St Louis Real Estate NewsDaily St. Louis real estate news, market analysis, home prices, and mortgage rate updates from local industry professionals. |
Dennis Norman
The St. Louis foreclosure rate in February was 1.78 percent, an increase of over 26 percent from a year ago, and just a slight decrease from January’s rate of 1.79 percent, according to a report published by CoreLogic. On a positive note, the report shows that the St. Louis Mortgage Delinquency rate (Serious delinquency, 90+ days delinquent) decreased slightly to 5.09 percent in February from 5.16 percent the month before and down over 13 percent from a year ago.
Well, the City of Bellefontaine Neighbors, in north St. Louis County, is back at it again. As some readers may recall, in February of last year I wrote about the appellant court declaring that an ordinance passed by the City of Bellefontaine Neighbors requiring property owners to apply for an inspection before advertising their home for sale violated their property rights and was unconstitutional. Then, the following month I wrote another article on the subject, this time about how, in spite of the decision of the appellant court, the city of Bellefontaine was still enforcing the ordinance.
So what are Continue Reading →
The USDA Rural Development loan program helps rural communities and individuals by providing guaranteed home loans. Funding is available for single family, owner occupied homes with favorable rates, 30-year fixed terms, and no down payment.
Loan amounts are limited only by the applicant’s ability to repay and the property’s appraised value. No minimum credit score is required, but compensating factors are utilized with scores under 620. Now deserving families have an unprecedented opportunity to become homeowners.
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, an enormous backlog of foreclosures still exists and is expected to continue for some time. As of the end of March, foreclosure inventory levels stand at 8 times historical “norms”.
Basement seepage, in most cases relates to poor management of surface and roof water. Water causing basement seepage can come from three basic sources. First surface water can be directed to, rather than away from the foundation. Second water collected in gutters and downspouts is not routed away from the foundation. Although rare, the third source can be ground water.
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 →
Dennis Norman
The National Association of REALTORS Pending Home Sales Index for March shows an increase of 5.1 percent in the index from the month before (seasonally adjusted), and a 11.4 percent decrease from a year ago. This is the third-consecutive month over month increase for the pending home sales index.
A report released this morning by Trulia shows that when it comes to the question “should I rent or buy” the answer is to buy in 80 percent of the 50 largest U.S. cities. Trulia’s “Rent vs. Buy Index” compares the cost of buying and renting a two-bedroom apartment, condominium or townhouse and for the 2nd quarter of 2011 this index shows that buying is the way to go from an affordability standpoint for most areas….the only cities where renting was cheaper than buying were New York, Fort Worth and Kansas City.
Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan and release the mortgage proceeds unless the condition of value of the property provides adequate loan security, When rehabilitation is involved , this means the lender requires improvements to be finished before a long-term mortgage is concerned.
Within days of former State Representative Jake Zimmerman stepping into his new role as the first elected Assessor for St. Louis County, he has jumped into action. In an effort to reach out and provide help to property owners whose property was affected by last weeks devastating tornado, Zimmerman plans to use authority given to him under State Statutes to reduce the value of the damaged property, thereby reducing the tax burden on the owners.
Dennis Norman
Today the S&P/Case-Shiller Index report for February was released showing home prices continue to fall and that the housing housing market continues to head toward a double dip in home prices. The report shows their 20-city composite home price index declined by 1.1 percent from the month before and declined by 3.3 percent from a year ago.
Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for March 2011 showing an increase of 11.1 percent from the month before, and a decrease of 21.9 percent from a year ago.
The seasonally-adjusted new home sales rate for March was 300,000 homes. The supply of new homes on the market decreased from an adjusted 8.2 month supply the month before to a 7.3 month supply in March. The median new home price increased for the month to $213,800, a 2.9 percent increase from a revised median price of $207,700 the Continue Reading →
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 →
Fannie Mae released their April 2011 Economic Outlook which, as far as the housing market goes, doesn’t paint a real rosy picture. The Fannie Mae report cites weak home sales in the first part of 2011, distressed sales making up more than a third of those sales and the winding down of various programs that were supporting the housing market as the cause of continued home price decline.
RPX Composite Home Price Fell to Lowest Level since March 2003 – St. Louis ranks 6th of 25 metros on one year rate of change of home prices.
