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

Distressed Home Sales In February Fall Back to 2008 Rate

Distressed home sales (foreclosures, REO’s and short sales) made up 13.5 percent of the home sales in the U.S. in February, 2015, a decline of 18% from a year ago when the rate was 16.5 percent and is a decline of 5.6% from January when the rate was 14.3%, according to a report just released by Corelogic.  The rate of distressed home sales in February 2015 marks the lowest rate for the month of February since February 2008, according to the report.

 

REO Sales down almost two-thirds from peak

During the peak, January 2009, distressed home sales accounted for 32.4 percent of al home sales with REO sales making up 27.9% of that share.  In February, 2015, REO sales accounted for 9.7 percent of all home sales, a decline of nearly two-thirds (65.23%).

Short Sales down only slightly

Quite different than the figures for REO sales, short sales accounted for 4.5% of all home sales back in January 2009 and still accounted for 3.8% of them in February 2015, for a decline of just 15.6% percent.

Still far from “normal”

Even with the declines, we are a far way from “normal”….prior to the real estate market crisis, distressed home sales made accounted for just about 2% of home sales so we still have a long way to go.

 

Michigan is the king of distress

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Continue reading “Distressed Home Sales In February Fall Back to 2008 Rate

Fannie Mae Launches "Know Your Options" Foreclosure Prevention Program

saint-louis-real-estate-dennis-normanFannie Mae has launched a new foreclosure prevention program called “Know your Options” that has been in development for about a year and has, as it’s top priority, “helping homeowners avoid foreclosure”.  The program includes working with and training 18 of it’s largest loan servicers as well as launching a website for consumers, KnowYourOptions.com, which contains educational tools and resources for homeowners that may be facing foreclosure and opening 12 “Mortgage Help Centers” in the areas hardest hit by the housing crisis.

Foreclosures in May down almost 20 percent from year ago

dennis-norman-st-louis-real-estate-foreclosuresAccording to a report released today by CoreLogic, there were 63,000 completed foreclosures in the U.S. in May 2012, down from 62,000 the month before and down almost 20 percent (18.18) from May 2011. Since the real estate market meltdown began in September 2008 there have been about 3.6 million homes that had forecloses completed upon. Continue reading “Foreclosures in May down almost 20 percent from year ago

Mortgage delinquencies increase for second-consecutive month

st-louis-realtor-dennis-norman-mortgage-delinquency-foreclosure-rate

The mortgage delinquency rate (the percentage of home loans 30 or more days past due) increased in May 1.1 percent from the month before according to the latest “First Watch Report” from Lenders Processing Services (LPS). While it’s a modest increase, this marks the second consecutive month we’ve seen an increase in mortgage delinquency rates reversing the downward trend for the 9 months prior which is not good. Since delinquent mortgages are the precursor to forelcosures and foreclosures have wreaked havoc on home prices, this is something we definitely want to keep an eye on. Continue reading “Mortgage delinquencies increase for second-consecutive month

Mortgage defaults fall to lowest level in 5 years

According to a report just released by S&P Experian, the first mortgage default rate fell by more than a quarter of a percent (26 basis points) in May compared to April and is the lowest rate since May 2007. The second mortgage rate also fell during the month, by 5 basis points, and is at a seven year low.

Mortgage defaults and delinquencies are the pre-cursor to foreclosures and foreclosures are the enemy of home prices so this is good news and a trend that, if it continues, should point the way to a housing recovery.

Looking for a bargain vacation home near the beach?

dennis-norman-st-louis-realtor-My family is definitely a beach-loving family! Most of the trips and vacations our family has been on over the years have included beaches and both of our children’s first trips as infants were to the beach. So, I guess it is safe to say our family loves beaches and we are not alone! There is always demand for homes in beach communities even during the real estate bust. Some areas, like Sarasota, Florida, are already seeing prices increase on homes located on or near the beach. Did you wait too late to buy that second home or vacation home in a beach community? Well, according to a report just released by RealtyTrac, there are still some bargains to be found out there! Where? Well, read on….. Continue reading “Looking for a bargain vacation home near the beach?

