Dennis Norman
St. Louis ended 2009 With The Highest Foreclosure Rate and Mortgage Delinquency Rates On Record For the St. Louis Area
According to date from First American CoreLogic, St Louis finished 2009 with 1.43 percent of the homes in St. Louis with a mortgage in some stage of the foreclosure process and 5.73 percent of the mortgages in St. Louis seriously delinquent (90+ days past due).
The St. Louis area has seen increases in the foreclosure rate every month since August, 2008 and the the December 2009 rate is the highest rate recorded since First American CoreLogic began tracking the data. For comparison purposes, back in January of 2005 the foreclosure rate was 0.48%, or roughly one-third of the current rate.
The St. Louis area has seen increases in the seriously delinquent mortgage rate as well every month since May, 2008, and the December 2009 is the highest rate recorded since First American CoreLogic began tracking the data. For comparison purposes, back in January of 2005 the seriously delinquent mortgage rate was 1.80%, a little under one-third of the current rate.
So even though the St Louis real estate market does appear to be showing signs that we may have bottomed out, I don’t think we can rest easy or say we the market is on the road to recovery until we see the foreclosure and mortgage delinquency rates decline significantly. Oh yeah, lower unemployment would help too.
Leave a Reply
You must be logged in to post a comment.