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 24th, 2014 St Louis Foreclosures, and short sales, in May 2014 accounted for just 8.5% of all home sales in the St Louis core market (city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin), according to data released just this morning from RealtyTrac. This is a decline of 26.7% from May 2013 when foreclosures and short sales in St Louis accounted for 11.6% of all home sales.
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By Dennis Norman, on September 18th, 2010  Dennis Norman Fannie Mae announced this week that it is expanding the Freddie Mac First Look Initiative so any home shopper can buy a HomeSteps® home as their primary residence during the first 15 days of the property’s listing without competition from investors. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes. Continue reading “Owner-occupants get first shot to buy Fannie Mae foreclosures; Investors must wait“
By Dennis Norman, on July 30th, 2010 Dennis Norman A report published by Lender Processing Services (LPS) analyzing homeowner’s performance on their mortgages as of June 2010 shows some encouraging news; there are signs that the foreclosure and mortgage delinquency rates are stabilizing, albeit at very elevated levels. Continue reading “Foreclosure and Mortgage Delinquency Rates Stabilizing“
By Dennis Norman, on April 26th, 2010 Dennis Norman In a report just issued by Radarlogic there is some good news for the housing industry as in the report Michael Feder, President and CEO of Radar Logic, states “the evidence continues to support the view that housing has stabilized and is in the early stages of recovery.” However, the report also reminds us that RealtyTrac reported that foreclosure filings set a record in March, with filings reported on 367,056 properties, the “highest monthly total since RealtyTrac began issuing its report in January 2005. The report indicates an increasing concern about the threat that foreclosures pose to housing demand, and thus to a timely recovery of the housing market.  “We believe that low home prices and low mortgage rates will continue to spur sufficient housing demand to absorb foreclosure- driven increaseses in supply at current price levels,” said Quinn Eddins, Readar Logic’s Director of Research. “Nevertheless we will watch foreclosure rates and sales activity closely in the coming months for signs of lagging homebuyer confidence.”
Highlights from the report include:
- Of the 25 Metro Areas covered by the report, St. Louis ranked 10th in terms of year-over-year price change with a loss of 0.3 percent and ranked 10th in month-over-month price change with a loss of 2.8 percent (see chart below)
- In year-over-year change in terms of number of home sales, St. Louis ranked 22nd with an 11.9 percent increase and ranked 18th in month-over-month change with a 9.4 percent increase in number of transactions.
- The 25-MSA RPX Composite price remained flat in February on both a month-over-month and year-over-year basis. The horizontal price movement represents the best one-month price trend for the month of February since 2007. The three-month price trend ending February 2010, while negative, marked an improvement over steep February declines in 2008 and 2009.
- The stability in the 25-MSA RPX Composite price from January to February 2010 was driven by increases in the RPX prices for western MSAs. The RPX composite price for the western region increased 2% in February on a month-over-month basis, while the RPX prices for the Midwest, Northeast and South each declined 2%.
- The 25-MSA transaction count increased 37% between February 2009 and February 2010. As can be seen in Exhibit 3, this was the first year-over-year increase during the month of February since 2005. The 25-MSA RPX transaction count increased 16% month over month. In absolute terms, this one-month trend was similar to the February gains in 2006 through 2009. The three-month transaction count trend was more negative than it has been in years due to the large and rapid decline in transactions in December and January.
- On a year-over-year basis, transactions increased the most in MSAs that have been hit hardest by foreclosures: Las Vegas, Chicago, Miami and Detroit (please see Exhibits 9 and 14). The RPX transaction count for Las Vegas has increased almost 300% since February 2009. The largest month-over-month increases in sales activity occurred in Southern California, with Los Angeles and San Diego both exhibiting 39% gains in transaction counts.
 
By Dennis Norman, on December 21st, 2009  Dennis Norman Foreclosure rates in St. Louis increased for the month of October over the same period last year according to a report released by First American CoreLogic. The report showed the St. Louis metro area to have a foreclosure rate of 1.31 percent in October, up just slightly from September’s rate of 1.25 percent, but up 61.7 percent from a year ago when the rate was 0.81 percent.
