By Dennis Norman, on October 21st, 2016 The city of St Louis is one of the “Top 17 Single Family Rental Millennial Meccas“, according to a report just released by Attom Data Solutions. As the interactive info graphic below shows, St Louis joins the likes of Baltimore Maryland, Milwaukee Wisconsin and El Paso Texas, along with others, as a place that is ripe for investors to rent homes to millennials. For the report, millennial were defined as people born between 1979 and 1993. According to the report, investors that purchased rental homes in the city of St Louis during the first half of 2016 saw a gross rental yield of 12%, nearly 50% higher than the national average of 8.7%. In addition, millennials make up nearly a third of the population of the city of St Louis (29.3%) and 29.8% of the city is rental property, making for a solid rental market. On the downside, the average wages in the city of St Louis is down 2% from last year.
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By Dennis Norman, on October 13th, 2016 There were 293,190 foreclosure filings in the U.S. during the 3rd quarter of 2016, which is a decrease of 10 percent from a year ago, according to a report released today by Attom Data Solutions. This marks the fourth consecutive quarter in which foreclosure activity has decreased on a year-over-year basis and continues the steady downward decline in foreclosure activity we have seen for 6 years and has now finally fallen back to levels we saw prior to the housing bubble.
St Louis Distressed Home Sales Decline
Given the downward trend in foreclosure activity, it is not surprising that distressed home sales in St Louis (foreclosures, REO’s and short-sales) have declined as well. As the chart below shows, over the past 24 months distressed home sales in the St Louis core market (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) peaked in April of 2015 with 300 distressed home sales but have trended downwardly since to 165 distressed home sales last month. St Louis distressed home prices have remained fairly constant over the past 24 months. with a median sales price of $61,276 over the 2-year period and a median sold price of $60,550 in September.
By Dennis Norman, on September 27th, 2016 There were 184 distressed homes (short-sales and foreclosures) sold in St Louis (the 5-county core market) during the month of August, an increase of 44 percent from July when there were just 128 distressed home sales. As the chart below shows, distressed home sales in August 2016 declined 5 percent from August 2015 when there were 194 distressed homes sold in St Louis.
As the table below shows, the median price of distressed homes sold over the past two years was $61,000 and for the most recent month, August 2016, the median price was $$65,050.
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Continue reading “St Louis Distressed Home Sales Increase Over 40 Percent In August“
By Dennis Norman, on August 11th, 2016 The number of homeowners that are “seriously underwater“, or in a negative-equity position, increased during the 2nd quarter of this year, according to a report just released by Attom Data Solutions. During the 2nd quarter of 2106, 17.8% of the homeowners, with a mortgage, in the St Louis MSA were in a negative equity position, up from 16.6% the quarter before and up just slightly from 17.4% during the 2nd quarter of 2015.
To be included in this report, a homeowner has to owe 125% of the current value of their home, so these people are definitely “seriously underwater”. Obviously, there are many more people that are in a negative equity position, meaning they owe anywhere from 100% to 125% of the value of they home in mortgages.
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By Dennis Norman, on July 14th, 2016 There were 4,935 foreclosure filings on homes in the St Louis metro area during the first six months of 2016, a decline of 27.1% from the second half of 2015 when there were 6,770 foreclosure filings and down 9.75% from the first half of 2015 when there were 5,468 filings, according to a report just released by RealtyTrac.
As the table below shows, for the first half of 2016, foreclosures decreased in 13 of 15 counties in the St Louis area from the 2nd half of 2015 and 10 declined from the same period a year ago.
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By Dennis Norman, on June 16th, 2016 Foreclosure activity in the St Louis metro area during the month May occurred at a rate of 1 foreclosure action for every 1,267 homes, an increase of 20.3 percent from the month before, but a decrease of 9.75% from a year ago, according to a report just released today by RealtyTrac.
As the table below illustrates, 5 of the seven Missouri counties, and 2 of the eight Illinois counties, saw a decline in foreclosure activity in May from the year before, and 1 Missouri county, and 3 Illinois counties, saw a decline from the month before. Of the fifteen counties reported, only 3 saw a decline in foreclosure activity in May both from the month before, as well as year before, those being the City of St Louis in Missouri and Jersey and Monroe counties in Illinois.