How to apply for independent foreclosure review

dennis-norman-st-louis-realtor-UPDATE – August 2, 2012 – The deadline for requesting a review of your mortgage foreclosure under the federal banking agencies’ Independent Foreclosure Review has been extended until December 31, 2012

If you feel you were a victim of an improper foreclosure process in 2009 or 2010 by one of the companies below, you may apply for an independent foreclosure review and receive compensation if the independent review finds evidence of direct financial injury to you due to servicer error. Time is running out however as the deadline to apply is July 31, 2012. To make it easier to understand the process, the fed’s have produced a video on how to apply which I have included below. Continue reading “How to apply for independent foreclosure review

Mortgage delinquencies increase in April;   first increase in nine months

st-louis-realtor-dennis-norman-mortgage-delinquency-foreclosure-rate

The mortgage delinquency rate (the percentage of home loans 30 or more days past due) increased in April 0.4 percent from the month before according to the latest “First Watch Report” from Lenders Processing Services (LPS). While this is a modest increase, it temporarily reverses the trend we have seen for the past 9 months of declining mortgage delinquency rates. The mortgage delinquency rate in April, at 7.12 percent of all loans, is down 10.6 percent from a year ago however. The foreclosure rate for April was 4.14 percent, the same as the month before as well as the year before so, at least the foreclosure rate is remaining flat and not increasing. Continue reading “Mortgage delinquencies increase in April;   first increase in nine months

Foreclosures in 2011 down 24 percent from 2010

dennis-norman-foreclosures1.4 Million Homes in the Foreclosure Inventory at the End of 2011

According to a report just released by CoreLogic, there were 830,000 foreclosures completed during the year in 2011, a 24 percent decrease from 2010 when there were 1.1 million. For the month of December, there were 55,000 foreclosures, down 3.5 percent from November when there were 57,000 and down 17.9 percent from December 2010 when there were 67,000 foreclosures completed. Continue reading “Foreclosures in 2011 down 24 percent from 2010

AG Settlement: Not Perfect, But Significant Reform of Mortgage Servicing

Based on what we’ve heard, the settlement between major banks and states’ Attorneys General (AGs), the federal Department of Housing and Urban Development, and the Department of Justice would represent an important step forward in addressing foreclosure abuses. The settlement would include key reforms to clean up unfair mortgage servicing practices. It would also provide an important template for ways banks can use principal reduction to reduce unnecessary foreclosures and put the country back on a path to economic recovery. Continue reading “AG Settlement: Not Perfect, But Significant Reform of Mortgage Servicing

Housing market not out of the woods yet

Dennis Norman St Louis RealtorMark Fleming, Ph.D., Chief Economist for CoreLogic, in a presentation yesterday, said the housing market is not out of the woods yet as the potential of a double-dip in our economy increases and as 30 to 40 percent of economists feel there is a chance of another recession. The economy’s “stall speed” was another issue Fleming said was a concern, describing it as similar to the stall speed of an airplane; that speed at which is still fast enough for the plane to be flying, but just on the edge of stalling and no longer able to maintain flight. Fleming said, for the economy, a 1 percent growth rate is historically the “stall” point and that is right about where we are presently. Continue reading “Housing market not out of the woods yet

Shadow Inventory Continues to Decline; Good news for the housing market

Dennis Norman St Louis

A report released this morning by CoreLogic shows that the current residential “shadow” inventory as of July 2011 declined slightly from 1.7 million units in April to 1.6 million units, and was down from 1.9 million units a year ago. This current shadow inventory represents a 5 month supply. CoreLogic includes in it’s shadow inventory numbers properties that are either 90+ days delinquent on mortgages, in some stage of foreclosure, or an REO but not presently for sale in an MLS. Continue reading “Shadow Inventory Continues to Decline; Good news for the housing market

Increased foreclosure activity and potential REO inventory growth point to trouble for real estate market

Signs point to trouble ahead for the housing market as recent growth in foreclosure filings suggest REO Inventories may balloon in coming months according to the Radar Logic July 2011 Monthly Housing Market Report. On the heels of a couple of upbeat articles I’ve been able to write about the market, I get hit with the glumness of this one….ugh. However, as I have said before, I have a lot of respect for this company and have found their market forecasts to be reasonably accurate, unfortunately. Continue reading “Increased foreclosure activity and potential REO inventory growth point to trouble for real estate market

