Foreclosures Spike In October In Some St Louis Areas

The foreclosure rate for the St Louis MSA during October increased 11.3 percent from the month before however, it was still nearly 25 percent (24.5%) lower than October 2018, according to data just released from ATTOM Data Solutions.  As the table below shows, there were some real mixed results this month.  For example, St Charles County saw a 150% increase in foreclosures from the month before increasing from 10 in September to 25 in October but is down over 60% from October 2018.  The city of St Louis is the only county of significant size in the St Louis MSA that saw both an increase in foreclosures from the month before (65.8^) as well as an increase from a year ago (43.2%).

  

St Louis MSA Foreclosures – October 2019

St Louis MSA Foreclosures - October 2019

The Percentage Of Underwater Homeowners In St Louis Drops To Lowest Level In Six Years

During the third quarter of 2019, 10.5% of the homeowners in St Louis with a mortgage, were underwater on their mortgage, meaning they were in a negative-equity position, according to data just released by ATTOM Data Research.  As the table below shows, this is the lowest level of St Louis homeowners that are seriously underwater since 2013 when this data was first tracked.

St Louis Underwater (Negative-Equity) Homeowners – 2013-2019

St Louis Underwater (Negative-Equity) Homeowners - 2013-2019

St Louis Rental Vacancy Rates Hit Highest Level In Over Three Years

The St Louis MSA rental vacancy rate during the 3rd quarter of this year was 10.6%, an increase from 7.6% the prior quarter and the highest rate since the 1st quarter of 2016 when the rate was 12.2%, according to data recently released by the U.S. Census Bureau.  Last year, the median rental vacancy rate for the St Louis MSA for the year was 6.8%, a 13 year low.


  

St Louis Rental Vacancy Rates – 2016 – Present

(click on table for complete data from 2005 – present)St Louis Rental Vacancy Rates - 2016 - Present

 

St Louis Foreclosures Decline In Third Quarter Over 27 Percent From Year Ago

The St Louis foreclosure rate during the 3rd quarter of this year was 1 in every 766 housing units, a decline of nearly 1% from the prior quarter and a decline of over 27% from a year ago, according to data just released from ATTOM Data Solutions.  As the table below shows, 6 of the counties in the St Louis MSA saw an increase in the foreclosure rate during the 3rd quarter from the prior quarter and only two counties saw an increase from a year ago.

  

St Louis MSA Foreclosures – 3rd Quarter 2019

St Louis MSA Foreclosures - 3rd Quarter 2019

St Louis Foreclosure Rate Drops In August – Down Nearly One Third From Year Ago

During August there was one foreclosure action for every 2,040 housing units in the St Louis MSA, a decline of 6.43% from the month before and a decline of 32.78% from a year ago, according to data just released from ATTOM Data Solutions.  As the table below shows, only 4 of the counties in the St Louis MSA saw an increase in the foreclosure rate for August 2019 from the month before, but all counties saw a decline from August 2018.

  

St Louis Foreclosure Rate Drops By Double Digits

The rate of foreclosure in St Louis during the 2nd quarter of this year was 1 foreclosure filing for every 759 housing units, a decrease of 15.68% from the prior quarter and a decline of 18.54% from the 2nd quarter of 2018, according to data just released by ATTOM Data Research.  St Louis has the 73rd highest foreclosure rate of the 220 MSA’s ranked in the report.

As the table below shows, only three counties in the St Louis MSA saw an increase in foreclosure activity this quarter from the prior quarter and, with the exception of Lincoln County, none saw an increase from a year ago.

  

St Louis MSA Foreclosure Rate By County – 2nd Quarter 2019

Data Source: ATTOM Data Solutions -©2019 St Louis Real Estate News – All Rights Reserved

St Louis Foreclosures Rise In May But Still Down Nearly 20 Percent From Year Ago

The rate of foreclosure in St Louis in May was 1 foreclosure filing for every 2,013 housing units, an increase of 7.7% from the month before but a decline of 18.8% from May 2018, according to data just released by ATTOM Data Research.

As the table below shows, six counties in the St Louis MSA saw an increase in foreclosure activity in May from the month before however, all the counties in the St Louis MSA except 3, saw a decline from a year ago.

