St Louis foreclosures declined in February for the St Louis MSA with a total of 843 foreclosure actions occurring during the month, a decline of over 22 percent from the month before and a decline of over 10 percent from a year ago, according to data just released this morning by RealtyTrac. Continue Reading →
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If you are like a lot of people and see St Louis foreclosures, or REO’s (real estate owned by banks and other lending institutions as a result of foreclosure) as a good opportunity to buy a residence for yourself or as an investment either for rental or for “flipping”, you best have cash and be prepared to “buck up” if you want to succeed! I say this because cash buyers continue to dominate the REO and foreclosure market with 61% of all REO and Foreclosure sales this year in St Louis being cash sales thus far. As the table below shows, while the number of foreclosure sales has declined this year from last year at the same time, the percentage of them going to cash buyers has not. Continue Reading → Two zip codes in St Louis made RealtyTrac’s list of “Zips with the highest gross returns (from flipping property)” for 4th quarter, 2014. The 63139 zip code, which includes the Dog Town area of St Louis, came in number 2 on the list with an average gross return on investment of 163.9% and the 63116 zip code, which includes Tower Grove South, Holly Hills, Dutchtown South and Bevo, came in 9th on the list with an average gross return on investment of 127.7%. Continue Reading → Institutional investors (entities that bought at least 10 residential properties in the last 12 months) are having much less of an impact on the housing market throughout Missouri than they were a year ago, according to a newly released report by RealtyTrac. Continue Reading → Mortgage Delinquencies (borrowers that are 60 days or more late on their house payment) declined in the 4th quarter of 2014 marking the 12th consecutive quarter of declines in the mortgage delinquency rate, according to data just released by TrasnUnion. As the table below shows, the mortgage delinquency rate for the 4th quarter of last year was 3.29%, a decline of 2.1% from the quarter before and a decline of 14.5% from the 4th quarter of 2013. Foreclosures and better borrowers are the reason… Ezra Becker, vice president of research and consulting at TrasnUnion, said the improvement in mortgage delinquencies Continue Reading → St Louis foreclosures increased dramatically in January with 1,116 foreclosure actions in the St Louis metro area during the month, an increase of 52.25 percent from December and an increase of 47.42 percent from January 2014, according to data just released this morning by RealtyTrac. Continue Reading → St Louis had 6,215 completed foreclosures in 2014 putting it 7th on the list of metros in the U.S. in terms of the number of completed foreclosures. As the table below, which lists the 25 top metro areas for foreclosures, shows, Tampa saw the most foreclosures with over 18,000 being completed during 2014, according to newly released data from Corelogic. According to the Corelogic report, there were 563,294 completed foreclosures in the U.S. during 2014, the lowest total for any 12 month period since November 2007 when it was 589,570. (We work hard on this and sure would appreciate a “Like”)[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 Continue Reading → Over half (51%) of the foreclosures in St Louis are “Zombies” meaning that the owners have abandoned or vacated their home prior to their lender completing the foreclosure process, according to a report released this morning by RealtyTrac. Continue Reading → There were 119,936 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 4th quarter of 2014 which is a 21% improvement from the prior quarter when there were 152,025 St Louis homeowners seriously underwater, according to a report just released today by RealtyTrac. As the table below shows, for the immediate St Louis, MO area, the city and county of St Louis had the highest percentage of underwater homeowners at 22% and St Charles county had Continue Reading → Missouri foreclosure filings during 2014 occurred on a total of 9.762 properties in Missouri which is down over 70% from 2010 when foreclosure activity in Missouri hit an all-time record high with foreclosure filings occurring that year on 33,120 properties, according to data just released by RealtyTrac. Continue Reading → The bursting of the real estate market bubble back in 2008 led to opportunities for investors to buy up homes at attractive prices throughout the country and even attracted some large firms backed by Wall Street such as Blackstone, American Homes 4 Rent, Colony American Homes and Fundamental REO. While institutional ownership of commercial real estate, apartments and land has been very common, and in fact, predominant, since entering the business in 1979, firms like this investing in single family homes has not. Continue Reading → As a result of the real estate market crash in 2008 and the subsequent downturn in the economy, many homeowners with prior stellar payment records on their mortgages ended up losing their homes in foreclosure or