St Louis Real Estate News - Page 84 of 108 - Daily St. Louis real estate news, market analysis, home prices, and mortgage rate updates from local industry professionals.

St. Louis foreclosures increase in August but are down sharply from a year ago

By Dennis Norman, on September 15th, 2011

St. Louis foreclosure activity increased in August by 29.09 percent from July with 1 of every 682 St. Louis homeowners having a foreclosure filing according to RealtyTrac’s foreclosure market report that was just released. As the chart below depicts, of the eight largest counties in the St. Louis metro area all but Madison County Illinois saw an increase in foreclosure activity in August with Macoupin County Illinois leading the way with a 113 percent increase.

To find foreclosures in your area click here.

Continue Reading →

Today’s historically low rates increase your buying power! St. Louis Mortgage Interest Rate Update

By Robert Fishel, on September 14th, 2011

Mortgage interest rates have reached historically low levels. It’s truly amazing how much the average borrower’s purchasing power has increased! The following chart tells it all. Check out the chart showing the history of interest rates as well as the examples of the savings below:

Continue Reading →

The best places to invest in rental property

By Dennis Norman, on September 13th, 2011

Las Vegas, Nevada is the best place in America to buy at rental property at this time according to the newly released “HomeVestors-Local Market Monitor Best Markets to Invest in Rental Property” report. St. Louis came in at number 50 and Kansas City at number 37.

Continue Reading →

St. Louis homeowners with negative equity increases slightly in 2nd quarter

By Dennis Norman, on September 13th, 2011

A report released today by CoreLogic shows that 17.30 percent (99,792) of all St. Louis homeowners with a mortgage were in a negative equity position in the second quarter of 2011, up slightly from 17.10 percent the prior quarter. Negative equity is also referred to as being “underwater” or “upside down” and refers to homeowners that owe more on their mortgages than the current value of their home.

Continue Reading →

Is now a good time to buy a home?

By Dennis Norman, on September 10th, 2011

Sixty-nine percent of American’s polled in Fannie Mae’s National Housing Survey in August said that now is a good time to buy a home, this is up from 66 percent the prior month. Consumers are not in a home buying mode as a result of feeling good about the economy however as in the survey 78 percent said the economy is on the wrong track, up from 70 percent in July.

Continue Reading →

St. Louis Real Estate Market and Home Prices Update – September 9, 2011

By Dennis Norman, on September 9th, 2011

Weekly I produce a short video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market is and where Continue Reading →

Foreclosure rate in St Louis decreases in June from month before but still up from a year ago

By Dennis Norman, on September 8th, 2011

The St Louis foreclosure rates was 1.62 percent for June 2011, down from 1.71 percent the month before and up from June 2010 when the rate was 1.44 percent, according to a newly released data from CoreLogic. As usual, the St Louis foreclosure rate is significantly lower than the national foreclosure rate, which was 3.46 percent for June 2011.

Continue Reading →

Converting REO’s to rentals could help housing recovery according to Fed Official

By Dennis Norman, on September 8th, 2011

Federal Reserve Governor Elizabeth A. Duke, while speaking at the Federal Reserve Board Policy Forum last week, discussed the effect on the housing market that properties acquired by banks and lenders through foreclosure (REO’s) and suggested that if some of this inventory was converted to rental property by the lenders, this may have a positive effect on the housing market.

Continue Reading →

New FHA Loan Limits; St Louis Mortgage Interest Rate Update

By Robert Fishel, on September 7th, 2011

On October 1, 2011, the Federal Housing Administration (FHA) will implement new single-family loan limits as specified by the Housing and Economic Recovery Act of 2008 (HERA).

As a result, FHA will reduce loan limits in the highest cost metropolitan areas of the country, while limits would remain unchanged in most other parts of the nation.

Continue Reading →

Electric Panels need their space too

By Dennis Norman, on September 6th, 2011

It is not uncommon when performing an inspection, not be able to have ready access to the electric panel cabinet. Items are stored in front of it, it is located behind the laundry equipment, it is covered by a finished wall, it is located in a closet with limited space and yes even it may even be located in or behind cabinetry in a “remodeled” basement. (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 ]

Search St Louis Homes For Sale HERE Continue Reading →

How to Earn Tax-Free Income as a Serial Homebuyer

By Thomas J. Lucier, on September 2nd, 2011

In my opinion, the capital gains tax exclusion that was granted to homeowners under the Taxpayer Relief Act of 1997, is the single best, wealth-building opportunity, that’s ever been made available to the average American. That’s because, under Section 121, of the Internal Revenue Code, a single homeowner can exclude, up to $250,000, from the sale of their principal residence, from capital gains tax, and a married couple, filing a joint tax return, can exempt up to $500,000. The only requirement is that a homeowner must have owned and occupied their home, for a total of twenty-four out of Continue Reading →

