St Louis Real Estate News - Page 88 of 110 - Daily St. Louis real estate news, market analysis, home prices, and mortgage rate updates from local industry professionals.

Home Price Index increases for second consecutive month in May

By Dennis Norman, on July 26th, 2011

Dennis Norman

This morning, the S&P/Case-Shiller Index report for May was released showing US home prices increased for the second consecutive month with average home prices in the U.S. being about the same as they were in the summer of 2003. The report shows their 20-city composite home price index increased by 1.0 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 3.6 percent from the year before.

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Mortgage delinquencies and foreclosure inventory increase in June

By Dennis Norman, on July 25th, 2011

A “first-look” report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows mortgage delinquencies increased 2.4 percent in June from the month before and decreased 14.7 percent from the year before. According to the report, the U.S. foreclosure pre-sale inventory rate declined 0.2 percent from the month before but increased 12.8 percent from the year before.

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2011 Real Estate Market Performing about as Poorly as Predicted Thus Far

By Dennis Norman, on July 22nd, 2011

Radarlogic, real estate data and analytics company that frequently disagrees with the National Association of REALTORS® view of the housing market, released their RPX Monthly Housing Market Report for May 2011 yesterday and in it had a scorecard showing how their rather bleak predictions they made at the end of 2010 for the 2011 housing market were holding up. Unfortunately, as you will see below, it seems many of their predictions have been accurate and the housing market is performing as poorly as they expected in many areas.

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St. Louis Real Estate Market and Home Prices Update – July 22, 2011

By Dennis Norman, on July 22nd, 2011

Weekly I produce a short (roughly 5 minute) 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 Continue Reading →

One in four homeowners have challenged their property taxes

By Dennis Norman, on July 21st, 2011

As we watch the values of our homes drop, we would expect to see our county assessor’s valuations drop as well, resulting in lower property taxes. However, that is not the case in many counties as homeowners find their homes being valued higher by assessor’s than the market value is. Well, according to a survey conducted by FindLaw.com, one in four homeowners are doing something about it and challenging the assessed value of their homes. The good news? According to the responses, the majority who did so say they were successful in lowering their tax bills!

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Should parents of college-bound kids buy an investment property instead of paying for dorm?; St. Louis Mortgage Interest Rate Update

By Robert Fishel, on July 21st, 2011

Over the last few months, I have had a few inquiries from parents of college-bound children about investment properties. The combination of low home prices, low interest rates, and a large inventory of foreclosure and short-sale homes have made buying much more attractive for parents of college-bound children.

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Existing home sales drop in June; ‘Actual’ home sales highest in 12 months

By Dennis Norman, on July 20th, 2011

Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in June were at at a seasonally adjusted-annual rate of 4.77 million units which is a decrease of 0.8 percent from the month before, a decrease of 8.8 percent from a year ago and is the lowest rate of home sales since November 2010 when it was 4.64 million.

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New home permits and starts increase in May; New home shortage coming?

By Dennis Norman, on July 19th, 2011

The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for June 2011 showing a very slight increase in single-family home building permits from the month before (0.2 percent), and a 9.4 percent increase in new home starts compared to the month before.

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Homeowners that bought since 2006 overpricing the most when they resell

By Dennis Norman, on July 18th, 2011

A report just released by Zillow.com shows that current home sellers who purchased their homes “after the bubble” (2007 or after) are overpricing their homes by more than sellers that bought during the bubble (2002-2006) or before the bubble (pre-2002). According to the report, current sellers that bought post-bubble are overpricing their homes by an average of 14.1 percent, compared with sellers that bought during the bubble that are overpricing their homes by an average of 9.3 percent and the sellers that purchased pre-bubble are overpricing by 11.6 percent. Hmm, notice a theme? On average, ALL sellers are overpricing their Continue Reading →

Real Estate Agent, Loan Officer Among Five Defendants to Plead Guilty to $11 Million Mortgage Fraud

By News Desk, on July 15th, 2011

KANSAS CITY, MO—Beth Phillips, United States Attorney for the Western District of Missouri, announced that a former real estate agent and a former loan officer are among five co-defendants who have pleaded guilty in federal court to their roles in an $11 million mortgage fraud scheme that involved upscale homes in Lee’s Summit, Blue Springs, Liberty, Parkville, and elsewhere.