  

St Louis MSA Foreclosure Rate By County – May 2019

Data Source: ATTOM Data Solutions -©2019 St Louis Real Estate News – All Rights Reserved

Proposed St Louis County Ordinance Would Require Landlords To Accept Section 8

A bill introduced by St Louis County Councilmember Lisa Clancy would require landlords in unincorporated St Louis County to participate in the Section 8 program as well as pretty much any other rental subsidy program.  St Louis County bill number 102 (see complete bill at bottom of article), introduced by Councilmember Clancy, if passed, would amend the existing St Louis County “Fair Housing Code” ordinance adding “lawful source of income” to the list of things that a landlord cannot discriminate based upon.

The St Louis County Fair Housing Ordinance (section 717.020) currently makes it unlawful for landlords to discriminate on the basis of race, color, religion, national origin, gender, disability, sexual orientation, gender identity, or familial status.  Currently included in the protected classes under St Louis County law, which are not included in the Federal Fair Housing Act, are “sexual orientation” and “gender identity”.  In addition, St Louis County has “gender” as a class instead of “sex” as is in the Federal Fair Housing Act.  If St Louis County Council bill 102 passes and becomes an ordinance, then “lawful source of income” will be an additional protected class and will be another one that is not in the Federal Fair Housing Act.

There are other municipalities, counties, and states around the country that have passed similar legislation as well. As to be expected, legislation like this has been met with a mixed response.  

Is it discriminatory for a landlord to refuse to accept Section 8, Vouchers and the like? Continue reading “Proposed St Louis County Ordinance Would Require Landlords To Accept Section 8

Flipped Homes in St Louis Down From Year Ago

There were 528 homes “flipped” in the St Louis metro area during the first quarter of 2019, which equated to 7.7% of the total number of homes sold in the St Louis metro area during the quarter, according to data just released by ATTOM Data Research.  This is down 14% from the 1st quarter of 2018 but does reflect a 3% increase from the prior quarter.  As our table below shows, on a national level, house flipping accounted for 7.2% of the homes sold during the 1st quarter of this year, which is a 23% increase from the quarter before and an 8% increase from a year ago.

Definition of a  “flipped” home…

For the purposes of this report, a flipped home is considered to be any home or condo that was sold during the first quarter of this year in an arms-length sale that had previously had an arms-length sale within the prior 12 months.  Since homeowners don’t tend to buy a home only to turn around and resell it within a year, when this does occur it is typically the result of an investor buying a property, renovating it, then reselling it.

  

St Louis House Flipping – 1st Quarter 2019

St Louis House Flipping - 1st Quarter 2019

Foreclosure Rate In St Louis Continues To Fall As Market Remains Strong

The strong St Louis housing market, as well as the strong economy, continues to help improve mortgage delinquency rates and foreclosure rates in St Louis. The rate of foreclosure in St Louis in April was 1 foreclosure filing for every 2,167 housing units, a decline of 17.4% from the month before when the rate was 1 in every 1,865 housing units, according to the latest data from ATTOM Data Solutions.  The April St Louis foreclosure rate was down 17.9% from the year before.

As the table below shows, over half the counties in the St Louis MSA saw an increase in foreclosure activity in April from the month before, all in the double-digits, however, with the exception of the city of St Louis, all of the larger counties saw a decline from the month before.

  

St Louis MSA Foreclosure Rate By County – April 2019

St Louis MSA Foreclosure Rate By County - April 2019

Data Source: ATTOM Data Solutions -©2019 St Louis Real Estate News – All Rights Reserved

St Louis Rental Vacancy Rate Rises For First Time In A Year

The St Louis MSA rental vacancy rate during the 1st quarter of this year was 8.1%, an increase from 6.6% the prior quarter, according to data recently released by the U.S. Census Bureau.  Given that for 2018 the median rental vacancy rate of 6.8% in the St Louis MSA was a 13 year low, it’s not surprising we may see an uptick in vacancies.

As the table below shows, the rental vacancy rate for the St Louis MSA for the first quarter of 2018 was 9.6% and then fell to 5.6% during the 2nd quarter so perhaps we’ll see a repeat of that this year as well but time will tell.