St. Louis Real Estate Market and Home Prices Update – September 2, 2011

By Dennis Norman, on September 2nd, 2011

Weekly I produce a short video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market is and where Continue Reading →

Slash Your Long-Term Home Interest Costs

By Robert Fishel, on August 31st, 2011

As mortgage rates have dropped this year, so have the costs of homeownership. At every given loan size, bargain-basement interest rates have brought monthly mortgage payments to levels never seen in history.

It’s a great time to buy a home. It’s an even better time to refinance.

This isn’t cheerleading. This is fact. As a homeowner, your “total cost of homeownership” is tied to your mortgage. The higher your mortgage rate, the more interest you pay over time. And regardless of your mortgage interest tax-deductibility, over 30 years, mortgage interest accrues into something fierce.

Continue Reading →

HUD Report says housing market continues to remain fragile

By Dennis Norman, on August 31st, 2011

HUD released its U.S. Housing Market Conditions report for the 2nd quarter of 2011 which stated “housing data for the second quarter of 2011 indicate that the recovery in the housing market continues to remain fragile.” This did not come as a surprise, but what I did find a little surprising was the report showed that the market for new homes performed better than that for existing homes. The number of new homes sold rose in the second quarter and the year-over-year median sales price of new homes was up slightly. In contrast, the number of existing homes sold in Continue Reading →

Case-Shiller report shows U.S. home prices increased slightly in June

By Dennis Norman, on August 30th, 2011

Dennis Norman

This morning, the S&P/Case-Shiller Index report for June was released showing US home prices increased for the third consecutive month however, average home prices in the U.S. are still about the same as they were over 8 years ago in early 2003. The report shows their 20-city composite home price index increased by 1.1 percent from the month before and declined by 4.5 percent from a year ago. and the 10-city composite home price index increased by 1.1 percent from the month before and was down 3.8 percent from the year before.

Continue Reading →

Home sales activity in July down from month before; still better than last year

By Dennis Norman, on August 29th, 2011

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for July shows, after two consecutive months of increases, a decrease of 1.3 percent in the index from the month before (seasonally adjusted), and a 14.4 percent increase from a year ago (last month’s index was up 19.8 percent from the year before).

Continue Reading →

St. Louis Real Estate Market and Home Prices Update – August 26, 2011

By Dennis Norman, on August 26th, 2011

Weekly I produce a short video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market is and where Continue Reading →

St Louis Foreclosure Sales Increase in 2nd Quarter; account for 1 of every 4 home sales

By Dennis Norman, on August 25th, 2011

This morning, RealtyTrac released it’s Foreclosure Sales Report for the St. Louis metro area for the 2nd quarter of 2011 which showed there were 2,138 REO’s (banked owned) and Pre-Foreclosure (short sales and other sales of property with loans in default) during the quarter which is a 4.86 percent increase from the prior quarter and a decrease of 6.64 percent from a year ago.

Continue Reading →

How to Negotiate the Best Deal for Yourself

By Thomas J. Lucier, on August 24th, 2011

To me, real estate negotiations are about two things and two things only: Price and terms. And that’s why your objective during negotiations, should always be to obtain a purchase or sale price and terms, which will give you the best possible deal. By “best possible deal,” I mean a price and terms that an investor can realistically expect a seller or buyer to agree to, which will allow them to earn, what they consider to be a reasonable profit, from the property.

For example, when I am negotiating to buy a small mismanaged residential rental property, the best possible Continue Reading →

MHDC’s CAL Cash Assistance loan rate is now 4.5 percent!

By Robert Fishel, on August 24th, 2011

First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs.

Program Highlights:

3% Cash Assistance Loan (CAL) can be used for down payment and closing costs. CAL is forgivable after 5 years of occupancy. 30 Year Fixed Rate Mortgages & Competitive Rates. CAL can be used with FHA, VA and USDA Rural Development loan programs. First time home buyer requirement only applies to the last three years. Loan is assumable for an MHDC-qualified borrower in an FHA, VA or USDA-RD loan program. Eligible owner occupied properties include: Single-Family Detached, Duplexes, Semi-Detached, Condominiums, Town Continue Reading →

New home sales drop again in July; 2011 new home sales continue on track to be worst year ever

By Dennis Norman, on August 23rd, 2011

Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for July 2011 showing a decrease of 0.7 percent from the month before, and an increase of 6.8 percent from a year ago. The seasonally-adjusted new home sales rate for July was 298,000 homes, down from an adjusted rate of 300,000 the month before and is a rate that if we finish 2011 at will make 2011 new home sales the lowest since the Commerce Department began keeping track of sales in 1963.

