods today favor sellers and there are still many buyer’s markets in St Louis. So, where are the Best Neighborhoods in St Louis To Buy A Home?

The list below of the best neighborhoods in St Louis to buy a home is based upon supply and demand and not which Continue Reading →

20 Best Neighborhoods in St Louis To Sell A Home

By Dennis Norman, on February 4th, 2014

What are the 20 best neighborhoods in St Louis to sell a home? Well, it depends on how you look at it, but I like using the “Market Action Index” (or “Market Heat Report”) published by my firm, MORE, REALTORS. The reason I like the index, aside from the obvious, is that it gives an unbiased, objective analysis of the St Louis markets and rates them based primarily upon supply and demand which is what drives a market and ultimately drives home prices.

Please note, being on this list does not necessarily mean home prices are rising, in fact, perhaps Continue Reading →

St Louis Rental Vacancy Rate Falls To Lowest Level In Over A Year

By Dennis Norman, on February 3rd, 2014

The St Louis rental vacancy rate for the 4th quarter of 2013 was 10.1 percent, the lowest rate since the 3rd quarter of 2012 when the rate was 8.2 percent, according to the latest dates just released by the Census Bureau.

See the table below for quarterly vacancy rates from 2010 through 2013.

St Louis Real Estate Market Outlook 2014

By Dennis Norman, on February 2nd, 2014

What is the St Louis real estate market outlook for 2014? Where are home prices and sales headed? Are we out of the slump and on the path to recovery in the St Louis housing market? What about St Louis new home construction activity and St Louis new home sales?

I had the pleasure this morning of discussing this and much more with Kristi Carson, host of “Today’s Issues” , her show that airs on KSHE 95, Classical 107.3, KHITS 96.3, 105.7 The Point and FM NewsTalk 97.1. In case you don’t catch the show on the radio, you can get it here.

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Where are home loan rates headed?

By Dennis Norman, on January 30th, 2014

Home loan rates have been near historic lows for a while now but the $64 question is, where are home loan rates headed in the future? While there are, of course, a variety of opinions out there, the majority of the noteworthy ones are thinking interest rates are headed upward. In the Well’s Fargo Securities Economic Outlook report for 2014, interest rates in the year ahead (2014) was addresses, saying “we expect long-term rates to exhibit an upward bias as Fed tapering moves forward. However, the extent of any increase in long-term rates should be modest, given continued low inflation Continue Reading →