being forced to do a short sale to get out from under it. Most of these former homeowners then became renters but have the desire to buy a home again once back on their feet. Depending upon just how severely their credit was impacted as well as whether they had a foreclosure, short sale or bankruptcy, they may have to wait as long as 7 years to obtain a home loan again. However, thanks to an FHA program called “Back to Work”, which, surprisingly, has received little attention, there is hope for these homeowners including the opportunity to obtain a home loan again without the normal waiting period if their problems were related to a job loss and they meet certain criteria. Continue Reading → St Louis Distressed Home Sales ticked up slightly in November 2014 rom October but declined over thirty percent (30.8%) from November 2013, according to data just released by RealtyTrac. As the table below shows, all the counties in the St Louis core market except one saw an increase in distressed home sales in November from the month before and all saw a decline in November from a year ago. On a national level, distressed home sales in November 2014 accounted for 12.6% of all home sales, down from 13.7% in October and from 14.8% in November 2013. (We work hard Continue Reading → St Louis home sales fell to 2,065 homes in November 2014 for the St Louis 5-County Core Market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin), a decline of 3.3% from from 2,136 homes sold in November 2013 Continue Reading → Most of the neighborhoods in St Louis have seen home prices increase over the past year, at least to some extent however, some are seeing home prices increase at more significant rates than others. So where are the St Louis neighborhoods that have seen the largest increase in home prices in the past year? Let’s being with how the data is computed. The table below is based upon current median list prices of homes for sale within a zip code. Zip codes that don’t have a sufficient amount of annual home sales to make their statistics accurate and significant have been omitted. Continue Reading → St Louis foreclosure activity continued to decline in November with the number of foreclosure actions decreasing in all of the St Louis core counties from the month before, according to a report just released this morning from RealtyTrac. The St Louis MSA as well as the core counties that make up the bulk of the St Louis market in Missouri, also saw double digit declines in foreclosure activity in November from the year before with the exception being Jefferson County which, as the table below shows, saw an increase of almost 90%. (We work hard on this and sure would Continue Reading → The Mortgage Delinquency Rate, the pre-cursor to, and leading indicator of, foreclosures, which play havoc with home prices, is expected to decline to 3.12 percent by the end of this month and continue to decline next year hitting 2.51 percent by the end of 2015, according to a forecast just released by TransUnion. If mortgage delinquency rates fall as lowest as forecast, it will hit the lowest level since the housing bubble burst. A home mortgage that is 60 days or more delinquent is counted in the mortgage delinquency rate for this report by TransUnion. The report goes on to Continue Reading → St Louis Distressed Home Sales continue to have less impact on the St Louis real estate market paving the way for sustainable home appreciation, according to the latest data available from RealtyTrac. According to the chart below, short sales in St Louis accounted for just 1% of the overall home sales last month, a 10% decrease from the month before and a decrease of almost 68% from a year ago. Nationally, short sales accounted for 5% of all home sales last month. St Louis REO’s (bank-owned properties obtained through foreclosure) declined slightly in October from the month before and dropped Continue Reading → Property “flips” in St Louis slowed during the 3rd quarter of this year to just 234 properties flipped in the St Louis MSA during the quarter making up 2.6% of overall home sales for the quarter, a decline of 20% from the quarter before and a decline of 55% from the third quarter of 2013, according to data just released by RealtyTrac. Property flipping is a term that has been loosely applied to a variety of real estate transactions but, for the purpose of this report, was considered to be when a single family home sold in during the third Continue Reading → UPDATE December 17, 2014 – Congress has passed an extension of the Mortgage Forgiveness Debt Relief Act of 2007 through December 31, 2014 – It is part of a bill that has been sent to President Obama for his approval. This falls short of the two year extension the National Association of REALTORS (NAR), among other groups, was pushing for which would have covered next year as well, but is at least some relief for those affected this year. The Mortgage Forgiveness Debt Relief Act of 2007 provided relief for homeowners that receive forgiveness on some of their mortgage debt Continue Reading → St Louis Foreclosure Activity was on the rise during the month of October with a big spike in foreclosure activity from the month before in St