The national foreclosure rate for October was over double the rate of St. Louis at 3.02 percent and was an increase of 77.6 percent from a year ago when the national foreclosure rate was 1.70 percent.
It doesn’t appear the rate of foreclosures is going to slow down anytime soon as mortgage delinquency rates rose again in October. In St. Louis 5.1 percent of borrowers were 90 days or more delinquent on their mortgage in October, an increase of 50.0 percent from a year ago. The 90 day mortgage delinquency rate for the state of Missouri in October was 4.83 percent, an increase of 50.0 percent from a year ago. The US mortgage delinquency rate for October was 7.70 percent, up from 7.27 percent in September and an increase of 69.6 percent from a year ago.
By Dennis Norman, on November 30th, 2009
- Dennis Norman
Fannie Mae just announced their new “First Look” initiative which is aimed at supporting neighborhood stabilization and promoting home purchases by owner occupants by providing owner occupants an advantage in purchasing Fannie-Mae-owned foreclosed properties.
By Dennis Norman, on November 10th, 2009 Dennis Norman Foreclosure rates in St. Louis increased for the month of September over the same period last year according to a report released by First American CoreLogic. The report showed the St. Louis metro area to have a foreclosure rate of 1.26 percent in September, up just slightly from August’s rate of 1.24 percent, but up over 59 percent from a year ago when the rate was 0.79 percent.
The national foreclosure rate for September was over double the rate of St. Louis at 2.93 percent and was an increase of 75 percent from a year ago when the national foreclosure rate was 1.67 percent.
By Dennis Norman, on November 9th, 2009
- Dennis Norman
The percent of American home owners with mortgages in a negative equity position fell to 21 percent in the third quarter of this year, down from 23 percent in the second quarter, as home values stabilized in the short term and more underwater homeowners lost their homes to foreclosure, according to the third quarter Zillow Real Estate Market Reports.
By Dennis Norman, on October 20th, 2009 Dennis Norman By: Dennis Norman
Yesterday the Federal Housing Finance Agency (FHFA) reported that Fannie Mae and Freddie Mac’s trial mortgage loan modifications under the Obama Administrations Home Affordable Modification Plan (HAMP) were up more than 40 percent in September 2009 from the previous month. According to the report, mortgage loans that are 60-plus-days delinquent increased to 1,401,000 borrowers in July, up a whopping 147 percent from July, 2008 when there were 566,000 borrowers 60 plus days delinquent.
Here are highlights from the report (all the data, unless noted otherwise is from July 31, 2009): Continue reading “HAMP loan modifications up 40 percent in September; Serious mortgage delinquencies up 147 percent in past year“
By Dennis Norman, on October 8th, 2009 Dennis Norman By Dennis Norman
Foreclosure rates in St. Louis increased for the month of August over the same period last year according to a report released today by First American CoreLogic. The report showed the St. Louis metro area to have a foreclosure rate of 1.24 percent in August, up just slightly from July’s rate of 1.20 percent, but up over 63 percent from a year ago when the rate was 0.76 percent.
As bad as the foreclosure rate for St. Louis sounds we are still doing better than the national rate of 2.86 percent for August. The state of Missouri had a foreclosure rate of 1.16 percent for August, up a whopping 84 percent from a year ago.
By Dennis Norman, on September 21st, 2009 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…“
By Dennis Norman, on September 10th, 2009
- Dennis Norman
By: Dennis Norman
Anyone that follows any of my posts on various real estate blogs may well be getting tired of hearing me talk about foreclosure and mortgage delinquency rates. This is no doubt especially true when I am doing it in the context of trying to “chill” the excitement over recent “good” news on the housing market. However, there is good reason for this; these two issues are real problems, including right here in St. Louis, and they are not going away anytime soon.
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