St Louis Rental Vacancy Rates – 2016 – Present

(click on table for complete data from 2005 – present)

 

The Number Of Underwater Homeowners In St Louis Increases Slightly

During the first quarter of 2019, 14.5% of the homeowners in St Louis with a mortgage, were underwater on their mortgage, meaning they were in a negative-equity position, according to data just released by ATTOM Data Research.  As the table below shows, this slight increase follows a decline in the rate for the two prior quarters.  The St Louis negative-equity rate is about one and a half times that for the U.S. as a whole.

St Louis Underwater (Negative-Equity) Homeowners – 2013-2019

St Louis Underwater (Negative-Equity) Homeowners - 2013-2019

St Louis Foreclosure Rate Is Seventh Highest of 20 Largest Metros

During the first quarter of this year, there were foreclosure filings on 1,948 properties in the St. Louis MSA, which equates to 1 foreclosure filing for every 51 housing units, according to the latest data from ATTOM Data Research.  As the table below, which shows data for the 20-largest metro areas in the U.S., shows, this foreclosure rate puts St Louis at number 7 on the list in terms of foreclosure rate.

  

1st Quarter 2019 – Foreclosure Filings – 20 Largest MSA’s

1st Quarter 2019 - Foreclosure Filings - 20 Largest MSA's

Data Source: ATTOM Data Solutions -© 2019 St Louis Real Estate News

St Louis Rental Vacancy Rate In 2018 Hits Lowest Level In Over 13 Years

The median rental vacancy rate for the St Louis metro area during 2018 was 6.8%, according to data recently released by the U.S. Census Bureau.  This rate marks the lowest annual median rental vacancy rate for St Louis since the U.S. Census Bureau’s reports which began in 2005.

As the table below shows, the vacancy rate for the 4th quarter of 2018 was 6.6%, down from 6.9% the quarter before and down from 9.2% a year ago.

St Louis Rental Vacancy Rates

St Louis Rental Vacancy Rates

 

Number Of St Louis Home Flips Declines in 2018 From Year Before

There were 3,143 home “flips” in the St Louis metro area during 2018, according to data just released by ATTOM Data Research.  With 7.4% of homes sold in St Louis being a flip in 2018, this is a decline of 3.7% from a year ago.  The peak number of flips in St Louis came in 2005 when there were 4,426 homes flipped.

What is meant by “flipped” home?

ATTOM Data considers any home or condo that was sold during the third quarter of this year in an arms-length sale that had previously had an arms-length sale within the prior 12 months as well as a “flip”.  Since homeowners don’t tend to buy a home only to turn around and resell it within a year, when this does occur it is typically the result of an investor buying a property, renovating it, then reselling it.

  

St Louis House Flips 2018

St Louis House Flips 2018

St Louis House Flips Average Gross Profit

St Louis House Flips Average Gross Profit

 

 

 

Jefferson County Had The Highest Foreclosure Filing Per Capita Rate Of Larger Missouri Counties in 2018

Jefferson County, with an estimated population of 221,577 during 2018, had 317 foreclosure filings during 2018, giving it the highest rate of foreclosure filings per capita, at 1 foreclosure filing for every 699 in population, of the all the Missouri counties with a population of 50,000 or greater.  As the table below shows, the three Missouri counties with the highest foreclosure rate per capita are all located within the St Louis MSA and Boone County, in the Columia MSA, has the lowest foreclosure rate in the State.

  

 

2018 Missouri Foreclosure Rates By County

2018 Missouri Foreclosure Rates By County

Copyright© 2019 – St Louis Real Estate News – All Rights Reserved – Data Source ATTOM Data Solutions

St Louis MSA Has 8th Highest Foreclosure Rate Among Largest Metro Areas

Yesterday, I wrote an article about the number of foreclosures in St Louis during 2018 dropping to the lowest number in over 12 years, however, in spite of that good news, St Louis still has the 8th highest rate of foreclosure among the 20 largest metro areas in the U.S.

According to data just released by ATTOM Data Research, as the table below shows, during 2018 St Louis had a foreclosure filing for 1 of every 180 housing units.  This rate puts St Louis at the 65th highest rate of the 219 MSA’s in the U.S. with a population of over 200,000 and at the 8th highest rate of the 20 largest MSA’s.  Worth noting is St Louis barely made the list of 20 largest MSA’s coming in at 19th largest based upon population.