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By Dennis Norman, on June 2nd, 2016 Home flipping accounted for 8.1 percent of all the home sales in the St Louis MSA during the 1st quarter of this year according to a report released today by RealtyTrac. This is up 20 percent from the prior quarter however is a decline from the first quarter of 2015 when flipped homes accounted for 8.3% of all the homes sold.
Home flipping in St Louis peaked in 2006…
During the first quarter of 2016, over 1 out of every ten home sales (10.7%) in St Louis was a flip, the highest level ever seen in St Louis since RealtyTrac began tracking flips.
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By Dennis Norman, on May 19th, 2016 St Louis foreclosure activity during the month of April decreased to 1 foreclosure action for every 1,524 homes, a decline of 31.58 percent from April 2015, according to a report just released by RealtyTrac.
As the table below illustrates, foreclosure activity during the month of April decreased from the month before, as well as the year before, in all seven Missouri counties that make up the bulk of the St Louis market.
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By Dennis Norman, on February 19th, 2016 St Louis foreclosure activity in January was at the rate of 1 in every 1,533 households, which is down almost 16 percent from December and down over 25 percent (25.79%) from a year ago, according to the latest data from RealtyTrac. As the table below shows, the county in the St Louis MSA with the lowest foreclosure rate in January 2016 was Calhoun County Illinois, with no foreclosure activity for the month, and the county with the highest rate was St Clair County Illinois with 1 of every 1,223 housing units having foreclosure activity during the month. St Louis County had the highest foreclosure rate of the Missouri counties within the St Louis MSA, with one in every 1,386 housing units having a foreclosure activity.
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Continue reading “St Louis Foreclosure Activity In January Declines Over Twenty Five Percent From Year Ago“
By Dennis Norman, on January 15th, 2016 During 2015, a total of 10,391 housing units, or 1 out of 118 units, in the St Louis MSA had a foreclosure filing, according to a report just released by RealtyTrac. This is an increase of 38.29% in foreclosure activity from 2014.
As the table below shows, Jefferson County had the highest rate of foreclosure in 2015 with 1 of every 114 housing units receiving a foreclosure action during the year and Warren County the lowest with just 1 of every 278 housing units receiving a foreclosure filing.
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Continue reading “St Louis Foreclosure Activity During 2015 Tops 2014 By Nearly Forty Percent“
By Dennis Norman, on December 11th, 2015 St Louis Foreclosure activity increased in November to 1 foreclosure activity on 1 of every 1,086 housing units in the St Louis MSA, a decrease of 8.06 percent from the month before but an increase of 62.59 percent from November 2014, according to a report just released by RealtyTrac.
St Louis 5-County Core Market…
As the table below shows, all of the 5 counties that make up the St Louis core market (St Louis city and the counties of St Louis, St Charles, Jefferson and Franklin), with the exception of Jefferson, saw a decline in foreclosures from October 2015. However, like the St Louis metro area as a whole, they all had increased activity from the year before with three of the counties (St Louis city and St Louis and St Charles County) seeing a triple digit increase and Jefferson and Franklin double digit increases.
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Continue reading “St Louis Foreclosure Activity In November Increased Over 60 Percent From Year Ago“
By Dennis Norman, on December 3rd, 2015 Distressed home sales in St Louis during the month of October 2015 accounted for about 11.6 percent of all home sales during the month, a decline of about 50 percent from a year ago when St Louis distressed home sales accounted for 23 percent of the all home sales, according to the latest data just released by RealtyTrac. Distressed home sales would include foreclosures, REO’s (homes that have been foreclosed upon and now being sold by a bank or other lender) and short sales.
As the table below shows, the St Louis metro area saw a decline in all types of distressed home sales in October from the month before, however some of the counties in the area saw an increase such as the city of St Louis that saw distressed home sales increase from 20.9% in September 2015 to 25.3% in October.
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Continue reading “St Louis Metro Area Distressed Home Sales Share Of Market Drops By Nearly Half From Year Ago“
By Dennis Norman, on November 16th, 2015 Foreclosure activity, after an extended downward trend, has trended upward lately in the St Louis metro area and October was no exception seeing an increase of over 13 percent (13.17%) in activity from the month before and, on a 12-month rolling average, an increase of almost 30 percent (29.85%) from a year ago, according to the latest data from RealtyTrac.