Mortgage delinquencies decline in August; down almost 12 percent from year ago

I keep saying that, until the foreclosure rate gets back down closer to a “normal” rate and the REO inventory is absorbed to the point where they are no longer putting such immense downward pressure on home prices, we are not going to see any sort of sustainable recovery in the housing market. It all starts with mortgage delinquencies, and as those go so go foreclosures and REO inventory ultimately. Having said that, we have some good news: A “first-look” report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows mortgage delinquencies decreased 2.5 percent in August from the month before and decreased 11.8 percent from the year before. According to the report, the U.S. foreclosure pre-sale inventory rate increased 0.1 percent from the month before and was up 8.2 percent from the year before. Continue reading “Mortgage delinquencies decline in August; down almost 12 percent from year ago

REALTORS offer suggestions to the Fed on how to deal with the REO problem

Dennis Norman, St Louis REALTORNational Association of REALTORS® (NAR) President, Ron Phipps, wrote a letter to Shaun Donovan, Secretary of the Department of Housing and Urban Development, Timothy Geithner, Secretary of the Treasury Department and Edward DeMarco, Acting Director of the Federal Housing Finance Agency with suggestions on how to improve the Real Estate Owned (REO) asset disposition programs for Fannie Mae, Freddie Mac and FHA. NAR, like many other housing related associations and organizations, submitted letters in response to the government’s request for information on how to deal with the REO problem. Continue reading “REALTORS offer suggestions to the Fed on how to deal with the REO problem

St. Louis foreclosures increase in August but are down sharply from a year ago

Dennis Norman, St Louis REALTOR - St Louis Foreclosures, St Louis REO'sSt. Louis foreclosure activity increased in August by 29.09 percent from July with 1 of every 682 St. Louis homeowners having a foreclosure filing according to RealtyTrac’s foreclosure market report that was just released.  As the chart below depicts, of the eight largest counties in the St. Louis metro area all but Madison County Illinois saw an increase in foreclosure activity in August with Macoupin County Illinois leading the way with a 113 percent increase.

To find foreclosures in your area click here. Continue reading “St. Louis foreclosures increase in August but are down sharply from a year ago

St. Louis homeowners with negative equity increases slightly in 2nd quarter

Dennis Norman St Louis

A report released today by CoreLogic shows that 17.30 percent (99,792) of all St. Louis homeowners with a mortgage were in a negative equity position in the second quarter of 2011, up slightly from 17.10 percent the prior quarter. Negative equity is also referred to as being “underwater” or “upside down” and refers to homeowners that owe more on their mortgages than the current value of their home. Continue reading “St. Louis homeowners with negative equity increases slightly in 2nd quarter

Foreclosure rate in St Louis decreases in June from month before but still up from a year ago

St. Louis REALTOR, Dennis Norman foreclosures

The St Louis foreclosure rates was 1.62 percent for June 2011, down from 1.71 percent the month before and up from June 2010 when the rate was 1.44 percent, according to a newly released data from CoreLogic. As usual, the St Louis foreclosure rate is significantly lower than the national foreclosure rate, which was 3.46 percent for June 2011. Continue reading “Foreclosure rate in St Louis decreases in June from month before but still up from a year ago

St Louis Foreclosure Sales Increase in 2nd Quarter; account for 1 of every 4 home sales

St. Louis REALTOR, Dennis NormanThis morning, RealtyTrac released it’s Foreclosure Sales Report for the St. Louis metro area for the 2nd quarter of 2011 which showed there were 2,138 REO’s (banked owned) and Pre-Foreclosure (short sales and other sales of property with loans in default) during the quarter which is a 4.86 percent increase from the prior quarter and a decrease of 6.64 percent from a year ago. Continue reading “St Louis Foreclosure Sales Increase in 2nd Quarter; account for 1 of every 4 home sales