  

Number Of Foreclosures in St Louis During 2018 Drops To Lowest Number In Over 12 Years

As evidence of just how much the St Louis housing market has improved since the housing bubble burst a little over a decade ago, as well as a testimony as to the strength of our economy, the number of St Lous homeowners that lost their homes to foreclosure last year dropped to the lowest level in over 12 years.

As the tables below show, during 2018, 6,882 homeowners in the St Louis metro area received a notice of a foreclosure filing from their lender on their property, a decline of 6% from the prior year when 7,323 homeowners received a foreclosing filing notice.   The number of foreclosure filings in St Loius during 2018 was down 68.3% from 2010 when the number of foreclosures in St Louis hit a record high with 21,741 homeowners receiving a foreclosure filing notice.

  

Mortgage Delinquency Rates Continue to Improve-St Louis Distressed Home Sales Falling

Mortgage delinquency rates, the precursor to foreclosures, continue to fall as the real estate market continues to perform well.  The 30-plus day mortgage delinquency rate for June 2018 fell to 4.3% of all outstanding mortgages down from 4.6% a year ago, according to a report just released by CoreLogic.  Frank Nothaft, the Chief Economist for CoreLogic, attributed the good news to “A solid labor market” going on to say that June’s national unemployment rate of 4% was “the lowest for June in 18 years“.

St Louis distressed home sales falling quickly…

With the economy and real estate market doing so well, distressed home sales (short-sales and foreclosures) continue to decline.  As our chart below shows, the 12-month trend line for distressed home sales in the 5-County core St Louis market (city of St Louis and the counties of St Louis, St Charles, Jefferson, and Franklin)  fell to 1,137 sales for the 12-month period ending August 2018.  This is a decline of 30% in distressed home sales in St Louis, from a year ago when there were 1,632 distressed home sales during the prior 12-month period.

  

St Louis Distressed Home Sales -12 Month Trend – Past 24 Months

(Click on chart for live chart)

St Louis Distressed Home Sales -12 Month Trend - Past 24 Months

 

 

 

House Flipping In St Louis Drops Twenty-Three Percent In 2nd Quarter

House flipping, something that has become quite popular among investors over the past few years and has even spawned several reality TV shows, continues to decline in terms of the number of flips.  This is certainly not due to a lack of interest but instead a lack of opportunities.  Many flipping opportunities are the result of foreclosures and with the mortgage delinquency rates continuing to improve resulting in declining foreclosure rates, the end result is few opportunities for investors to flip homes.

In St Louis, during the 2nd quarter of 2018, there were 835 homes flipped in the St Louis metro area, a decline of 23.0% from the quarter before and a 4.7% decline from a year ago.  This is down 32.5% from the peak during the 3rd quarter of 2005 when there were 1,237 homes flipped in St Louis.

The table below shows the 2nd quarter house flipping data for St Louis, from ATTOM Data Services and includes the median size and age of the homes flipped, as well as median time to flip,  prices and profits.

  

St Louis House Flips – 2nd Quarter 2018

St Louis House Flips - 2nd Quarter 2018

Distressed Sale Opportunities For Investors Declined 30 Percent In Past 12-Months

As the interest in investing in real estate in St Louis continues to increase, whether to buy, fix and flip or to buy and hold for rental, the number of opportunities to do so continues to decline.  The primary source of “deals” for investors is typically “distressed” sales; property that has been foreclosed on and being resold, short sales or property in poor condition needing work.  However, as our chart for St Louis MSA below reveals, the number of distressed home sales in St Louis has been steadily declining over the past 5 years.

The chart shows both the number of distressed sales for each month (the pink line) as well as the 12-month trend (green line) and both are on the decline.  During the month of July 2018, there were 187 distressed home sales in St Louis, down 14% from 217 the month before and down 31% from last July when there were 272 distressed homes sold.  For the 12-month period ended July 31, 2018, there were 2,787 distressed home sales, down 30% from the prior 12-month period when there were 3,965 distressed homes sold in the St Louis MSA.

