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 make up the bulk of our market, short sales, REO’s (foreclosed homes being sold by banks) and foreclosure sales percentage of St Louis home sales was very slight in January 2014, and down significantly from a year ago. In fact, there were virtually no short sales or foreclosure auction sales in January and REO’s accounted for just over 5% of all St Louis home sales for the month. The only year-over-year increase seen in any of these sales was in REO sales in St Charles county that increased from 5.7% of home sales in January 2013 to 8% of home sales in January 2014.
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