Bank and Government Owned Home Sales Down But Selling For Record Percentage of List Price

St Louis bank and government owned home sales are down as banks and government enterprises such as Fannie Mae, FHA, VA and Freddie Mac whittle down their inventory of foreclosed homes while, at the same time, new mortgage delinquencies and foreclosure rates continue to decline.  While this is good for the St Louis real estate market, it makes it tough on investors, as well as owner occupants, who are looking for a deal on a distressed sale, as the competition is growing fierce driving prices up and opportunities down.

St Louis Bank and Government owned home sales down over 30% from year ago:

As the charts below show, year to date, through the end of May, there have been a total of 1,598 bank or government owned homes sold in the St Louis 5-county core market (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin), according to data available from MARIS, the REALTORS® MLS for the area, which is a decline of 31.4% from the same time a year ago when there were 2,100 bank and government owned home sales.

St Louis Distressed Home Sales Selling At Record Percentage of List Price:

(We work hard on this and sure would appreciate a “Like”)

Search St Louis Homes For Sale HERE
See ALL Homes That Will Be Open In St Louis This Weekend
Want be successful buying distressed property?  Check out my video on how to buy distressed sales here.
Continue reading “Bank and Government Owned Home Sales Down But Selling For Record Percentage of List Price

St Louis Distressed Home Sales Continue To Decline

Distressed home sales in St Louis accounted for 7.97 percent of all home sales during the 3rd quarter, down from 9.84 percent the quarter before and down a whopping 40 percent from a year ago when distressed sales accounted for 13.6 percent of all homes sold in the St Louis MSA, according to the latest data from RealtyTrac.  State-wide for Missouri, distressed home sales made up 7.12 percent of home sales during 3rd quarter, lower than the rate for St Louis however, at the other side of our state, in Kansas City, distressed home sales share of home sales was 9.2% for 3rd quarter, about 15% higher than St Louis.  The table below shows the breakdown of distressed sales by short sales, REO’s and foreclosure auction.

Search St Louis Foreclosure Homes For Sale HERE

Search St Louis Short Sales For Sale HERE

(We work hard on this and sure would appreciate a “Like”)
St Louis Distressed Home Sales 3rd Quarter 2014 - Missouri Distressed Home Sales

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

Motivated home sales make up over 30 percent of market at discounts of 40 percent

Radar Logic published it’s “RPX Year in Review 2010” for the U.S. real housing market which illustrates the significant negative impact distressed sales have on home prices and the real estate market as a whole. The report reveals that “motivated sales” (sales that include REO’s, sales by financial institutions, short-sales, etc) made up less than 5 percent of the home sales in the 25 major metropolitan areas covered by the report until 2007 when the rate rose above 5 percent, ultimately peaked in 2009 at around 38 percent and then last year settled in around the 31 percent mark.

Continue reading “Motivated home sales make up over 30 percent of market at discounts of 40 percent

Has the real estate market bottomed out? Is this the recovery? I don’t think so…

Dennis Norman

Dennis Norman

By: Dennis Norman

Doing what all normal people do at 4:30 am on a Monday, I was scouring the Internet reading real estate news when I ran across an interesting article by Richard Stoyeck titled “Is Real Estate Coming Back Now?”

I’ll cut through the chase and give you Stoyeck’s answer to the question posed in the title of his story; “It will be in our opinion several years before we can get back to a vibrant real estate market.” If you have been reading this blog for a while then you know I have concerns about the housing market as well and don’t see any sort of quick recovery and in fact have questioned some of the recent optimistic headlines about the market. Continue reading “Has the real estate market bottomed out? Is this the recovery? I don’t think so…