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St. Louis Real Estate Market Update – July 15, 2011

By Dennis Norman, on July 15th, 2011

Weekly I produce a short (roughly 5 minute) 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 Continue Reading →

Foreclosure rate drops in first half of 2011; shadow inventory builds

By Dennis Norman, on July 14th, 2011

RealtyTrac released their Midyear 2011 foreclosure report this morning showing a total of 1,170,402 U.S. properties received foreclosure filings (default notices, scheduled foreclosures and bank REO’s) in the first six months of 2011, a 25 percent decrease from the prior six months and a 29 percent decrease from the first half of 2010.

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What to consider when buying a home; St. Louis Mortgage Interest Rate Update

By Robert Fishel, on July 14th, 2011

The home-buying process can be a little intimidating for not only first-time home-buyers but also repeat home-buyers. Here is a basic outline of the home-buying process as well as recommendations of how to approach each task which I hope will help you with this process:

Get pre-qualified for a loan: talk with your mortgage banker.

Determine your “mortgage goals.” What are your expectations? If everything falls into place, what mortgage payment “range” you would be comfortable with? Review your credit history and sources of income. How much money are you willing to commit to buying a home; do you have Continue Reading →

Ten Tips to Avoid Identity Theft When You Move

By Dennis Norman, on July 13th, 2011

Typically from early spring until late summer is a busy season for the real estate market with increased home sales as people try to make their move without fighting winter and in time to have their kids in place before the new school year. Now, thanks to a report by Intersections, Inc., a company that provides address monitoring and credit monitoring services, I realize that it is also a season of increased identify theft. They say the risk of identity theft during a move is a result of personally identifiable information being shuffled around from one home to the next Continue Reading →

Local Rehab Loan Program Allows Buyers To Take Advantage of Distressed Sale Bargains

By Bob Sargent, on July 12th, 2011

Would you like to buy one of those foreclosure or REO bargains, but don’t have the cash to have the necessary work done? There’s a new rehab loan program in St. Louis that will help homeowners do just this! This program allows buyers to buy Bank Owned or Foreclosed Property (let’s call them “distressed homes”) and also borrow funds for the rehabilitation of these properties.

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HUD Announces Emergency Homeowners’ Loan Program

By Dennis Norman, on July 11th, 2011

The U.S. Department of Housing and Urban Development (HUD) announced last week, the launch of the Emergency Homeowner’s Loan Program (EHLP) to help homeowners who are at risk of foreclosure. This program is available in 27 states and is available to homeowners who have experienced a reduction in income due to:

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St. Louis Real Estate Market Update – July 8, 2011

By Dennis Norman, on July 8th, 2011

Weekly I produce a short (roughly 5 minute) 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 Continue Reading →

Owning a home still the ‘American Dream’

By Dennis Norman, on July 7th, 2011

A recent survey conducted on behalf of Money Management International (MMI), the largest nonprofit credit counseling agency in the U.S., showed that the majority of Americans still view home ownership as the “American Dream“. The survey found that 81 percent of people still put a lot of value in owning a home however the number of people who rent has increased from 34 percent to 38 percent since December.

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‘Special’ Loans Available to Veterans 24/7

By Robert Fishel, on July 7th, 2011

Recently, I heard a radio commercial on the radio about “special” financing for certain veterans. The ad continues to imply this “special” loan is available for a limited time only. The good news is that the VA offers loans to members of the armed forces who have generally served for two years in peace time, or 90 days during conflict. Members of the National Guard or Reserves who have served for six years are eligible along with widows of veterans if the veteran died in a service-related incident. There are special circumstances for some veterans regarding eligibility.

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George Washington University Study Finds That FHA Loan Limits Are Too High

By Dennis Norman, on July 6th, 2011

“FHA still could serve 95 percent of its historic targeted market even if the maximum FHA loan limits were reduced by nearly 50 percent.”

Last week, George Washington University released a report, “FHA Assessment Report: The Role and Reform of the Federal Housing Administration in a Recovering U. S. Housing Market,” in which it revealed that the Federal Housing Administration’s (FHA) current loan limits are larger than necessary to serve its targeted market of first-time and low to moderate income borrowers. The study finds that the Obama Administration’s current proposal to reduce the higher end of FHA’s loan limits Continue Reading →

Report says recent good news on housing market is misleading; recovery is a long way off

By Dennis Norman, on July 5th, 2011

Following last week’s somewhat encouraging Pending Home Sales report from the National Association of REALTORS which showed increased home sales activity, Radar Logic issued a much less encouraging report. Their report, titled “Don’t be Misled by Gains in Home Price Indices and Pending Homes Sales; Housing Recovery is Still a Long Way Off” pretty much says it all in the title.