St Charles County bucks the trend…
The table below shows foreclosure activity for the 15 major counties that make up the St Louis MSA, 7 of which are in Missouri and the other 8 in Illinois and, as the table reveals, St Charles County is bucking the trend and, even though foreclosure activity there rose 14.85 percent from the month before, it was down over 80 percent from a year ago and the 12-month rolling average was down 18.48 percent from a year ago.
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Continue reading “Foreclosure Activity Trending Upward In St Louis Metro Area But Not In St Charles“
By Dennis Norman, on November 4th, 2015 Distressed Home Sales accounted for just 13 percent of St Louis home sales thus far in 2015, a decline of 37.6 percent from two years ago when over 1 in every 5 (20.83%) St Louis home sales was a short sale or foreclosure. As the table below shows, through the end of October this year, there have been just 475 short sales in the 5-county core St Louis real estate market, or just under 2 percent of total home sales, and just 2,713 sales of bank and government-owned homes, just over 11 percent of total home sales.
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By Dennis Norman, on October 16th, 2015 St Louis Foreclosures spiked during the 3rd quarter of this year with all of the counties in Missouri that are in the St Louis MSA seeing an increase of double digits in foreclosure activity from a year ago, according to a report just released by RealtyTrac.
Below is a table showing foreclosure data for all of the counties that make up the St Louis metro area on the Missouri side of the Mississippi revealing that St Charles County saw the greatest increase in foreclosure activity from a year ago with a 283 percent increase during 3rd quarter 2015 from 3rd quarter 2014.
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Continue reading “St Louis Foreclosures Spike During 3rd Quarter“
By Dennis Norman, on October 9th, 2015 No, in spite of the fact this is October, this article is not about Halloween nor the zombies associated with it, instead, it’s about vacant homes that have delinquent mortgages but have not yet been foreclosed upon yet, which the industry has applied the term of “zombie” to. According to a report just released by RealtyTrac, the number of Zombie foreclosures in St Louis county nearly tripled in the 3rd quarter of this year compared with the 3rd quarter of last year. As the table below shows, the city of St Louis also saw a large increase.
The second table shows the number of properties that are vacant (but not necessarily in default on mortgages) and reveals that about 1 out of every 13 homes in the city of St Louis were vacant during the 3rd quarter of this year.
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By Dennis Norman, on October 8th, 2015 Since the real estate market bubble burst in 2008, the number of foreclosed homes that the U.S. Department of Housing and Urban Development (HUD) has had to manage and sell to investors and new home owners has increased significantly, averaging around 100,000 homes sold per year and hitting a peak of 111,416 HUD homes sold during fiscal year 2013. As a result, HUD has proposed several changes with regard to the disposition of REO properties, or, in plain terms, how they sell HUD homes. According to HUD, these changes “seek to provide greater efficiency in the administration of HUD’s property disposition program for REO properties….and provide flexibility in anticipation of future changes to the property disposition program for REO properties.”
Highlights of Proposed Rule Changes By HUD With Respect To The Disposition, or Sale of HUD Homes:
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By Dennis Norman, on September 24th, 2015 St Louis distressed home sales share of the St Louis real estate market continues to decline minimizing the negative effect on home prices caused by distressed home sales. In August, distressed home sales, primarily consisting of foreclosures and REO’s (bank owned properties) at this point as short sales have fallen to the point to be statistically insignificant, accounted for just 6 percent of the overall home sales in the St Louis metro area, according to a report just released this morning by RealtyTrac. This is a decline of over 50 percent (56.3%) from a year ago when distressed home sales accounted for 13.7 percent of total home sales in St Louis.
St Louis county saw the biggest decline in the distressed home sales share of the market in the past year of the counties that make up the core of our St Louis real estate market and, as the table below shows, the city of St Louis saw the smallest decline and is the only one on the list where distressed home sales share of the market is in the double digits.
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By Dennis Norman, on September 17th, 2015 St Louis Foreclosures in August decreased slightly from the month before (1.51%) however increased over 140% from August 2014, according to a report released today by RealtyTrac. According to the report, there were 1,176 foreclosure filings in the St Louis metro area in August 2015 which equates to 1 in every 1,043 housing units in the metro area.