Freddie Mac offering to pay future condo fees through HomeSteps special

HomeSteps, the home-sale division of Freddie Mac, announced “Condo Cash”, a special limited-time offer to pay up to $1,500 in future condo fees for eligible buyers purchasing a condominium being sold through the Freddie Mac HomeSteps program. Continue reading “Freddie Mac offering to pay future condo fees through HomeSteps special

St Louis Foreclosures Drop in July; Down Over 35 Percent From Year Ago

Dennis Norman, St Louis REALTOR - St Louis Foreclosures, St Louis REO'sFinally some good news for the St. Louis Real Estate Market!  This morning RealtyTrac released their foreclosure activity report for the St. Louis metro area for July 2011 showing that foreclosure activity in the St. Louis metro area in July was down 8.77 percent from the month before and down a whopping 35.46 percent from a year ago!  Continue reading “St Louis Foreclosures Drop in July; Down Over 35 Percent From Year Ago

84 Percent of U.S. Metros Post Lower Foreclosure Activity in First Half of 2011

RealtyTrac released their Midyear 2011 Metro foreclosure report showing that foreclosure activity decreased on a year-over-year basis in 178 out of the nation’s largest 211 metropolitan areas which is some much needed good news! Continue reading “84 Percent of U.S. Metros Post Lower Foreclosure Activity in First Half of 2011

2011 Real Estate Market Performing about as Poorly as Predicted Thus Far

Radarlogic, real estate data and analytics company that frequently disagrees with the National Association of REALTORS® view of the housing market, released their RPX Monthly Housing Market Report for May 2011 yesterday and in it had a scorecard showing how their rather bleak predictions they made at the end of 2010 for the 2011 housing market were holding up. Unfortunately, as you will see below, it seems many of their predictions have been accurate and the housing market is performing as poorly as they expected in many areas. Continue reading “2011 Real Estate Market Performing about as Poorly as Predicted Thus Far

Foreclosure rate drops in first half of 2011; shadow inventory builds

RealtyTrac released their Midyear 2011 foreclosure report this morning showing a total of 1,170,402 U.S. properties received foreclosure filings (default notices, scheduled foreclosures and bank REO’s) in the first six months of 2011, a 25 percent decrease from the prior six months and a 29 percent decrease from the first half of 2010. Continue reading “Foreclosure rate drops in first half of 2011; shadow inventory builds

Local Rehab Loan Program Allows Buyers To Take Advantage of Distressed Sale Bargains

Would you like to buy one of those foreclosure or REO bargains, but don’t have the cash to have the necessary work done?  There’s a new rehab loan program in St. Louis that will help homeowners do just this!  This program allows buyers to buy Bank Owned or Foreclosed Property (let’s call them “distressed homes”) and also borrow funds for the rehabilitation of these properties.  Continue reading “Local Rehab Loan Program Allows Buyers To Take Advantage of Distressed Sale Bargains

REO’s and Shadow Inventory are Roadblock to Recovery of Housing Market

Dennis Norman St LouisA report issued yesterday by Equifax reveals just how severe the impact of shadow inventory (homes that have been, or should be, foreclosed on but have not been put back on the market for sale yet) and REO’s (properties owned by lenders after acquiring through foreclosure) are on a housing market recovery. Continue reading “REO’s and Shadow Inventory are Roadblock to Recovery of Housing Market

Report shows declining foreclosure rate; lenders showing delay in foreclosing

A report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows that while mortgage delinquencies continue to decline, lenders are taking longer to foreclose resulting in a drop in foreclosure sales. In fact, there are still significantly fewer foreclosure sales than there were before foreclosure moratoriums were put into place, and foreclosure sales are declining. Continue reading “Report shows declining foreclosure rate; lenders showing delay in foreclosing

St. Louis Foreclosure Rate Declines in April; Mortgage delinquencies down significantly

Dennis Norman

The St. Louis foreclosure rate in April was 1.66 percent, down slightly from 1.71 percent the prior month, but up almost 17 percent  from a year ago, according to a report published by CoreLogic. The report shows that the St. Louis Mortgage Delinquency rate (Serious delinquency, 90+ days delinquent) decreased to 4.72 percent in April, down from 4.83 percent the month before and down 13.4 percent from a year ago.