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Happy Independence Day!

By Dennis Norman, on July 4th, 2011

As we celebrate the 235th birthday of our nation I would hope that we would all take a moment and remember all the men and women that have served, and thank those that are serving, in our armed forces to protect and preserve our freedom! Below are photos I shot of a couple of them flying a Harrier and and Osprey in an Independence Day Celebration this past Saturday at Fair St. Louis.

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St. Louis Real Estate Market Update – July 1, 2011

By Dennis Norman, on July 1st, 2011

Weekly I produce a short (roughly 5 minute) 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 Continue Reading →

REO’s and Shadow Inventory are Roadblock to Recovery of Housing Market

By Dennis Norman, on July 1st, 2011

A report issued yesterday by Equifax reveals just how severe the impact of shadow inventory (homes that have been, or should be, foreclosed on but have not been put back on the market for sale yet) and REO’s (properties owned by lenders after acquiring through foreclosure) are on a housing market recovery.

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Report shows declining foreclosure rate; lenders showing delay in foreclosing

By Dennis Norman, on June 30th, 2011

A report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows that while mortgage delinquencies continue to decline, lenders are taking longer to foreclose resulting in a drop in foreclosure sales. In fact, there are still significantly fewer foreclosure sales than there were before foreclosure moratoriums were put into place, and foreclosure sales are declining.

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Borrowers should know their ‘no’; St. Louis Mortgage Interest Rate Update

By Robert Fishel, on June 29th, 2011

Applying for a mortgage loan can be a nerve-wracking experience,” says Ruth E. Battle, Senior Vice President of Paramount Mortgage Co. “Even after completing all the paperwork and complying with document requests; the lender rejects the loan. Why does this happen?” Consumers should know their “no.”

Battle says some of the “basic reasons loans are denied include insufficient income, poor credit, inadequate assets and low appraised value.” Over the last few years, rejection reasons have become much more complicated. The reason a consumer can be told “no” may have “more to do with the lender than the consumer.”

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Pending home sales increase in May; largest monthly gain since last year

By Dennis Norman, on June 29th, 2011

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for May shows an increase of 8.2 percent in the index from the month before (seasonally adjusted), and a 13.4 percent increase from a year ago. This is the first time since April 2010 that the index increased on a year-over-year basis, and had the largest monthly gain since last November when the index rose 10.6 percent.

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80 Percent of homes bought in last five years are worth less now…

By Dennis Norman, on June 29th, 2011

In Britain…

I am not a “misery loves company” guy, nor a “grass on the other side is always greener” guy, but in this case, it’s good to know the grass is greener in the U.S., at least as it relates to the housing market. Granted, I may be getting a little desperate for some good news, but a study I saw on the housing market in Britain by Zoopla.co.uk got my attention when I saw that 80 percent of the 4.32 million homes bought in Britain since 2006 are now worth less than the buyer paid. My first Continue Reading →

St. Louis Foreclosure Rate Declines in April; Mortgage delinquencies down significantly

By Dennis Norman, on June 28th, 2011

Dennis Norman

The St. Louis foreclosure rate in April was 1.66 percent, down slightly from 1.71 percent the prior month, but up almost 17 percent from a year ago, according to a report published by CoreLogic. The report shows that the St. Louis Mortgage Delinquency rate (Serious delinquency, 90+ days delinquent) decreased to 4.72 percent in April, down from 4.83 percent the month before and down 13.4 percent from a year ago.

Home price index for April increases for first time in 8 months

By Dennis Norman, on June 28th, 2011

Dennis Norman

This morning, the S&P/Case-Shiller Index report for April was released showing US home prices showed a monthly increase for the first time in eight months bringing average home prices in the U.S. back to their summer 2003 levels. The report shows their 20-city composite home price index increased by 0.7 percent from the month before and declined by 4.0 percent from a year ago. and the 10-city composite home price index increased by 0.8 percent from the month before and was down 3.1 percent from the year before.

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