According to a report just released by Corelogic, the 30-59 day mortgage delinquency rate in March (the most recent month reported) fell to just 1.7%, the lowest level since January 2000. Continue Reading →
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I am always marveled by great marketing and promotion therefore I must give a tip of the hat to Zillow® for their new “Instant Offer” program. First, it’s getting them tons of attention and press, particularly within the REALTOR® community, which is probably where it is the most beneficial to them since agents are, after all, Zillow’s® paying customers. Continue Reading → There were 1,814 foreclosure filings on homes in the St Louis metro area during the month of April 2017, an increase of 13.23% from the month before and an increase of 12.25% from April 2016, according to a report just released this morning by ATTOM Data Solutions. As the table below shows, all 7 Missouri Counties included in the report saw an increase in foreclosure activity last month from both the prior month as well as a year ago. Of those, Lincoln County (which has very little foreclosure activity) saw the largest year-over-year as well as month-over-month increase, follow by St Louis County with a 45.37% increase from the month before and Franklin County with a 71.43% increase from a year ago. Continue Reading → The foreclosure rate in Missouri continues to decline with the foreclosure rate for February 2017 coming in a 0.4 percent, according to a report just released by CoreLogic. The rate for February is down slightly from a year ago when the Missouri foreclosure rate was 0.5 percent. Based upon the mortgage serious delinquency rate (90 days or more) as well as delinquency rate (30 days or more), both lead-indicators or predictors of things to come with regard to foreclosures, the foreclosure rate will continue to decline in the near term. Continue Reading → During the first quarter of 2017, the foreclosure rate in the St Louis metro area was one in every 487 housing units, a decline of 19.59 percent from the quarter before, and a decline of 3.61 percent from a year ago, according to a report released today by Attom Data. Continue Reading → So my headline is a rhetorical question and I personally don’t think landlords and tenants are bad people but, after seeing so many municipalities work so hard over the past few years passing ordinances that, in many cases, in my humble opinion, just tramples the property rights of landlords as well as the rights of tenants, one would have to believe that landlords and tenants must be some pretty bad people. After all, if not, why would some municipalities work so hard to discourage them from entering their cities and work hard to chase them out? Continue Reading → Investors that rental property may find their best returns, relative to the price of the homes they buy, in the City of St Louis, according to some county-level rental data compiled by MORE, REALTORS. As the tables below illustrate, over the past 12 months the median price of homes sold in the City of St Louis was $106.57 per square foot and the median annualized price per foot homes lease for was $11.04 which works out to a gross annual return on investment of 10.4%, the highest of the four St Louis area counties we looked at. Continue Reading → When I first got in the real estate business in 1979 buying foreclosed property was something pretty well limited to speculators at the time. People like the broker I started with, and what I became a few years later, that bought property for cash, as-is generally to fix up and resell. Foreclosures, and how to buy them, were a mystery at the time, not only to the general public but to many in the real estate business as well. This is what gave us speculators an edge…we knew how to get the information on foreclosures and how the process worked. Ditto for tax sales and sheriff sales and short sales were something that didn’t even exist at the time. Continue Reading → Number of Distressed Home Sales In St Louis Declines Nearly Forty Percent In 2016 From Two Years AgoThe number of distressed home sales in St Louis has been on the decline while distressed home prices have remained relatively flat. For the purposes herein, a “distressed” home sale includes short sales, foreclosures, bank-owned and government-owned homes. Thus far, as the chart below illustrates, there have been 2,170 distressed home sales in the St Louis 5-County Core market (the City of St Louis and Counties of St Louis, St Charles, Jefferson and Franklin) this year which is a decline of 23% from last year when there were 2,871 distressed homes sold and down 38.4% from 2014 when there were Continue Reading → A report recently released by ATTOM Data Solutions revealed shows distressed home sales in the U.S. (foreclosures, short sales and bank-owned real estate) accounted for just 12.9 percent of the home and condo sales in the U.S. during the 3rd quarter of this year which is down from 15 percent during the 2nd quarter and down from 15.9 percent a year before. This is the lowest level for distressed home sales since the 3rd quarter of 2007, according to the report. Continue Reading → 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. Continue Reading → 