Below is a table showing foreclosure data for all of the counties that make up the St Louis metro area revealing Madison County Illinois had the highest rate of foreclosures in August at one in every 711 housing units followed by Saint Clair County Illinois at one in 811 housing units and then St Louis County Missouri at one in 964 units.
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Continue reading “St Louis Foreclosure Activity In August Increases 140 Percent From Year Ago“
By Dennis Norman, on September 16th, 2015 There were 123,546 St Louis homeowners with negative equity, or in a seriously underwater condition on their mortgage meaning they owe more than the current value of their home, in the St Louis MSA during the 2nd quarter of 2015 according to the most recent data by RealtyTrac. This works out to 17 percent of all St Louis metro area homeowners with a mortgage being underwater on their mortgage which is an improvement from 21 percent just 2 quarters prior.
As the table below shows, for the immediate St Louis, MO area, the city of St Louis had the highest rate of underwater homeowners at 1 out of every 4 homeowners with a mortgage and St Charles county had the lowest percentage at 7%.
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By Dennis Norman, on August 20th, 2015 St Louis foreclosure activity increased in July 32.23 percent from the month before to 1,194 foreclosures actions in the St Louis metro area, or a rate of one foreclosure activity for every 1,028 homes, according to the latest data from RealtyTrac. As the table below shows, the foreclosure activity in July 2015 was up almost 150 percent from July 2014, however, when we look at the 12-month rolling average, we can see that the activity has risen about 6 percent from a year ago.
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By Dennis Norman, on August 19th, 2015 Over half of the St Louis Foreclosures (bank and government owned) sold in July were sold for cash, according to the latest data from MORE, REALTORS. In July 2015, there were a total of 323 foreclosure sales in the 5-county core St Louis market with 179 of them, or 55.4%, being cash sales. As the table below shows, the number of foreclosure sales in St Louis in July 2015 was down 12.5% from July 2014 while the median sales price was up 1.8%.
There were a total of 3,754 home sales in St Louis in July 2015, an increase of 18.2% from July 2014 and, as the table below illustrates, 20.1% of those sales were cash sales as well. The median price of homes sold was up 3.1% from the year before.
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By Dennis Norman, on August 13th, 2015 The Federal Reserve Bank of New York just released it’s Quarterly Report on Household Debt and Credit for the 2nd quarter of 2015 in which some encouraging facts were revealed with regard to the home mortgage market, including:
- New home loan originations during the quarter increased to $466 billion…this marks the fourth consecutive quarterly increase since originations hit a 14-year low a year ago
- As the chart below illustrates, roughly 95,000 individuals had a new foreclosure add to their credit report during the quarter, marking the lowest number of new foreclosures since the data was first tracked 16 years ago.
- Mortgage delinquencies improved with the share of seriously delinquent mortgages (90+ days) dropping to 2.5% from 3.0% during the prior quarter.
- Mortgage delinquencies improved again, with the share of mortgage balances 90 or more days delinquent decreasing slightly;
- The median credit score for borrowers obtaining a home mortgage during the 2nd quarter, as the chart below shows, rose to above 750, while the bottom 10th percentile of borrowers, also known as “sub-prime”, rose to 650. As the chart illustrates, back in 2000 the median was around 700 and the lowest percentile was barely above the 550 mark.
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By Dennis Norman, on July 28th, 2015 For the month of May, 2015, less than 3 percent (2.95%) of St Louis mortgages were seriously delinquent (90+ days) marking a slight decline from the month before and a decline of 13 percent from a year ago, according to data just released by CoreLogic. The St Louis foreclosure rate also hit the lowest level in a long time in May at 0.67 percent, a slight decline from 0.69 percent the month before and a decline of 10% from a year ago when the foreclosure rate was 0.77 percent.
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By Dennis Norman, on July 23rd, 2015 Foreclosure Sales In St Louis (the 5-county core market) in June 2015 totaled 374 sales, a decline of 4.3 percent from June 2014 where there were 391 foreclosure sales. The median price of the homes sold in June 2015 was 60,150, and increase of 7.2 percent from a year ago when the median price was $56,100.