  

St Louis MSA Distressed Home Sales – Past 60 Months

(Click on Chart For Live, Interactive Chart)

 

House Flipping Volume In St Louis Down From Year Ago

During the first quarter of this year, there were 600 home “flips” in St Louis or about 8.6% of the homes sold in St Louis, according to data just released by ATTOM Data Research.  This rate of flipped homes is up 5% from the prior quarter, however, is down 7% from a year ago. The decline certainly doesn’t have anything to do with a lack of interest by investors in flipping, it has more to do with a low inventory and declining mortgage delinquency and foreclosure rates reducing the opportunities.

What is a “flipped” home?

In the report issued by ATTOM Data Research, any home or condo that was sold during the first quarter of this year in an arms-length sale that had previously had an arms-length sale within the prior 12 months as well, was considered a “flip”.  Since homeowners don’t tend to buy a home only to turn around and resell it within a year, when this does occur it is typically the result of an investor buying a property, renovating it, then reselling it.

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St Louis Foreclosure Rate Drops Over Twenty-Percent In Past Year

The number of St Louis homeowners losing their homes in foreclosure declined to a total of 700 foreclosure actions in the St Louis MSA, according to the latest report from ATTOM Research.  Aprils foreclosure rate of 1 in every 1,768 housing units in the St Louis MSA is a decline of 22.82% from the rate a year ago and a decline of 9.68% from the foreclosure rate for March 2018.

As the table below illustrates, of the 15 counties in the St Louis MSA covered, all but three have seen a decline in foreclosure rates from a year ago (and all of those double-digit declines at that) and two-thirds of the counties saw a decline from the month before.

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St Louis MSA Foreclosures – April 2018

St Louis MSA Foreclosures - April 2018

 

 

Number of Seriously Underwater St Louis Homeowners Down Fifty-Percent From 4 Years Ago

The percentage of homeowners with a mortgage in the St Louis MSA that were seriously underwater in the last quarter of 2017 was 13.8%, about half the rate from 4 years earlier, according to data just released by ATTOM Data Solutions.  For this report, a homeowner is considered “seriously underwater” when the total of their home mortgage(s) is equal to, or greater than, 125% of their home’s current value.

Also shown on the table below is the percentage of equity-rich homewners in the St Louis MSA.  An “equity-rich” homeowner is at the other end of the spectrum from an underwater homeowner with their mortgage total being 50% of less than the current value of their home.

You can click the table below to go to the complete information showing the data for the 5-counties that make up the St Louis core market.

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St Louis MSA Underwater Homeowners & Equity-Rich Homeowners

(Click on the table to be taken to the complete report by county)

St Louis MSA Underwater Homeowners & Equity-Rich Homeowners

 

 

Distressed Home Sales In St Louis Continue Downward Trend

Distressed home sales, foreclosures, bank and government-owned homes and short sales, continue to decline in St Louis as the economy and housing market continue to improve.  The chart below illustrates this downward trend as, for each monthly data point, it shows the total number of distressed home sales in the 5-county core St Louis market for the prior 12-months.  Plotting out the prior 12-month activity is a great way to spot trends and changes in the market.  As the chart shows, for the 12-month period ending last month, November 2017, there were 1,484 distressed home sales, down over 34% from December 2015 when there were 2,263 distressed home sales during the prior 12 months.

St Louis 5-County Core Market – Distressed Home Sales- Prior 12-Month Period Monthly For Last 24 Months

(click on chart for live data)

St Louis 5-County Core Market - Distressed Home Sales- Prior 12-Month Period Monthly For Last 24 Months

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St Louis Foreclosure Rate Falls Over 6 Percent From Year Ago

The real estate market in St Louis continues to improve and grow stronger, evidenced by the declining foreclosure rates being reported by ATTOM Data Solutions.  For November 2017, there were 857 foreclosure actions taken on housing units within the St Louis MSA, a decline of 17.52% from the month before and a decline of 6.54% from a year ago.

St Louis MSA Foreclosure Rate – November 2017

St Louis MSA Foreclosure Rate - November 2017

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Home Flipping In St Louis Hits Lowest Level In A Year

St Louis flipped homes accounted for 6.6% of home sales in the St Louis MSA during the 3rd quarter of 2017, the lowest level since the 3rd quarter of 2016 when flips made up 6.3% of the St Louis home sales.  For the purposes of this report, a “flip” was defined as a property that was sold in an arms-length sale for the second time within a 12-month period.