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. Continue Reading → 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. Continue Reading → There were 956 foreclosure filings on homes in the St Louis metro area during July 2016, a decline of nearly 20 percent (19.93%) from a year ago, according to a report released by ATTOM Data Solutions. As the table below shows, during July 2016, foreclosure activity decreased from a year ago in 5 of the 7 Missouri counties included in report. Franklin County saw an increase in foreclosure activity of 21.43% and the city of St Louis saw an increase of 9.23% from a year ago. Continue Reading → The number of homeowners that are “seriously underwater”, or in a negative-equity position (meaning they owe more on their home than it is currently worth), 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. Continue Reading → After the housing bubble burst in 2008 we saw several years of declining home prices before home prices finally reached bottom in late 2011 and early 2012. Due to the tremendous growth in foreclosure activity, as well as artificially inflated home prices as a result of sub-prime lending, many of St Louis’ lowest priced neighborhoods were hit the hardest. So, now that we have seen a solid real estate market in St Louis for a couple of years, and prices are recovering, how have home prices in these hard hit zips recovered? To determine this I have assembled the data Continue Reading → 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. Continue Reading → 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. Continue Reading → 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. Continue Reading → There were 2,290 St Louis Existing Homes Sold in April (in the 5-county core market), an increase of 1.0 percent from April 2015 when there were 2,265 homes sold. The median home price of homes in the St Louis 5-county core market (city of St Louis and counties of St Louis, St Charles, Franklin and Jefferson) during April 2016 was $173,850, an increase of 4.4 percent from April 2015 when the median price of existing homes sold was $166,500. For the combined markets of the City of St Louis and the County of St Louis, there were 1,241 existing single Continue Reading → 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. Continue Reading → In mid-April the Federal Housing Finance Agency (FHFA) announced a new program aimed to help homeowners with a Fannie Mae or Freddie Mac loan that are seriously underwater on equity, meaning that their mortgage balance is at least 115 percent of the current value of their home. This new principal reduction modification program offers, to those that qualify, a one-time reduction in the balance of their mortgage to bring them out of a negative equity position. Continue Reading → St Louis foreclosure activity during the first quarter of this year in the St Louis metro area was at a rate of 1 of every 469 homes, ranking St Louis 99th, in terms of foreclosure rate (a list that is good to be low on), of metropolitan areas in the U.S. with a population in excess of 200,000 people, according to a report just released by RealtyTrac. Continue Reading → A recent article by STL Today indicated that home affordability in St Louis had fallen, specifically noting that affordability in St Louis County had fallen below historic “norms”. As is always the case with stats, it depends upon which data you are taking into account and the accuracy of the data. I decided to take a look at the data and see if my data showed the same result as the STL Today article. Continue Reading → In the St Louis area there were 44,674 (7.9 percent of all residential properties) with negative equity, or underwater, during the 4th quarter of 2015, according to a report just released by Corelogic. This is a decline of 18.6 percent from the year before when there were 54,604 St Louis homeowners in a negative equity position (9.7 percent of all residential properties) . Continue Reading → Flipping houses, something that went from something a few professional speculators only did years ago when I was actively buying homes for resale, became somewhat of a national pastime during the real estate boom years in the 2000 – 2007 period. Continue Reading → 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. Continue Reading → The St Louis real estate market is off to a good start for 2016 with non-distressed home sales during January increasing 30 percent from a year ago. In the St Louis five-county core market, there were nearly 1,700 total homes sold (1,697) during January 2015, up 19.3% from January 2015 where there were 1,423 total sales. Non-distressed sales (private sales only, no foreclosures, REO’s, etc) accounted for 1,430 of the home sales during January 2015, an increase of 30% from January 2015 when there were 1,101 homes sold. Continue Reading → 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. Continue Reading → As of the end of the 3rd quarter this year, seven percent of all St Louis homeowners with a mortgage were in a negative equity position meaning their current mortgage balance exceeds the current value of their home, according to a report just released by Corelogic. Continue Reading → |
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