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Foreclosure Sales and Prices By County – Change from June 2014 – June 2015:
Continue reading “Foreclosure Sales In St Louis Decline Over 4 Percent In June From Year Ago“
By Dennis Norman, on July 16th, 2015 St Louis Foreclosures during the first half of 2015 increased in the St Louis metro area 26.52 percent from the second half of 2014 and 25.18 percent from the same period last year, according to a report released today by RealtyTrac. According to the report, there were 5,468 foreclosure filings in the St Louis metro area during the first half of 2015 which equates to 1 in every 224 housing units in the metro area.
As the table below shows, with the exception of St Charles County, all of the counties making up the St Louis core market saw an increase in foreclosure activity in the first half of this year from the last half of last year.
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Continue reading “St Louis Foreclosures Increase In First Half Of 2015“
By Dennis Norman, on June 18th, 2015 St Louis foreclosure activity in May 2015 continued the downward trend with a drop of almost 9 percent from the month before for the St Louis MSA as a whole, according to data just released this morning by RealtyTrac. As the table below shows, foreclosure activity in May was up over 55% from May 2014, however, when we look at the 12 month rolling average, which gives a better indication of the trend (blue area in table) we see that for the 12 month period ended in May foreclosure activity is down over 13% from the same time a year ago.
Franklin County is the exception to the good news…
Franklin county, on the other hand, saw a big jump in foreclosure activity during May with action on 29 properties during the month, a decline from the month before, but a whopping 625% increase from a year ago. The twelve month rolling average for Franklin County shows May 2015 was up 219% from May 2014. In spite of this huge increase in foreclosure activity, Franklin County still has one of the lower foreclosure rates in the St Louis, MO area, in terms of number of foreclosures per total housing units, with just 1 foreclosure action for every 1,498 housing units.
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Continue reading “St Louis Foreclosure Activity Trends Downward In Most Areas But Franklin County Spikes Upward“
By Dennis Norman, on June 12th, 2015 During the 2nd quarter of this year, there was foreclosure activity on one out of every 887 housing units in Jefferson County, giving it the highest foreclosure rate of the main counties making up the St Louis real estate market, according to a report just released by RealtyTrac. St Charles County, with foreclosure activity on just 1 of every 1,620 housing units, had the lowest foreclosure rate for 2nd quarter of 2015.
From a housing density standpoint, St Charles County was number one with 2.56 people per housing unit and the City of St Louis had the least density with just 1.82 people per every housing unit.
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By Dennis Norman, on June 11th, 2015 That’s right, Zombies are very real and very present in St Louis…at least Zombie foreclosures that is! That’s right. According to a foreclosure zombie report just released this morning by RealtyTrac, St Louis made the list of “Top 10 Zombie Foreclosure Rates Among Major Markets”, coming in at number 6 on the list with 1 of every 1,627 housing units being a zombie foreclosure. In the number 1 spot on the list was Tampa Florida where 1 of every 217 housing units is a zombie foreclosure (the complete list, and infographic, is below).
What is a Zombie Foreclosure?
Yet another new term that is common place in the real estate community now, but was not 10 years ago, is “Zombie Foreclosure”. This term has been applied to homes whereby the homeowner is in default on their mortgage and headed to foreclosure but vacates the home prior to actually losing it in foreclosure. This often results in the property becoming blighted while going through the process, and until the bank obtains ownership of the home, as no one is there taking care of it and the owner has given up. Zombies are not good for neighborhoods nor home values of the surrounding homes.
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Continue reading “St Louis Makes List Of Top Ten Metros In U.S. For Rate Of Zombies“
By Dennis Norman, on May 21st, 2015 St Louis foreclosures increased in April from the month before in the St Louis area counties of St Charles, Jefferson and Franklin, were fairly level in St Louis County and declined almost 12 percent in the city of St Louis. For the 5 counties that make up the core of the St Louis real estate market, the median increase in foreclosure activity in April 2015 from the month before was, as the table below shows, 10.68%, and, compared with foreclosure activity from April 2014, the median increase in foreclosure activity was almost 30 percent, according to data released this morning by RealtyTrac.
However, it is not uncommon to have monthly spikes or dips, so it is better to look at a 12 month rolling average to see what the overall trend is. As the table shows, when we look at the 12 month rolling average for St Louis foreclosure activity, we see that there was only a slight increase in April 2015 from the month before and nearly a 40 percent decline from a year ago. It’s only been recently that RealtyTrac began publishing the rolling 12 month data but I think it has really helped see what the real trends are with regard to foreclosures.
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