Slow times are good flip times…

As the table below shows, with very few exceptions, for the 17 year period covered in the table, home flips have accounted for a larger percentage of the overall home sales in St Louis during the slow-selling seasons, the 1st and 4th quarters.  This makes sense as lenders are more apt to make deals toward the end of the year to get foreclosures off the books before closing out the year.

Opportunities to flip homes in St Louis on the decline…

As our chart below the table shows, the number of distressed home sales (foreclosures, short sales, and bank-owned property) in the St Louis area has steadily declined during the past 2 years as the economy, including the housing market, continues to improve.

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Home Flips in St Louis 2000-2017 – St Louis House Flipping

Home Flips in St Louis 2000-2017 - St Louis House Flipping

St Louis 5-County Core Market – Distressed Home Sales – Past 24 Months

(Click on chart for live chart with current data)
St Louis Area Distressed Home Sales (Foreclosures, REO's, Bank-Owned Properties, Short Sales) Past 2 Years - Chart

St Louis Rental Vacancies At Lowest Rates In Over A Decade

The vacancy rate for rentals in St Louis during the third quarter of this year was 9.8%, significantly lower than the median vacancy rate of 11.5% for that quarter since 2004.  The year to date median vacancy rate for 2017, through the first 3 quarters, is 8.1% which is tied with last years rate, the lowest in more than a decade.  So it’s a good time to be a landlord in St Louis!

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Rental Vacancy Rates In The St Louis Metro Area – 2015 – 2017

(click table below for complete data going back to 2005 as well as rental rates)

Rental Vacancy Rates In The St Louis Metro Area - 2015 - 2017
Data Source: U.S. Census Bureau – Copyright 2017 – St Louis Real Estate News – All Rights Reserved[/caption]

Number of St Louis Homeowners With Negative Equity Continues To Drop In Most Areas

Over the past couple of years, as the St Louis real estate market has continued performing well, mortgage delinquencies and foreclosures have continued to decline.  Rising home value has also caused the number of “underwater” homeowners, also known as homeowners in a negative-equity position (meaning their mortgage balance exceeds their homes current value) to decline as well.  As the table below shows, 5 of the seven St Louis area counties listed saw a decline in the number of underwater properties in the 3rd quarter of this year from a year ago.  The largest decline in underwater properties was St Charles with a 35% decline.  The two exceptions, the city of St Louis and St Clair County, Il, saw an increase in underwater property of 2% and 14% respectively.

St Louis Underwater (Negative-Equity) Properties – 3rd Quarter 2017

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St Louis Underwater (Negative-Equity) Properties - 3rd Quarter 2017

City of St Louis Has Second Highest Vacant Property Rate In The U.S.

As of the end of September, in the city of St Louis, 7,265 of the 104,288 residential properties in the city were vacant, giving the city a vacant property rate of 6.97 percent, the 2nd highest of all the counties in the U.S., according to a newly released report by ATTOM Data Solutions.  The number of vacant properties in the city of St Louis increased 4.4% from the same time last year.  Baltimore Maryland had the highest vacant property rate at 8.14 percent.

As the table below shows, St Clair County, Illinois was the next St Louis area county on the list coming in at number 11, followed by Madison County, Illinois at #42, St Louis County at #47.

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St Louis Area Vacant Property Rate By County- 3rd Quarter 2017

St Louis Area Vacant Property Rate By County- 3rd Quarter 2017

More Than 100 Zombies In The St Louis Area!

“Zombie” is the name that has been given to vacant property which delinquent mortgages and destined for foreclosure, not but in foreclosure yet.  These properties are in a “no man’s land” so to speak, and often become an eyesore and a burden on the neighborhood as well as city located in.  As the table below shows (compiled from the ATTOM Data report), St Clair County, IL has the highest number of “Zombies” at 99 and also has the highest Zombie foreclosure rate at 14.39%.

St Louis Area Zombie Foreclosures By County- 3rd Quarter 2017

St Louis Area Zombie Foreclosures By County- 3rd Quarter 2017