Dennis Norman
The St. Louis foreclosure rate increased 4.8 percent in December to 1.76 percent, according to a report published by CoreLogic. On a positive note, the report shows that the rate of serious mortgage delinquencies in St. Louis (90+ days delinquent) decreased slightly to 5.14 percent in December from 5.18 percent the month before.
Highlights from the report for December..
- St. Louis had a serious mortgage delinquency rate of 5.14 percent, down from 5.18 percent the month before and down 10.45 percent from the year before.
- Nationally, the delinquency rate was 7.86 percent, down 5.2 percent from the year before.
- In Missouri, the delinquency rate was 4.84 percent, down 9.0 percent from a year ago.
- St Louis had a foreclosure rate of 1.76 percent, an increase of 4.8 percent from the month before and an increase of 23.9 percent from the year before.
- Nationally, the foreclosure rate was 3.58 percent, an increase of 20.1 percent from the year before.
- In Missouri, the foreclosure rate was 1.56 percent, an increase of 27.87 percent from the year before.
The good news continues to be the downward trend of the rate of serious mortgage delinquency in St. Louis. Foreclosures continue to be on the rise however and, as I have said before, I think will stay elevated while the backlog clears out. Absent a major blow to the economy I would expect that over the next couple of months we will begin seeing the St. Louis foreclosure trending downward at last.
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