Continue Reading →

New reports paint bleak picture for housing market recovery

By Dennis Norman, on August 22nd, 2011

It seems every time I start thinking it’s safe to use the “R” word (recovery) about the housing market, something happens to put the damper on it. The recent downgrading of the U.S. credit rating, which ultimately caused the Wall Street roller coaster ride, certainly hasn’t help. Then today, the National Association of Home Builders (NAHB) came out with a report saying “the recent economic news points to a slower housing recovery” and Fannie Mae, in their economic forecast released today saying “housing activity expected to weaken, despite recent declines in long-term interest rates”.

Continue Reading →

Freddie Mac offering to pay future condo fees through HomeSteps special

By Dennis Norman, on August 22nd, 2011

HomeSteps, the home-sale division of Freddie Mac, announced “Condo Cash”, a special limited-time offer to pay up to $1,500 in future condo fees for eligible buyers purchasing a condominium being sold through the Freddie Mac HomeSteps program.

Continue Reading →

Homeowners not happy with their mortgage servicers

By Dennis Norman, on August 19th, 2011

After all the bad press mortgage companies have received lately, this probably won’t come as a surprise, but according to the J.D. Power and Associates 2011 U.S. Primary Mortgage Servicer Satisfaction Study, homeowners satisfaction with their mortgage servicers has “declined notably from 2010.“

Continue Reading →

Existing home sales drop in July; Actual 2011 home sales through July down 5 percent from same time last year

By Dennis Norman, on August 18th, 2011

Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in July were at at a seasonally adjusted-annual rate of 4.67 million units which is a decrease of 3.5 percent from the month before, an increase of 21.0 percent from a year ago and is the lowest rate of home sales since November 2010 when it was 4.64 million.

Continue Reading →

What you need when applying for a home mortgage; St. Louis Mortgage Interest Rate Update

By Robert Fishel, on August 17th, 2011

Having been in the mortgage industry for a number of years, I have found a lot of my “issues” when it comes to underwriting was a result of missing something at time of application. The following is a quick rundown of items that should be collected at application:

Continue Reading →

Buying a home more affordable than renting in three out of four major cities

By Dennis Norman, on August 17th, 2011

A report released by Trulia shows that, based on current market conditions, it is cheaper to buy a home than rent in 74 percent of major U.S. cities. At the top of the list is Las Vegas with a price rent ratio of 6 (the lower the number, the more affordable it is). At the other end of the spectrum, New York city leads the list of cities where it is cheaper to rent than buy with a price rent ratio six times higher than that of Las Vegas.

Continue Reading →

Where is the best place in Missouri to live? Liberty, according to CNN Money.

By Dennis Norman, on August 16th, 2011

Today, CNN Money published their 2011 list of the best places to live in the U.S. At the top of the list is Louisville, Colorado. The criteria for selection of the best places to live include jobs, schools, crime, local economy, weather and activities. Unfortunately , St. Louis did not make the list of top 10, in fact only one place in Missouri did and that was Liberty coming in at number 7.

There were a total of four places in Missouri that made the top 100 list, they were:

Continue Reading →

Mortgage delinquency rate continues to fall in July

By Dennis Norman, on August 16th, 2011

A report released this morning by Standard & Poor’s and Experian show a decrease in monthly default rates on first mortgages from 2.02 percent to 1.93 percent and a decrease in default rates on second mortgages from 1.40 percent to 1.25 percent in July. A continuing decline in mortgage delinquencies is one of the things we need to help move the real estate market into a recovery. As the delinquencies come down, so do the foreclosures eventually back to a point where they are not negatively impacting home prices to the extent they are presently.

Continue Reading →

FBI Report Shows Mortgage Fraud Continues at Elevated Levels

By Dennis Norman, on August 16th, 2011

The FBI released it’s Mortgage Fraud Report for 2010 showing that mortgage fraud continued at elevated levels in 2010 and was consistent with levels seen in 2009. The top states for mortgage fraud activity in 2010 were Florida, California, Arizona, Nevada, Illinois, Michigan, New York, Georgia, New Jersey, and Maryland.

Continue Reading →