Radar Logic published it’s Housing Market Report for February showing that it’s “RPX Composite Price”, for the 25 metro areas covered by the index, including St. Louis, fell 0.7 percent from January and 4.3 percent from the year before. St. Louis home prices fell 2.4 percent from January and 4.4 percent from a year ago.
First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs.
Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. New, Constant Funding means MHDC will have the monies available for the borrowers regardless of bond issuance.
Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in March were at at a seasonally adjusted-annual rate of 5.1 million units which is an increase of 3.7 percent from the month before and is a decrease of 6.3 percent from a year ago.
Lee Bentley Farkas, the former chairman of a private mortgage lending company, Taylor, Bean & Whitaker (TBW), was convicted today for his role in a more than $2.9 billion fraud scheme that contributed to the failures of Colonial Bank, one of the 25 largest banks in the United States in 2009, and TBW, one of the largest privately held mortgage lending companies in the United States in 2009.
The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) issued their report on New Residential Construction for March 2011 showing a 5.7 percent increase in single-family home building permits from the month before, and a 7.7 percent increase in new home starts compared to the month before. This comes on the heels of new home construction sinking to a 25 year low last month.
The Mortgage Fraud Index from MortgageDaily.com has fallen 69 percent over the past year to the lowest level since early 2008. For the fourth quarter of 2010 the Mortgage Fraud Index was 814, which is down from 2634 the year before and is the lowest level the index has been at since the first quarter of 2008 when it was 713.
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 →
Over the past year or so there have been dozens, if not hundreds, of stories questioning the manner in which lenders were handling the servicing of their loans, particularly those of underwater borrowers, as well as the foreclosure practices of many including “robo-signing” of foreclosure affidavits. Next came the lawsuits and now, this week, the Federal Reserve Board announced formal enforcement actions requiring 10 banking organizations to address “a pattern of misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing.”
Private Transfer fees have been something of a hot topic in the real estate community of late and something that has many professionals in the industry in opposite corners. This week, former Secretary of the Department of Housing and Urban Development, Henry Cisneros, weighed in with his support for private transfer fees in a letter to the Federal Housing Finance Agency.
The 800 pound gorilla in the room has finally lost some weight!
RealtyTrac released their foreclosure report for the first quarter of 2011 which shows foreclosure filings were reported on 681,153 U.S. properties during the quarter, a 15 percent decrease from the previous quarter and a 27 percent decrease from the first quarter of 2010. St. Louis did not see as big of a decrease but still the numbers are looking better! St. Louis had 5,023 properties with foreclosure filings during the first quarter 2011 which works out to one in every 248 St. Louis properties and represents a Continue Reading →
The VA loan program was designed to make home ownership more obtainable for eligible veterans. Home purchases with VA loans must be the veteran’s primary residence. There is no down payment required; no mortgage insurance requirement and VA loans do not incur a pre-payment penalty.
Fannie Mae announced today that people purchasing a Fannie Mae-owned HomePath property will receive up to 3.5 percent in closing cost assistance. The initial offer must be submitted on or after April 11, 2011; and the sale must close on or before June 30, 2011 to be eligible for the incentive. Additionally, buyers must reside in the home as their primary residence (sorry, nothing for investors).
Forty three years ago today, President Lyndon Baines Johnson signed into law the Civil Rights Act of 1968 which included Title VIII, the Fair Housing Act which, as described on HUD’s website, “prohibits discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people securing custody of children under the age of 18), and handicap (disability).“
UPDATE Jan, 2013 – Congress approved extending the Mortgage Forgiveness Debt Relief Act of 2007 through the end of 2013.
I first wrote an article on this topic a little over two years ago as the foreclosure rate was rising and borrowers were concerned about where they stood with the IRS with regard to “mortgage forgiveness”. Well, here we are today with the same issues looming over many people, so I thought I would do an update.
For those of you who do not know me, I have been in the home inspection profession for the past 35 years. I have served as National President of ASHI® and have also served on the Examination Board for Professional Home Inspectors. I offer the following comments and opinions on HB 553:
According to a report released this morning by CoreLogic, St. Louis home prices (including distressed sales) declined by 8.29 percent in February 2011 from the year before. The prior month showed home prices had declined 7.24 percent from the year before, so the bad news is this shows home prices are continuing to trend downward. The good news is, if you remove the distressed sales from the mix then St. Louis home prices in February only declined by 1.07 percent from the year before and in the month before declined by 2.38 percent from the year before showing that home Continue Reading →