Dennis Norman
The St. Louis foreclosure rate shot up 7 percent in November to 1.67 percent, according to a report published by CoreLogic. The report also shows that the rate of serious mortgage delinquencies in St. Louis (90+ days delinquent) increase slightly to 5.18 percent in November from 5.17 percent the month before.
Highlights from the report..
- In November, St. Louis had a serious mortgage delinquency rate of 5.18 percent, up slightly from 5.17 percent the month before, but down 7.6 percent from the year before.
- Nationally, the delinquency rate in November was 7.88 percent, down 2.8 percent from the year before.
- In Missouri, the delinquency rate in November was 4.83 percent, down 7.8 percent from a year ago.
- In November St Louis had a foreclosure rate of 1.67 percent, an increase of 7.0 percent from the month before and an increase of 26.5 percent from the year before.
- Nationally, the foreclosure rate in November was 3.48 percent, an increase of 17.5 percent from the year before.
- In Missouri, the foreclosure rate in November was 1.46 percent, an increase of 21.67 percent from the year before.
The good news is that, in spite of the minor increase this month, the rate of serious mortgage delinquency in St. Louis is trending downward is is down a fairly significant amount from a year ago. Unfortunately foreclosures are on the rise and I think the foreclosure rate 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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