Charles and Franklin Counties as well as the St Louis MSA as a whole, according to newly released data from RealtyTrac. As the table below shows, St Charles County saw an increase of over 3,000% in foreclosure activity during the month of October from September, and over a 400% increase in activity from October 2013, however, this is the result of a large influx of REO property in October. When you look at the Continue Reading → Yesterday, the Missouri Supreme Court handed down it’s decision in the case “Missouri Bankers Association, Inc., and Jonesburg State Bank v. St. Louis County, Missouri, and Charlie A. Dooley” ruling in favor of the Appellants (Missouri Bankers Association and Jonesburg State Bank) and against the Respondents (St Louis County and Charlie A. Dooley) by reversing an lower courts decision that ruled the Banker’s suit was moot. The original suit was filed after St Louis county enacted its “Mortgage Foreclosure Intervention Code” which, among other things, required mediation prior to a bank or other lender proceeding with a foreclosure on a Continue Reading → Halloween may be just two days away however zombies are getting harder to find in St Louis, or at least “foreclosure zombies“. That’s right, according to the latest data from RealtyTrac, during the 3rd quarter of this year St Louis had 481 zombie foreclosures (homes in the foreclosure process, not yet foreclosed upon and the owner has vacated) or about 33 percent of the St Louis foreclosures. This is down 40 percent from the quarter before and down 70 percent from a year ago. This is good news as zombie foreclosures quickly become a nuisance as well as an eyesore Continue Reading → 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 Continue Reading → Foreclosures in the St Louis area fell dramatically during the 3rd quarter of this year with 1,529 total foreclosure actions on property in the St Louis MSA, a decline of 28.05 percent from the prior quarter and a decline of 53.04 percent from the same quarter a year ago, according to the latest data from RealtyTrac. As our table below shows, during the 3rd quarter of this year all the counties in the core area of the St Louis market saw double digit declines in foreclosure activity from both the quarter before as well as the same period a year Continue Reading → Today, the U.S. Department of Housing and Urban Development (HUD) released it’s Fair Market Rent amounts for 2015 which are used for several purposes including computation of section 8 rents in a given area. The table below shows the fair market rents for 2015 for all Missouri Counties as well as Missouri Metropolitan Areas. (We work hard on this and sure would appreciate a “Like”)[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 100 35 ] Search St Louis Foreclosures Search St Louis Short Sales The St Louis Foreclosure rate in July 2014 was 0.78 percent, down almost 30 percent from the same time last year when the St Louis foreclosure rate was 1.08 percent, according to data just released by Corelogic. The foreclosure rate for the state of Missouri in July 2014 was .64%, down from .89% a year ago. On another good note, the serious mortgage delinquency rate (90+ days) for St Louis in July 2014 was 3.33%, down from 3.85% in July 2013. On the state level, the Missouri serious mortgage delinquency rate for July 2014 was 3.06% down from 3.52% the Continue Reading → Albert Einstein once said, “Nothing happens until something moves.” Well if you are looking to buy a home, lease a car, apply for credit cards or even look for a job…nothing happens until your credit score moves and moves up! If you are have had credit issues in the past….simply ignoring what happened does not help. Ignoring a tooth-ache will not improve over time without treatment neither will your credit score! If you have had credit issues in the past, it’s time you start establishing new (good) credit and start working on deleting old derogatory credit history like late payments, Continue Reading → For the first time in a long time, there was an increase in St Louis Foreclosures with 497 foreclosure actions in August, equivalent to 1 foreclosure action for every 2,511 housing units, an increase of 2.47 percent from the month before. While up from the month before, St Louis Foreclosures in August 2014 were down 58.41% from August 2013. As the table below shows, St Charles County had a big decline in foreclosure activity in August and the city of St Louis a modest decline, but Jefferson County and Franklin County both saw increases in foreclosures over over 100% from Continue Reading → The number of St Louis Foreclosures (bank and government owned) continues to decline resulting in just 335 St Louis Foreclosures being sold during the month of August 2014 in the St Louis Core market, a decline of 44% from August 2013 when there were 598 St Louis Foreclosures sold. What hasn’t changed though is the fact that nearly two-thirds (62%) of the foreclosures sold were cash sales for both periods. For the St Louis real estate market as a whole, cash sales made up for fewer of the home sales in August 2014 with just 22% of all homes being Continue Reading → |
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